WNER Wt Wner Usd

RNS Number:9349Z
Warner Estate Holdings PLC
14 August 2002



                               PRESS ANNOUNCEMENT

                           Warner Estate Holdings PLC


                  WARNER RAISES #17 MILLION FROM THE DISPOSAL

                             OF SMALLER PROPERTIES


Warner Estate Holdings PLC ("Warner Estate"), the property investment company,
has today announced that it has exchanged contracts to sell a number of its
smaller lot size properties for #16.635 million. The properties were let to a
number of retail and office tenants.

A portfolio of six properties was sold to Dawnay Day for #12.9 million at an
initial yield of 8.3%.

18/20 Sheet Street, Windsor, an office property, was sold to private clients of
Michael Peachey and Co for #1.150 million representing an initial yield of 9.5%.

Grosvenor Securities Limited has acquired 20 York Buildings for #2.585 million,
at an initial yield of 6.14 %. Allsop & Co acted for Grosvenor.

Richard Moore, Property Director at Warner Estate commented,

" We are very pleased to announce these disposals. The total achieved exceeded
the book value at 31 March 2002. This is part of our strategy to focus on larger
assets, where we can add significant value through our asset management
operations. The market for smaller lot size properties is exceptionally strong.
We have taken advantage of these market conditions to release funds that we can
re-invest into assets with better growth potential."

                                     -ends-

Date: 14 August 2002

For further information contact:

Warner Estate Holdings plc             City Profile
Richard Moore, Property Director       Simon Courtenay
Peter Collins, Finance Director        Ed Senior
Tel: 020-7907-5100                     Tel: 020-7448-3244
Web: www.warnerestate.co.uk            E-mail: simon.courtenay@city-profile.com



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
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