New Development

Off-Plan Fund Limited (The)
18 December 2007


For Immediate Release                                           18 December 2007                            



                           The Off-plan Fund Limited


      Contracts signed in respect of new development at Wallington, Surrey


The Board of The Off-plan Fund Limited (the 'Fund'), which specialises in
providing forward finance to UK housebuilders, is pleased to announce the
exchange of contracts for the purchase of 118 apartments to be built at a new
development in Wallington, Surrey for an aggregate total of £25,000,000 on
completion, a discount of 18% to the prevailing 'Red Book' valuation of
£30,595,000.

   •The scheme consists of 118 apartments in a part-conversion/part new-build
    development. The units will comprise a mix of studio, one and two bedroom
    apartments totalling 69,500 square feet with 81 parking spaces. Many of the
    apartments will have terraces or balconies, with some spectacular views
    towards the London skyline. There will be a private residents' gym and a
    running track around the residents' roof garden which, together with a
    concierge service, offer purchasers a range of modern day lifestyle
    requirements.

   •The development is extremely well located on Manor Road, adjacent to
    Wallington railway station where travel times to London Bridge and London
    Victoria are approximately 30 minutes. Wallington is located between the two
    large employment areas of Croydon and Sutton, with the M25 located 8 miles
    south offering easy access to Gatwick (18 miles) and Heathrow (23 miles).

   •A strong development team has been appointed by the developer Henry
    Homes, with Gardiner Theobald as project managers and Carey Jones as
    architects. The developer itself is well established and operates primarily
    in the Home Counties and London where it has undertaken a range of inner
    city and suburban apartment and house developments. Full planning permission
    for the development is in place. The strip out of the existing building is
    underway with the main construction program to commence March 2008. It is
    anticipated to take 20 months with completions scheduled for late 2009/early
    2010.

   •The Fund has agreed to pay an aggregate total of £25,000,000 on
    completion, a discount of 18% to the prevailing 'Red Book' valuation of
    £30,595,000 provided by independent valuers CBRE. The Fund has paid a 5%
    deposit (£1,250,000) and ring-fenced a proportion of its completion reserve
    for this development.

   •A full marketing campaign is to commence in the first quarter of 2008 in
    conjunction with the developer. Should the Fund achieve the Red Book
    valuation for this development prior to completion, it would generate a
    gross profit of between c£1.6m and c£1.9m (equivalent to between 14.1p and
    17.1p per share) - the range being due to incentives provided to the
    developer to secure early sales. The development should appeal to investors
    and owner-occupiers, especially young professionals working in the city and
    local business districts due to the excellent communication links and the
    lifestyle nature of the development.





Nigel Henry, a director of Henry Homes, said:


'Henry Homes are pleased to be working with the Fund on this scheme. The Fund's
unique acquisition model complements our financing structure and we have
welcomed input from the Fund and its investment adviser, Development Capital
Management (DCM), on the design and marketing of the development. We look
forward to working closely with the Fund in respect of the Wallington scheme and
on future deals should the opportunity arise.'


The Chairman of the Fund, Graham Berry, said:


'The Walllington investment offers an attractive deal for the Fund. The Fund's
acquisition model has enabled it to secure a highly competitive position in a
scheme which offers purchasers - both investors and owner-occupiers - an
excellent opportunity to purchase in a landmark development which is well
located for transport links. A strong relationship has been forged with a well
respected developer with whom we look forward to working.'


Images of the development scheme can be found on the website
www.signatureapartments.info.


List of Contacts
Development Capital Management
Roger Hornett
Andy Gardiner
Darren Blake
020 7355 7600

Numis Securities
Adam Shapton
Charles Farquhar
020 7776 1500

Buchanan Communications
Charles Ryland
Isabel Podda
020 7466 5000



Notes to Editors:

   •The Fund is managed by Development Capital Management (Jersey) Limited

   •The Fund provides a form of mezzanine finance through the acquisition of
    UK residential property, sold forward by developers as a means of securing
    better debt finance. The Fund then looks to sell the properties prior to
    completion. By utilising only the deposit and purchasing at a discount, the
    investment becomes highly geared, as do the potential returns.

   •The Manager has built a strong working relationship with a number of
    developers and has been reviewing sites at the earliest stages of
    development. This approach allows the Fund to act as a strategic partner
    with the developer commenting on possible developments sites prior to the
    developer acquiring the property which enables the Fund to make investments
    on terms that may otherwise not have been achieved.





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