Warner Estate Holdings PLC is a real estate investment trust (REIT). The principal business of the Company is property investment, together with the management of properties in the United Kingdom. The Company operates in two segments: property investment and asset management. Its property investment segment is engaged in acquiring freehold or leasehold properties, including shopping centers, in the United Kingdom. The Company’s asset management segment involves managing property assets and receiving a contractual fee for the service. As of March 31, 2011, it had 436 properties, in which 45 were wholly owned properties of the Company. As of March 31, 2011, the Company’s other properties include eight in Agora Shopping Centres joint venture (JV), two in Agora Max Shopping Centres JV, two in Greater London Offices JV, 17 in Apia Regional Office Fund and 362 in Ashtenne Industrial Fund. On May 17, 2010 the Company sold its investment in Radial Distribution Limited.