At a price per share of 700p the cash deal represents an approximate discount of 10.3%, with the closing price on shares being 780p on January 25th 2007.

JS Real Estate directors are expected to recommend the buy out unanimously to their shareholders believing that it will be in their best interest to let the deal proceed. Stephen Mulliner, the chairman of JS Real Estate said: “The acquisition of JS is in-line with Warner Estate’s strategy to increase the quantum of our property assets under management.”

He also said that the increase i portfolio will improve their exposure to the South East of England where they have three sites with significant development potential. Capital gains taxes will be eliminated via conversion to REIT status.