Wt Wner Usd Regulatory News (WNER)

7 Sep 2006 07:01

Warner Estate Holdings PLC07 September 2006 Warner Estate Holdings PLC WARNER ESTATE REMAINS CONFIDENT In advance of today's Annual General Meeting of Warner Estate Holdings PLC("Warner Estate"), the property investment and fund management company, theChairman, Philip Warner made the following statement, "I am pleased to update shareholders on the progress that the Group is making.Demand for property continues to drive prices higher, making the task ofexpanding our funds more challenging, but I remain confident about the long-termoutlook for the business. "We continue to identify properties with potential for improving the rentalincome and ultimately the capital value. Since the year end we have acquired,for our wholly owned portfolio, 24-26 Minories, London, EC3, a purpose builtoffice building, refurbished in 2000, for £10.85 million and for the RadialDistribution Fund, our joint venture with Bank of Scotland, Alpha 1 on Hams HallNational Distribution Park, Birmingham, a 218,872 sq.ft. warehouse for £17.62million. We have a number of further acquisition opportunities which we areconsidering and we expect to announce further news shortly. "We continue to make progress with our development pipeline and plan to developover 1.25 million sq ft of commercial space, using a prudent approach to riskmanagement. "In my June statement I referred to the probability of the Group converting toREIT status and nothing published since has altered that view. We shall make afurther announcement with our interim results later this year." -ends- Date: 7 September 2006For further information contact: Warner Estate Holdings PLC cityPROFILEPhilip Warner, Chairman Simon CourtenayPeter Collins, Finance Director Tel: 020-7448-3244Michael Stevens, Property DirectorTel: 020-7907-5100Web: www.warnerestate.co.uk This information is provided by RNS The company news service from the London Stock Exchange