Conclusion of Joint Venture

Terrace Hill Group PLC
20 May 2004



For immediate release          20 May 2004



Terrace Hill Group plc ('the Group')



Acquisition of 100% of Grosvenor Land Holdings plc



Conclusion of Joint Venture



The Group announced on 24 November 2003 that it was entering into a Joint
Venture with Simon and Douglas Blausten for the vehicle Hodgson & Faraday
Property Management Services Limited ('the Joint Venture') to acquire the
outstanding share capital of Oakburn Properties PLC ('Oakburn') such offer to be
funded by way of a loan from the Group. On 24 November 2003 the Joint Venture
announced an offer for Oakburn and on 14 January 2004 the Group announced an
offer for Grosvenor Land Holdings plc ('Grosvenor'). Both offers have been
declared wholly unconditional.



The Group announces that it has been mutually agreed between the parties to the
Joint Venture to rationalise the ownership of Oakburn and Grosvenor, with Simon
and Douglas Blausten owing 100% of the former, and the Group owning 100% of the
latter.



Accordingly, it has been agreed that -



1.      The Group will now acquire from Oakburn its holding of 10,141,472
ordinary shares in the capital of Grosvenor (29.34%) at a price per share of
18p, which was the price offered to other shareholders of Grosvenor in the offer
referred to above; and



2.      The Joint Venture, in so far as it has not already done so, will now
repay to the Group the loan which was made by the Group for the purpose above,
with the Group withdrawing from the Joint Venture.



Further to the announcement made on 4 May 2004, the Group has now issued notices
which will enable it to compulsorily acquire such shares of Grosvenor that are
not already held by the Group or Oakburn.



The Group, while now maintaining 100% ownership of Grosvenor, will continue to
work closely with the other parties to the Joint Venture, Simon and Douglas
Blausten and in particular, the Group will continue to retain their services in
respect of certain aspects of management of Grosvenor.



Further, the Directors of the Group have invited Douglas Blausten to join the
Board of the Group on completion of the formalities relating to the above
transactions.  A further announcement will be made upon his appointment in
accordance with Schedule 2(f) of the AIM Rules.



For further information please contact:


Ross Macdonald, Joint Managing Director               Tel: [phone]
Alasdair Robinson, Noble & Company Limited            Tel: [phone]





                      This information is provided by RNS
            The company news service from the London Stock Exchange