Acquisition

Grainger Trust PLC
24 November 2006

24 November 2006

                   Grainger Trust plc ('Grainger'/ 'Company')

                   GRAINGER TRUST AND DEVELOPMENT SECURITIES
                        ACQUIRE 10-ACRE BIRMINGHAM SITE


Grainger Trust and Development Securities are pleased to announce that they have
jointly acquired the 10-acre Curzon Park site in Birmingham from the Eastside
Partnership for £33.5 million.

Grainger and Development Securities will fund the acquisition and subsequent
development jointly, with initial contributions from the two companies' existing
resources.

The proposed 1.4 million sq ft mixed use development, with a gross development
value of over £350 million, will comprise approximately 800,000 sq ft of Grade A
office accommodation, 400,000 sq ft of residential accommodation, a 180-bed
hotel and 30,000 sq ft of retail space.  It is intended that the joint venture
will obtain planning consent, deliver infrastructure works to the value of £12
million and develop the site in several phases. Development Securities will
project manage the planning, infrastructure and commercial phases with Grainger
project managing the residential component.

Located within Birmingham's Eastside, the proposed high-quality mixed use
development of offices, together with residential, retail and leisure elements,
will support Birmingham City Council's aspirations for the site.  It is
anticipated that outline planning consent for Curzon Park should be obtained by
summer 2007 and that construction will start on site in late 2007/early 2008.
The overall development programme is expected to take up to eight years.

Commenting on the acquisition, Julian Barwick, joint Managing Director of
Development Securities, said:

'We are delighted to have acquired this key 10-acre site in the centre of
Britain's second city in partnership with Grainger.  We are also looking forward
to working jointly alongside Birmingham City Council on our proposals, which
will deliver outstanding benefits for the local community.'

Richard Exley, Director of Development at Grainger, said:

'This acquisition enables us to meet our shared aspirations for our joint
venture; to deliver large-scale, mixed-use schemes in first-rate locations.  We
anticipate furthering our partnership with Development Securities on similar
schemes in the future.'

Grainger Trust and Development Securities were advised by CBRE and the Eastside
Partnership was advised by Strutt & Parker and Savills.

For further information, please contact:

Grainger Trust:
Andrew Cunningham/Richard Exley
[phone]

Development Securities:
Julian Barwick
[phone]

Financial Dynamics (for Grainger):
Stephanie Highett/Dido Laurimore/Jamie Robertson
[phone]

The Communication Group plc (for Development Securities):
Alison Howard
44 (0) 20 7630 1411


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