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RNS Number:1350A
Warner Estate Holdings PLC
20 August 2002


                           Warner Estate Holdings PLC


                             WARNER IN #40 MILLION

                     MIDDLETON SHOPPING CENTRE ACQUISITION



Warner Estate Holdings PLC ("Warner Estate"), the property investment company,
has today announced that through a company to be owned 50/50 by Warner Estate
and Bank of Scotland, it has entered into an agreement to acquire the freehold
interest of Middleton Shopping Centre in Lancashire. Warner has acquired the
Shopping Centre from PRIME Commercial Properties Limited.

Warner Estate has agreed to purchase Middleton for a consideration of #39.5
million. Middleton Shopping Centre is a major local shopping centre laid out
over three levels. It is located in Greater Manchester, near Oldham. It was
developed by P&O Properties in 1972 and was refurbished in 1986. It comprises
25,300 sq. m (272,000 sq. ft) of retail accommodation and is effectively, the
bulk of Middleton town centre.

The scheme is anchored by major tenants including Tesco, WH Smiths, Wilkinsons,
Boots, Mackays, Argos and Kwik-Save. There are a number of smaller units let to
local retailers. The net rental income is #3.186 million per annum representing
a net initial yield of 7.85% on the purchase price. The reversionary yield,
taking into account the impact of forthcoming rent reviews is, 8.24%.

Richard Moore, Property Director at Warner Estate commented,

" The acquisition of Middleton represents our fifth major shopping centre in the
North West. We are now firmly established as a major retail property investor in
the region. Middleton offers very similar opportunities as our other assets for
investment and re-generation.

" We are confident with our blend of property management skills and development
experience, we can improve the layout of the centre to the benefit of both
tenants and shoppers at this well located retail facility.

" The Middleton Shopping Centre lies at the heart of a thriving community. The
bus station that is adjacent to the property is one of the busiest in the
region. The local authority, Rochdale Metropolitan Borough Council is keen to
support initiatives to regenerate the area. We look forward to working very
closely with them to invest and modernise Middleton town centre."

                                     -ends-

DTZ acted for Warner Estate, whilst Jones Lang LaSalle acted for PRIME.

Date: 20 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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