Disposal

Kingfisher PLC
22 January 2003


22 January 2003

                      KINGFISHER SELLS RETAIL PARK PORTFOLIO FOR £695 MILLION

Kingfisher plc today announced that its specialist retail property company
Chartwell Land has sold 15 retail parks, plus a further five retail parks under
development, to a consortium composed of Pillar Property plc, Hercules Unit
Trust, The Junction Limited Partnership and Morley Fund Management for £695
million payable in cash on completion.

The sale of the portfolio, which is projected to have a book value of £557
million at completion with an annual rental income of £31 million, will generate
an estimated exceptional pre-tax profit of £120 million after associated
transaction and restructuring costs of around £18 million.  The sale at £695
million, which is subject to a final adjustment in respect of work in progress
on two of the sites currently under development, represents a surplus of £345
million over the original £332 million cost of acquiring the portfolio. 
Kingfisher expects to pay tax of around £55 million on this transaction.

Kingfisher's Chairman Francis Mackay said: 'This sale takes advantage of the
current market demand for quality retail property and will be earnings neutral
in the year to 31 January 2004.  The proceeds of the sale will be used to reduce
Kingfisher's debt thereby strengthening the Group's balance sheet.  It is
another step forward in Kingfisher's strategic transformation into an
international pure-play home improvement retailer'

Kingfisher continues to retain some £2 billion of property, of which around £800
million is in the UK, mainly occupied by B&Q.

Kingfisher was advised by Credit Suisse First Boston and C B Hillier Parker. 
UBS Warburg provided strategic advice to Chartwell Land.

                                              -ends-

Notes to Editors
Kingfisher is Europe's leading home improvement retailer and is ranked number
three in the world. The Company operates more than 600 home improvement stores
in 12 countries and enjoys market-leading positions in the UK, France, Poland
and Taiwan. Sales for the Home Improvement sector for the year to 2 February
2002 were more than £5.8 billion, with retail profit in excess of £430 million. 
Kingfisher also has a strategic alliance with Hornbach, Germany's leading big
box home improvement retailer, which operates 99 stores across Europe.

Kingfisher's Electrical & Furniture business operates more than 830 stores in
nine countries.  It is Europe's third largest electricals retailing business by
sales and number two by retail profit. As well as holding the leading position
in France with Darty and BUT and the number two position in the UK with Comet,
Kingfisher also enjoys leading positions in Belgium and in the Czech and Slovak
Republics.  Sales for the year to 2 February 2002 were more than £3.7 billion,
with retail profit of £184 million.  On 17 January 2003, Kingfisher announced
the sale of its German electricals business, which operates 185 stores in
Germany and Austria under the ProMarkt and Foto-Radio Wegert brands.

Enquiries
Kingfisher plc
Ian Harding, Director of Financial Communications           [phone]
Frederique Lepelletier, Head of IR, Continental Europe      [phone]
Jonathan Miller, Head of Corporate Comms, UK                [phone]
Graham Fairbank, Head of Corporate Comms, France           [phone]
                                                        
The Maitland Consultancy
Duncan Campbell-Smith,                                      [phone]
                                                        
Kingfisher plc                                              [phone]
Kingfisher website                                            www.kingfisher.com




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