Acquisition

First Property Online PLC
20 April 2001


20 April 2001

First Property Acquisition


First Property Online plc ('fprop') announces the acquisition of the business
of Propertytrade plc.

Propertytrade operates a B2B website (www.propertytrade.com) for the
advertising of commercial properties for sale and to let.  It was set up in
February, 2000 by the Lipmans of Safeland plc prior to being reversed into
Envesta Plc in June, 2000.

Propertytrade's website currently lists approximately 1,500 freehold or long
leasehold properties for sale and provides access to a further 6,600
properties to let.  Some 300 agents throughout the UK have contributed
properties since Propertytrade's launch.

The acquisition, which was made for nominal cash consideration, gives fprop
the ability to rapidly achieve critical mass in the number of properties being
offered for sale via its website.  It also significantly increases its number
of users and the targetted audience to which properties can be marketed.

Martin Pryce, previously managing director of Propertytrade, will join fprop
to assist in the integration of the businesses and the ongoing management of
fprop's property database and agent relationships.

Ben Habib, Chief Executive of fprop, commented:

'We are excited about the opportunities this acquisition affords us.
Propertytrade has developed an excellent database of properties and users.

fprop offers a range of valuable services to streamline the process of
transacting property.  We only need a fraction of Propertytrade's properties
and users to convert to fprop's services for the acquisition to generate
significant revenue.'

He added:

'We continue to see good opportunities for growth in the current market.'


For further information please contact:

Ben Habib / Saul Shanagher      First Property Online plc      020 7731 2844
Jeremy Carey / Peter Willetts   Tavistock Communications       020 7600 2288