RNS Number:7893M
Warner Estate Holdings PLC
26 June 2003







                           Warner Estate Holdings PLC



                        WARNER ESTATE IN #41.75 MILLION

                     NORTH WEST SHOPPING CENTRE ACQUISITION



Warner Estate Holdings PLC ("Warner Estate"), the property investment company,
has today announced that, through Agora Shopping Centres, its 50/50 joint
venture with Bank of Scotland Corporate Banking, it has exchanged contracts to
acquire the Pyramids Shopping Centre in Birkenhead, The Wirral for a cash
consideration of #41.75m. It has been purchased in an off-market deal from
Dunedin Property Retail Fund.   The joint venture company, managed by Warner
Estate, has plans to spend #8m on improvements to the centre.



The Pyramids Shopping Centre is a high quality two-storey shopping centre
developed in 1989.  It comprises 13,285 sq. m (143,000 sq. ft) of retail space,
a 750 space multi storey car park and is the premier indoor shopping centre
scheme in Birkenhead.



The scheme is anchored by major tenants including Next, River Island and Etam
and is located adjacent to Marks & Spencers. The net rental income is #3.112
million per annum representing a net initial yield of 6.92% on the purchase
price. This is expected to rise to 7.31% by December 2004 on completion of rent
reviews.



Richard Moore, Property Director at Warner Estate commented,



"  We are delighted to announce this acquisition. The Pyramids Shopping Centre
is our seventh major shopping centre for Agora in the North West.  We are now
well established as a major retail property investor in the region.



Under this joint venture we now own and manage shopping centres in Birkenhead,
Bolton, Ellesmere Port, Liverpool, Middleton, Preston and Sale.   Our North West
shopping centre portfolio has achieved significant scale and we believe that all
of these properties have exciting potential for the growth of both rental income
and capital value.



We are confident that, with our blend of asset management skills and development
experience, we shall manage these large shopping centre assets to create value
for our partners and shareholders."





                                     -ends-

Date: 26 June 2003

For further information contact:


Warner Estate Holdings PLC                               City Profile
Richard Moore, Property Director                         Simon Courtenay
Peter Collins, Finance Director                          Tel: 020-7448-3244
Tel: 020-7907-5100
Web: www.warnerestate.co.uk                              Bank of Scotland
                                                         Lindsay Carruthers
                                                         Tel: 0131 243 7016




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