Acquisition

Derwent Valley Holdings PLC
16 June 2006

PRESS RELEASE



16 June 2006

                       THE ASTORIA - MAJOR WEST END 
                      ACQUISITION FOR DERWENT VALLEY 


Derwent Valley Central Limited, a subsidiary of Derwent Valley Holdings plc, the
specialist Central London property investment and development group, has
exchanged contracts to acquire The Astoria Theatre, 157-165 Charing Cross Road
and 17 Oxford Street, London W1, from a joint venture of Compco Holdings plc for
a total consideration of £23.75 million, plus costs.

The Astoria is a well-known entertainment venue and is let to a subsidiary of
Clear Channel Entertainment UK Holdings Limited at a current rent of £1,097,500
per annum on a lease that expires in December 2008. The property affords a gross
internal area of 42,350 sq ft (3,930 sq m) and includes two retail shops.

17 Oxford Street comprises 3,270 sq ft (304 sq m) of retail space.  The property
is let for a term of 25 years from June 1997, at a passing rent of £176,750 per
annum.


Both properties adjoin the group's existing holding at 135-145 Charing Cross
Road, and form part of a comprehensive site running from Oxford Street to
Goslett Yard which is a key part of the West End Special Policy Retail Area
recently announced by the London Mayor.


John Burns, Managing Director at Derwent Valley, commented

"The Astoria is a valuable addition and a strategic acquisition, which adjoins
our existing holdings in the area and will form a potential development site for
the future. We are committed to the regeneration of key areas in London and are
looking forward to the opportunities afforded by such a prominent location."



                                     -Ends-



For further information please contact:

John Burns                                         Tel: [phone]

Financial Dynamics                                 Tel: [phone]
Stephanie Highett/Dido Laurimore/Marcus Pepperell






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