Acquisition

Northacre PLC
18 October 2005


Northacre Plc

Acquisition Announcement


Northacre Plc announces today that in partnership with Minerva Plc it has
exchanged contracts with Odeon Cinemas Limited for the acquisition of the Odeon,
High Street Kensington for £24m.

Subject to planning, Northacre and Minerva intend to develop a high quality
mixed-use scheme to include a new multi-screen cinema with apartments on the
upper floors with underground parking. Debt for the scheme is to be provided by
Deutsche Postbank.

The partnership with Minerva cements a long standing business relation between
it's Chief Executive, Salman Hasan, and John Hunter, Chief Executive of
Northacre.

Commenting on today's announcement, John Hunter said:

' The acquisition of the Odeon site is indeed a significant event, not least
because of the high profile nature of this site, but also due to the new
partnership with Minerva Plc. The combined diverse skills of our two companies
gives us the best prospect of generating added value. We look forward to
creating and enhancing the full potential of this exceptional opportunity with
our new partners.'



Enquiries:

Northacre Plc

John Hunter, Chief Executive Tel : [phone]



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