Central London Property Acquired

DERWENT VALLEY HOLDINGS PLC
15 October 1999

Derwent Valley Holdings plc, the specialist central London investor/refurbisher
has acquired 26 King Street, London, WC2 from Kenbury Limited for £5.2 million. 
The property comprises 966 sq m (10,400 sq ft) and is let for another five years
at a rent of £380,000 per annum.

The group now owns a major island site in Covent Garden of 6,542 sq m (70,000 sq
ft), having acquired the remainder of the site on Floral Street, Rose Court and
King Street as part of the £70 million portfolio purchase form Moorfield Capital
Partners.