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RNS Number : 5863L 
Warner Estate Holdings PLC 
10 May 2010 
 

          Warner Estate Holdings PLC ("Warner Estate" or "the Group") 
 
    Warner Estate disposes of its 50% interest in Radial Distribution Limited 
 
Warner Estate Joint Ventures Limited, a subsidiary of Warner Estate, together 
with its 50% joint venture partner, Uberior Ventures Limited, entered into a 
conditional agreement for the sale of their interests in Radial Distribution 
Limited (RDL) for GBP500,000 each to a Guernsey based company backed by London & 
Stamford Property Limited on 7 May 2010.  The disposal values the RDL assets 
including cash at GBP215.5m.  The RDL assets, as at 31 March 2010, had an 
unaudited valuation of GBP206.7m being a net initial yield of 7.3%.  RDL 
consists of 16 high bay distribution warehouses in the UK.  The Board of Warner 
Estate expects the sale to complete this month. 
 
Warner Estate's investment in RDL is held at GBPNil in its unaudited accounts as 
at 31 March 2010 and hence the Group's 50% share of the unaudited net profit of 
RDL for the year ended 31 March 2010, GBP3.2m, is not recognised in the Group's 
unaudited consolidated profit and loss account for the year to 31 March 2010. 
The unaudited asset management fees receivable by Warner Estate under the RDL 
contract for the year ended 31 March 2010 are GBP0.5m. 
 
Warner Estate will receive from RDL approximately GBP3.3m in consideration for 
the termination of its asset management contract.  Following this disposal 
Warner Estate will have GBP1.4bn of assets under management with annual asset 
management fee income of just over GBP9m. 
 
The consideration received by Warner Estate will be used to manage debt and to 
invest in the development and expansion of its asset management business. 
 
Philip Warner, Chairman of Warner Estate, commented: 
 
"We are pleased to have achieved a good price both for these assets and for the 
disposal of a relatively small part of our asset management business." 
 
                                     -ends- 
 
Date: 10 May 2010 
 
Enquiries: 
 
Warner Estate Holdings PLC                            Tel: 0207 907 5100 
Philip Warner, Chairman 
Mark Keogh, Finance Director 
Robert Game, Property Director 
Web: www.warnerestate.co.uk 
 
City Profile                                                       Tel: 0207 448 
3244 
Jonathan Gillen 
Simon Courtenay 
 
 
NOTES 
 
Warner Estate Holdings PLC is a property investor and asset manager with around 
GBP1.6bn of assets under management as at 31 March 2010. 
 
The Radial Distribution Fund was formed in December 2004 and is a joint venture 
between Warner Estate Joint Ventures Limited, a subsidiary of Warner Estate and 
Uberior Ventures Limited, a subsidiary of Bank of Scotland and now part of the 
Lloyds Banking Group.  The fund invested in high bay distribution warehousing 
located near or at ports, airports, rail freight terminals and major motorway 
intersections. 
 
At the date of the disposal the Fund consists of a portfolio of 16 properties in 
the UK, totalling more than 3.3 million sq ft (307,500 sq m). 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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