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RNS Number:8397F
Warner Estate Holdings PLC
07 January 2003


                           Warner Estate Holdings PLC


                            WARNER IN #47.5 MILLION

                      PRESTON 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 exchanged contracts to acquire the freehold
interest of the Preston Fishergate Shopping Centre in Lancashire from Burford
Limited for a consideration of #47.5 million.

Preston Fishergate Shopping Centre is a major local shopping centre laid out
over four levels, located in the centre of Preston City centre. It was developed
by Scottish Amicable in 1987 and Burford have recently carried out a
refurbishment programme of the common parts. It comprises 30,000 sq. m (323,000
sq. ft) of retail accommodation and is the largest retail development in
Preston.

The scheme is anchored by major tenants including Debenhams, TJ Hughes and TK
Maxx. There are a number of smaller units let to local retailers. The net rental
income is #3.475 million per annum representing a net initial yield of 7%.
Following rent reviews the rental income will rise to approximately #3.74
million representing a reversionary yield of just under 7.5%.

This acquisition follows the recent purchases of shopping centres in Bolton and
Middleton. Warner Estate's portfolio of North West centres now totals six, worth
in excess of #210 million.

Richard Moore, Property Director at Warner Estate commented,

" I am delighted to announce this acquisition. The Fishergate centre is one of
the region's more prestigious retail locations, the focus of Preston's thriving
City centre with an excellent tenant base. Although Fishergate has recently been
refurbished extensively, we believe it offers very similar opportunities for
investment and continuing re-generation as our other retail assets in the area.

" Warner Estate now owns, either outright or in joint venture with our partners
at Bank of Scotland, six major shopping centres in the North West. The total
value of these assets is over #210 million, giving us a portfolio with the
potential to deliver significant increases in both rental and capital values.

" Warner Estate is now a significant force in operating retail space in the
region. We are investing in excellent assets in locations where footfall remains
buoyant. We believe that the retail properties, which we focus on, offer
excellent opportunities for growth whilst maintaining strong income streams."

                                     -ends-

Date: 7 January 2003

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
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