Joint Venture

Medsea Estates Group PLC
21 June 2007




For immediate release                                               21 June 2007

                            MEDSEA ESTATES GROUP PLC
                          ('Medsea 'or 'the Company')
                                        
  ESTABLISHES FURNITURE COMPANY JOINT VENTURE TO SUPPLY ITALIAN PROPERTY MARKET

Mediterranean-based property group Medsea has acquired a 50 per cent
shareholding in a new Spanish-registered company, NGM Nuevas Gestion
Mediterranea SI which commenced trading on June 11th 2007. The Company's
objective is to capitalise on the demand for furnishings for properties which
Medsea is selling in Calabria, Italy. The other 50 per cent shareholder is
Muebles NG, a leading supplier of furniture to the property market in Spain.

Medsea has had a collaboration agreement with Muebles NG for the last four
years, receiving commission on furniture sold to its clients. Based on this
experience, Medsea envisages a similar opportunity for the new joint venture to
achieve success in Italy. Medsea's investment in NGM Nuevas Gestion Mediterranea
SI amounts to €10,000.

Says Medsea's Chairman Tony Gatehouse: 'An important part of our role in working
with buyers is to make the acquisition of an overseas property as hassle-free as
possible. Helping them furnish a property hundreds of miles away from where they
are currently living is something we have been doing for a long while. We have
established this joint venture in order to expand this service and maximise the
returns to Medsea.

'We believe the Italian market will prove very receptive to the type of products
and service this new company offers. We are currently selling around 70 units a
month in Calabria. When you consider that the average price for a furniture pack
is €7,000, and Medsea will receive a commission on each sale - in addition to
its share of the joint venture's trading profits - the financial returns could
be significant.'


For further information please contact:

Medsea Estates Group PLC
Tony Gatehouse, Chairman
Juan Carlos Rodriguez Martinez, Chief Executive                0034 96 570 40 02

HB Corporate
Imran Ahmad/ Edward Hutton/ Rachel Kane                            020 7510 8600

Weber Shandwick Financial
Terry Garrett/ Alex White/ John Moriarty                           0207 067 0700



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