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RNS Number:8532C
Warner Estate Holdings PLC
13 September 2004

                           Warner Estate Holdings PLC

                 WARNER ESTATE ACQUIRES #41M DIRFT ASSETS AS
                    RADIAL DISTRIBUTION FUND TOPS #163M

Warner Estate Holdings PLC ("Warner Estate"), the property investment company,
has today announced that the Radial Distribution Fund, its joint venture with
The Bank of Scotland, has acquired, for #41.125 million, three large
distribution warehouses at the DIRFT Logistics Park, adjacent to the major
Daventry International Rail Freight Terminal. This acquisition increases the
scale of the fund to #163 million. The vendor was Hermes on behalf of the B T
Pension Scheme.

The properties comprise three large, modern distribution units, totalling
613,500 sq. ft. They are located in the heart of DIRFT Logistics Park, which is
one of the UK's prime locations for the distribution and logistics industry. The
communication network in this area is outstanding. It is situated adjacent to
the M1, close to M6 motorway junction and boasts easy access via the A14 to
Felixstowe's deep sea port. DIRFT also houses the international rail terminal
which is the main inland freight terminus linked directly to the Channel Tunnel.

The properties are well let to Eddie Stobbart Limited, the well known national
logistics and distribution group, and Ingram Micro. The initial yield, based on
the purchase price, is 6.36% and is expected to rise to 7.03% following
scheduled rent reviews in March 2005.

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

" This acquisition represents a milestone in the development of our Radial
Distribution Fund. DIRFT is one of the top locations for logistics operators. It
has excellent transport links and is the location of choice for many major
companies.

" The growth of Radial is now gathering momentum. We have assembled a number of
good quality logistics property assets, let to blue-chip companies. We are
delighted with this transaction, which will boost the size of the fund to over
#163 million."

                                     -ends-

Date: 13 September 2004
For further information contact:

Warner Estate Holdings PLC           City Profile            Hermes
Philip Warner, Chairman              Simon Courtenay         Debbie Cracknell
Richard Moore, Property Director     Tel: 020-7448-3244      Tel: 07860-658-288
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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