Commercial Property News

Warner Estate Holdings, the property investment company has announced its preliminary results for the year ended 31 March 2006.

Financial Highlights

• Total adjusted return 30.7% (2005: 19.6%)(i) - £85.3m (2005: £47.0m)
• Adjusted net asset value per share up 25% to 741p
• Net asset value per share up 22% to 660p
• Triple net asset value per share up 21% to 669p
• Recurring earnings per share 22.9p (2005: 22.3p restated)
• Earnings per share 140.2p (2005: 89.2p)
• 35th successive year of dividend growth
• Average dividend growth over the last five years of 6.8% per annum
• Dividend raised by 6.8% to 19.5p

Business Highlights

• Property owned and under management up 131% to £2.5bn
• Commercial rent roll owned and under management £152m
• Successful acquisition and integration of Ashtenne Holdings plc
• Acquisition goodwill on Ashtenne £11.2m, substantially less than £28.9m anticipated
• Launch of £256m Apia Regional Office Fund with Morley Fund Management
• Substantial expansion of Apia via the purchase of £120m of property
• Establishment of the £312m Agora Max Shopping Centre Fund

Philip Warner, Chairman of Warner Estate commented "This has been another year of considerable achievement with the Group achieving a total adjusted return of 30.7% on its shareholders' triple net asset funds against an IPD return of 20.7%. and, following the successful integration of Ashtenne, assets under management rising from £1.1 bn to £2.5bn. We have made the move from 50:50 joint ventures to multi-investor funds.

The Group continues actively to seek opportunities and since the year end we have made a further acquisition for our Radial Distribution Fund and our first significant Central London office purchase for a number of years. We have a skilled and experienced team in place to ensure that progress continues."