Property sales

Derwent Valley Holdings PLC
27 April 2005




                          Derwent Valley Holdings Plc

                   £58.6 million of Central London disposals



Derwent Valley Holdings Plc ("Derwent Valley"), the specialist Central London
property investment and refurbishment group, has sold three properties for a
total consideration of £58.6 million.



Clients of Insight Investment Management Limited have acquired Berkshire House,
168-173 High Holborn, WC1 for £25 million and 28-29 Dover Street, Mayfair, W1
for £11 million.  Berkshire House, which is held on a lease expiring in 2137,
comprises 4,870 m2 (52,400 sq ft) of multi-let offices and produces an income of
approximately £1.2 million per annum.  The building has undergone a
refurbishment programme and three floors, totalling 1,425 m2 (15,300 sq ft), are
vacant.  Derwent Valley is responsible for the rent and out goings on this space
for 18 months, an estimated maximum commitment of £1 million.  This will be
reduced by any income received from the space over the period.



Dover Street is a multi-let freehold property with offices and ground floor
retail space, comprising 1,400 m2 (15,000 sq ft).  The building is fully let at
£0.6 million per annum.



In a separate transaction, contracts have been exchanged with a private investor
for the sale of 19-29 Woburn Place, Bloomsbury, WC1 for £22.6 million. This
9,400 m2 (101,000 sq ft) freehold office building was acquired as part of the
Chelsfield portfolio last year.  The tenant, whose rental commitment is £2
million per annum, will be vacating shortly.



John Burns, Managing Director of Derwent Valley, comments:



"Derwent Valley's portfolio contains a substantial pipeline of refurbishment and
development projects.  Therefore, with stock difficult to source in a strong
investment market, we are in a good position to make opportune disposals such as
these, where proceeds, before costs, were approximately 10% above year end
values.  At Berkshire House we received an approach which resulted in a sale
earlier than anticipated, whilst at Woburn Place we crystallised an early profit
".





                                                                 27th April 2005



Enquiries:

Derwent Valley Holdings Plc

John Burns, Managing Director                  020 7659 3000


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