Acquisition

Northacre PLC
01 February 2006


                                 Northacre plc


           Conditional acquisition of 75-89 Lancaster Gate, London W2


Northacre plc announces today that in a joint venture with Minerva plc, the FTSE
250 property company, they have exchanged conditional contracts for the
acquisition of the share capital of Cambulo Lancaster Gate Development Limited
for a cash consideration of up to £67.6 million and which is conditionally
contracted to acquire 75-89 Lancaster Gate, London.


Commenting on today's announcement, John Hunter, Chief Executive of Northacre
plc said:


'75-89 Lancaster Gate will be acquired with vacant possession presenting
Northacre with another attractive residential development opportunity.'


1 February 2006


Enquiries:


John Hunter, Chief Executive                                020 7349 8000
Northacre plc



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