Acquisition

Workspace Group PLC
19 August 2005


                                         
          WORKSPACE'S EXPANSION CONTINUES WITH £56 MILLION 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 exchanged contracts to acquire Kennington Park, Oval, SW9 from
Brixton plc for a cash consideration of £56 million.

Kennington Park is a large 6.2 acre business centre complex located in South
London on an island site adjacent to the Brixton Road (A23), close to the Oval
tube station. The estate comprises 11 buildings set around a central courtyard
with ample car parking and totals 333,130 sq ft of commercial space, including
studios, offices, light industrial and warehousing units ranging in size from
300 to 30,000 sq ft.

The property is currently 86% let on a mixture of leases and licences, producing
£3.623 million, representing a net initial yield of 6.17% on total acquisition
cost.

Harry Platt, Chief Executive, commented,

' We are delighted to agree this acquisition. We have been tracking Kennington
Park for many years. The estate is a local landmark and adds to the range of
accommodation we are able to offer in South London. We believe the property has
considerable scope for improvement and value creation through application of our
business model, providing attractive space to local small businesses on flexible
terms.

' Following this deal we will have added 829,000 sq ft to the portfolio since
the start of the new financial year in April, at a combined cost of £96m. These
acquisitions are earnings neutral in the current year but will add significantly
going forward. We continue to monitor closely potential acquisitions in Greater
London, where we can add value. We will also make disposals where we have
optimised returns, particularly for properties outside our core area of Greater
London.'

                                     -ends-
Date: 19 August 2005
For further information:

Workspace Group PLC                    City Profile
Harry Platt, Chief Executive           Simon Courtenay
Mark Taylor, Finance Director          Oliver Winters
020-7247-7614                          020-7448-3244

e-mail: [e-mail]
web: www.workspacegroup.co.uk



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