Pre-letting of property

Derwent Valley Holdings PLC
23 April 2001





                         DERWENT VALLEY HOLDINGS PLC

               Pre-letting of space at 21 Grosvenor Place, SW1




Derwent Valley Holdings plc through its subsidiary, Wilmar Estates Ltd, has
pre-let 1,980 sq m, (21,300 sq ft) of vacant space at 21 Grosvenor Place, SW1
to Enron Power Operations Ltd for £1.17 million per annum. This equates to £55
per sq ft and Enron will receive a 7 month rent free period. The lease is for
a term expiring 2014 with reviews in 2004 and 2009.


The space is currently being refurbished by Derwent Valley as part of a £5m
scheme, which is scheduled for completion by the end of 2001. The building,
which will comprise 5,200 sq m (56,000 sq ft) after refurbishment, was
acquired by Derwent Valley in October last year for £25 million.


Commenting on the transaction, John Burns, Managing Director of Derwent Valley
Holdings plc said:


'This pre-letting to a major international group confirms the continuing
demand for space in Central London. With average rents in the remainder of the
building of £30 per sq ft, we have been able to enhance value at an early
stage.'




                                                                 23 April 2001

ENQUIRIES:

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

College Hill                                                 Tel: [phone]
Gareth David                                Email: [e-mail]
Lisa Pearson                                Email: [e-mail]