Wt Wner Usd Regulatory News (WNER)

16 May 2006 11:35

Warner Estate Holdings PLC16 May 2006 WARNER ESTATE RE-ENTERS CITY MARKET WITH PURCHASE OF EC3 OFFICE BUILDING Warner Estate Holdings PLC ("Warner Estate"), the property investment company,has today announced the purchase of 24-26 Minories, London, EC3 from HemingwayProperties Limited for £10.85 million. The purchase price reflects a net initialyield of 5.6% with an uplift in July 2006 to 6.07%. The 2,338 sq m (25,169 sq ft) purpose built office building was substantiallyrefurbished in 2000 and will sit within Warner Estate's Core Portfolio. Thebuilding is let until 2009 to Barclays Bank and Groupama UK Services Ltd andprovides a current rental income of £622,225 per annum, increasing to £673,475per annum in June 2006. The property lies close to the proposed Aldgate Bus Station Redevelopment site. Michael Stevens, Property Director of Warner Estate, comments: " We have not had any City involvement for a number of years. Major developmentsare expanding the City boundaries to the East and this building provides anumber of options for the future in a location where rental growth expectationsare good." " The purchase reflects our stated objective of restructuring our Core Portfoliothrough decisions based on asset performance alone. It is a great opportunity -fast improving market, strong asset management potential off rents in the mid£20's and just our kind of stock. We would like to find more, similarinvestments." Date: 16 May 2006 For further press information:Warner Estate Holdings PLC City ProfileMike Stevens, Property Director Jonathan GillenTel: 020 7907 5100 Andrew HarrisWeb: www.warnerestate.co.uk Tel: 020-7448-3244-----------------------------Redwood ConsultingKate HewsonTel: 020 7828 5553 This information is provided by RNS The company news service from the London Stock Exchange