Warner Estate appoints new property director (UK)

Warner Estate Holdings PLC ("Warner Estate"), the property investment company, today announces that Michael Stevens, the current Operations Director, will succeed Richard Moore as Property Director on 1 January 2006.

Richard reaches the age of 60 this month and has informed the Board that he would like to reduce his involvement with the Group. He joined Warner Estate in 2000 and, since his appointment as Property Director in 2001, has been instrumental in building the successful fund management strategy which has seen the quantum of property assets under management in funds rise from virtually zero to more than £1.5 billion.

Michael, 42, has been with the Group since 2000 and was appointed to the Board as Operations Director in February 2005. He has worked closely with Richard in managing the evolution of the fund management strategy.

After 1 January, Richard will remain a director, managing the Agora Shopping Centre Fund development programme and overseeing Warner Estate's relationship with Bride Hall, the development company in which the Group has a 25% stake.

The Group also announces two further promotions with effect from 1st November. Paul Hodgson, who joined in 2002, becomes an Associate Director (Property) and Alison Raine, who joined in 2003, becomes a Senior Asset Manager (Retail).

Philip Warner, Chairman of Warner Estate commented, "I am delighted that Michael Stevens will be succeeding Richard, with whom he has worked closely on building the fund management business. I am confident that Michael has the necessary skills and flair to drive the Group's performance in the future."
"It is also a pleasure to announce additional internal promotions as we continue to build our team for further growth. Paul and Alison already contribute to the success of Warner Estate and demonstrate our strength in depth."

Source: Warner Estate

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