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RNS Number:3372D
Warner Estate Holdings PLC
27 September 2004



                           Warner Estate Holdings PLC

                 WARNER ESTATE ACQUIRES #26.9M SHOPPING CENTRE

Warner Estate Holdings PLC ("Warner Estate"), the property investment company,
has today announced that it has acquired the Hale Leys Shopping Centre in
Aylesbury, Buckinghamshire from a client of Henderson Global Investors for #26.9
million. The net initial yield is 6.1%, which is expected to increase to 6.5% on
reversion.

The shopping centre, which is located in the heart of the town's shopping
district between the High Street and the Market Place, was opened in 1983. It is
near the town's main provision of car parking and comprises 30 units totalling
approximately 90,000 sq. ft which are currently let to a number of major
national retailers including Boots, Next and River Island. As well as being
situated on the busy High Street, the centre is also close to the other major
retail scheme in the town, Friars Square Shopping Centre, which is anchored by a
large Beatties department store.

The property will be held as part of Warner Estate's core property portfolio.
This purchase increases the total of property under management to just short of
#1.1bn.

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

" This is a first-rate addition to our core property portfolio. The shopping
centre is well located and Aylesbury is an excellent town with a large and
prosperous catchment area. We know the retail sector well and we shall use our
retail scheme management skills to improve the tenant line up and maximise the
rental income and capital growth from the centre."

                                     -ends-

Date: 27 September 2004
For further information contact:

Warner Estate Holdings PLC                         City Profile
Philip Warner, Chairman                            Simon Courtenay
Richard Moore, Property Director                   Oliver Winters
Peter Collins, Finance Director                    Tel: 020-7448-3244
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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