In partnership with Bank of Scotland, Warner Estate has agreed to purchase eightlarge, modern distribution warehouses for £113 million ($177 million). The properties includethe 316,000-sf Tesco distribution warehouse atBrooklands Business Park in Weybridge, Surrey and the Focus distribution centre atWestern Approach in Bristol.

The properties have been acquired by a 50/50 jointventure company owned by Warner Estate and Bank of Scotland. This portfolio willrepresent the initial core properties in an Industrial Distribution PropertyFund, which Warner Estate will manage. This is the third major property fund launched in 2003 by Warner Estate, following the establishment of the £223 million ($350 million) Agora Fund with Bank of Scotlandin March, focused on Northwest shopping centres, and the £109 million ($170 million) regionaloffice fund launched with The Royal Bank of Scotland in July.

Other Warner vehicles have bought the remainder of the portfolio: a 50/50 joint venture company owned by WarnerEstate and Barclays Bank has bought threeindustrial estates in Norwich, Harlow and Witney for £19 million ($30 million) while Warner has bought four smallerdistribution warehouses and three industrial estates with a total value of £34million ($53 million) for its own core portfolio.