Sale of Land etc

FBD Holdings PLC
23 February 2006

                                 PRESS RELEASE



                    FBD Holdings plc ('FBD' or 'the Group')



               Sale of land at La Cala Resort, Spain ('La Cala')

                                      and

       Intention to distribute cash to shareholders by special dividends,

                    pursuant to completion of the land sale







FBD today announces that the Group has entered into a conditional agreement to
sell a major portion of the building development land which it owns at La Cala
Resort, Mijas, Costa del Sol, Spain, in a cash deal.  The purchasing company is
Desarrollos Lar Sol MS. SL ('Lar Sol'). Lar Sol is 50% owned by Groupo Lar SA
one of Spain's foremost real estate development, investment and management
companies. The remaining 50% is owned by MSREF, a real estate investment fund
controlled by Morgan Stanley Bank.



The net cash proceeds of the sale are estimated to be up to €120m. in phased
payments.   The Board of FBD intends to distribute the proceeds of the sale by
way of two special dividends.



FBD remains as the majority owner and operator of the resort's leisure interests
and will complete and market its current residential building projects. It will
also continue to own a portion of development land at La Cala.



Commenting on the transaction, Philip Fitzsimons, Chief Executive, said:



'The deal is very satisfactory.   Through judicious investment and strategic
management over the years, the potential identified originally at La Cala has
been developed and substantial value has been created for shareholders. A
significant part of this value is now being realised through the land sale and
the proceeds are earmarked for distribution to shareholders.



The collaboration which FBD will enter into with Lar Sol arising from the
transaction will advance the ongoing development of the entire La Cala project
as one of Europe's premier holiday and residential resorts'.





ENDS


                                     23rd February 2006





For Reference:
                                Telephone No.



FBD:
                                           01 4093 208

Philip Fitzsimons, Chief Executive


Andrew Langford, Finance Director



Murray Consultants:
                               01  4980 300

Joe Murray
                                       086 253 4950



This announcement has been issued through the Companies Announcement Service of

                           the Irish Stock Exchange.






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