Acquisition

Workspace Group PLC
11 February 2002

                         WORKSPACE WESTWAY ACQUISITION

Workspace Group PLC ('Workspace), the leading provider of flexible business
accommodation to small and medium sized enterprises ('SMEs') in London and the
South East, has announced the acquisition of Westbourne Studios, from a private
investor, for a cash consideration of £12.25 million.

Westbourne Studios is located near Ladbroke Grove and has recently been
constructed. It comprises 64,560 sq. ft (6,000 sq. m) of small unit studio,
office and workshop accommodation in 95 units. The Studios are based in 2 blocks
wrapped around the A40 Westway with a 6,000 sq. ft covered central courtyard
which is available for events and functions. It also features a screening room/
preview theatre and fully fitted cafe/restaurant venue.

The area is recognised for its media and creative industry activities and also
benefits from the major regeneration initiatives nearby, both at Paddington
basin and at White City.

The occupancy rate is 76% and the current annual rental income is £864,000,
representing an initial yield of 7%. This is set to rise quickly as occupancy
levels improve. 20% of the vacant space is currently under offer.

Harry Platt, Chief Executive of Workspace commented,

' We are keen to target properties like this in West London. Westbourne Studios
is well located with an imaginative building design and configuration that
appeals to media and creative industry tenants. It also complements our cluster
of properties in this area at Chiswick, North Kensington and Acton.

' This sector is an important part of the capital's economy. The creative
industries in London contribute over £26 billion to the London economy and
employ 12% of its working population.

' This is a key investment in terms of property type, tenant base and location
within 6 miles of the Houses of Parliament. Since November we have bought over
£40 million of properties in London and have successfully reinvested the
proceeds from the sale of our Midlands portfolio.'

                                    - ends -

Date: 11 February 2002

For further information contact:

Workspace Group PLC                     City Profile Group
Harry Platt, Chief Executive            Simon Courtenay
Mark Taylor Finance Director            Ed Senior
020 7247 7614                           020 7488 3244
e-mail: [e-mail]       e-mail: [e-mail]
Web: www.workspacegroup.co.uk




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