Warner Est. Hldgs. - Joint Venture Acqn from Peel

RNS No 3872f
WARNER ESTATE HOLDINGS PLC
3rd September 1997

         WARNER ESTATE HOLDINGS PLC/BALTIC PROPERTIES

   #15 Million Joint Venture Acquisition of Shopping Centre

Warner Estate, the diversified UK property investor, announces
that  contracts have been exchanged by a joint venture between
Warner  Estate and Baltic Properties for the purchase  of  The
Six  Acre Shopping Centre at Sale, Manchester for #15  million
in cash from Peel Holdings p.l.c.

The  Centre,  which was developed in the 1970s  and  comprises
approximately  100,000  square feet of  retail  accommodation,
60,000  square feet of offices, a market hall and multi storey
car  park,  has  a  gross rental income of approximately  #1.9
million  per annum.  The current tenants include  W  H  Smith,
Boots,  Nationwide  Building  Society,  Wilkinsons  and  other
national and regional multiple retailers.  With a current  net
rental  income  in excess of #1.8 million per annum,  The  Six
Acre  Shopping Centre is being bought on an initial  yield  of
11.5 per cent.

The  acquisition is being partially funded by an external loan
and   the   balance  equally  by  Warner  Estate  and  Baltic.
Completion is due to take place in October 1997.

The property will be actively managed by Warner Estate with  a
view to improving the quality of the investment and maximising
the return to the joint venture partners.

Philip Warner, Chairman of Warner Estate, said "We are pleased
to be working with Baltic and consider the acquisition to be a
good  opportunity to use Warner Estate's management skills  to
add  value  whilst maintaining the benefit of  a  high  rental
income".

Enquiries:

Warner Estate Holdings PLC                       0171-493 6480
  Philip Warner (Executive Chairman)
  David Veaser (Finance Director)
  Andrew Batty (Property Director)

Baltic Properties                                0171-493 9899
  Peter Conroy (Finance Director)
  Robert Black (Property Director)

Walter Judd Public Relations                     0171-236 4541
  Charlie Ponsonby

END

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