Completion of Negotiation

Derwent Valley Holdings PLC
26 April 2002



                          DERWENT VALLEY HOLDINGS PLC
 
               Completion of negotiation with Globix Corporation



Derwent Valley Holdings plc, the specialist Central London property investor,
has concluded negotiations with Globix Corporation, regarding the restructuring
of its lease at 1 Oliver's Yard, London EC2. The tenant, which has just emerged
from Chapter 11 proceedings in the United States, paid the Derwent Valley group
£11.3m to restructure its existing lease of the whole building, following which
it will occupy 6,400 sq m on two 15 year leases, at a combined market rent of
£1.6m per annum. The remaining 10,450 sq m reverts to the Derwent Valley group,
which is now marketing the accommodation.



26 April 2002




ENQUIRIES:


Derwent Valley Holdings plc           Tel: [phone]
John Burns, Managing Director


College Hill                          Tel: [phone]
Gareth David                          email: [e-mail]




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