Acquisition of property units

Gresham House plc

                         36 Elder Street, London E1 6BT



Re:  Acquisition of property units

The  Company  wishes  to  announce  that  on  29th  October,  2004  New  Capital
Developments  Limited,  a  75%  subsidiary undertaking  of  Gresham  House  plc,
acquired  seventeen acres of industrial property units together with  a  further
seven  acres of potential development land, in Speke, Liverpool from Glaxo Smith
Kline for a sum of £6.35 million.

These  units are presently vacant but a letting programme has commenced  with  a
number of prospective tenants."


Enquiries:

B J Hallett
Gresham House plc   020 7588 7352

1st November, 2004