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RNS Number:6815Y
Warner Estate Holdings PLC
16 July 2002


                           Warner Estate Holdings PLC


                            CHAIRMAN'S AGM STATEMENT



Speaking at today's Annual General Meeting of Warner Estate Holdings PLC
("Warner Estate"), the property investment company, the Chairman Philip Warner
made the following statement,



" The first two months of our financial year have been encouraging with
recurring profitability (excluding capital profits) ahead of the same period
last year. The period since the year end has also been positive in terms of
business activity. In particular, some £20m of properties have been sold,
including £7m from trading stock. We have also largely exited from our old small
joint ventures with the disposal of our shareholding in MCP for £2m. Overall
these transactions generated a small profit.



" The most significant developments have been in respect of our North West
Regional shopping centre portfolio, an area and activity in which we are well
established and where we believe there is significant long term potential. In
particular, in addition to commencing the £7m redevelopment programme at
Ellesmere Port we have acquired, in a company to be owned equally by ourselves
and Bank of Scotland, a large shopping centre in Bolton for £65m. This gives us
a North West portfolio under management of approximately £125m.



" Since the report contained in my annual statement, we have continued to target
our chosen sectors of regional offices and shopping centres where rental growth
is forecast. If anything, the market for property as an asset class has
improved, particularly for the type of good quality well let stock that we have
been purchasing for the Group's onward development. This activity has been
funded by floating rate debt and in order to reduce our exposure to a large rise
in interest rates, we have capped our interest rate exposure on £100m of our
floating rate debt, the majority of our debt now being capped/fixed.



" The outlook for the economy may be uncertain, but I believe that Warner Estate
is well placed to approach the future with confidence. Our portfolio is well
financed, well managed and offers considerable potential for both rental and
capital growth. I look forward to reporting to shareholders on the next phase of
our growth."




Date: 16 July 2002


For further information contact:


Warner Estate Holdings PLC                                    City Profile

Philip Warner, Chairman                                       Simon Courtenay

Richard Moore, Property Director                              Ed Senior

Peter Collins, Finance Director                               Tel: 020-7448-3244

Tel: 020-7907-5100                                            E-mail: simon.courtenay@city-profile.com

Web: www.warnerestate.co.uk



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