Expansion of Property Fund

RNS Number:0323C
Warner Estate Holdings PLC
17 August 2004

                           Warner Estate Holdings PLC

  WARNER ESTATE ADDS #16.1M MANCHESTER OFFICE BUILDING TO REGIONAL OFFICE FUND
                          FROM ITS OWN CORE PORTFOLIO

Warner Estate Holdings PLC ("Warner Estate"), the property investment company,
has today announced that it has sold a #16 million office property from its own
core portfolio to the Skipper Regional Office Fund. This together with recently
announced transactions has increased the value of the assets in the fund to #169
million. The fund, a joint venture with the Royal Bank of Scotland was
established in 2003. Warner Estate is a co-investor in the fund and also manages
the office properties in the fund.

The property sold to the fund was Norfolk House, a 54,000 sq. ft office building
in central Manchester. Norfolk House is a modern office building completed in
1996. It is let to Coutts & Co, Zurich, Watson Wyatt and the Secretary of State
for Health, for an annual rent of #1.095 million.

Commenting on the transaction, Richard Moore, Property Director at Warner Estate
said:

" We started the Skipper Fund just over twelve months ago and already it has
delivered a very creditable performance. For Warner Estate the proceeds will
initially be used to reduce the company's borrowings."

                                     -ends-
Date: 17 August 2004
For further information contact:
Warner Estate Holdings PLC                    City Profile
Philip Warner, Chairman                       Simon Courtenay
Richard Moore, Property Director              Tel: 020-7448-3244
Peter Collins, Finance Director
Tel: 020-7907-5100
Web: www.warnerestate.co.uk



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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