RNS Number:9510P
Warner Estate Holdings PLC
19 September 2003


                         WARNER ESTATE IN #14.8 MILLION

                         MANCHESTER OFFICE ACQUISITION


Warner Estate Holdings PLC ("Warner Estate"), the property investment company,
has today announced that it has acquired the freehold interest of Norfolk House,
a 54,000 sq. ft office building in central Manchester, for #14.80 million from T
& S Stores Limited.

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. This represents an initial yield on the purchase price
of 7.3%.

Warner Estate has acquired the property with the intention to inject it into the
#109 million Regional Office Property Fund, set up recently with its partners at
the Royal Bank of Scotland.

Richard Moore, Property Director at Warner Estate commented,

" This is an ideal asset for the Regional Office Fund which we have set up
recently with our partners at the Royal Bank of Scotland. Its location in
Manchester fulfils our requirement for acquisitions in large regional centres
and it is a modern building, let to a number of blue-chip tenants. The leases
offer good potential for active management and we are confident of improving
both rental income and capital value."

                                     -ends-


Lewis Ellis, DTZ and Osborne Clark acted for Warner Estate whilst King Sturge
and Berwin Leighton Paisner acted for T & S Stores Limited.


Date: 19 September 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


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