Warner Est. Hldgs. - Re Investmnt in Joint Venture

RNS No 9104p
WARNER ESTATE HOLDINGS PLC
14 September 1998


                  WARNER ESTATE HOLDINGS PLC/
             MIDLAND COMMERCIAL PROPERTIES LIMITED

Warner  Estate,  the  UK  property  company,  has  effectively
swapped its 50 per cent investment in two joint ventures  with
Midland  Commercial  Properties,  a  Birmingham-based  private
property company, for a 50 per cent interest in that company.

Warner  Estate  is  paying  #1,300,000  in  cash  (subject  to
adjustment based on the actual net assets as at the Completion
Date),  of  which  #1,100,000 was in the  joint  ventures,  in
consideration for new ordinary shares comprising 50  per  cent
of the issued share capital of Midland Commercial Properties.

Enquiries:

Warner Estate Holdings PLC                       0171-493 6480
   Peter Collins (Finance Director)
   Andrew Batty (Property Director)

Bankside Consultants Limited                     0171-220 7477
   Charles Ponsonby

END

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