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Benchmark Group PLC (BMK)


Monday 29 January, 2001

Benchmark Group PLC


Benchmark Group PLC
29 January 2001


Benchmark  Group  PLC ('Benchmark') has sold  its  controlling
interest  in Nexus Estates PLC ('Nexus') to a management  buy-
out sponsored by Henderson Private Capital, the private equity
arm  of  Henderson Global Investors ('Henderson').   Benchmark
will retain a 12% shareholding in the purchasing company.  The
disposal  achieves  for  Benchmark a pre-tax  profit  of  £6.5
million  on its investment in Nexus, which had net  assets  of
£50,000 as at 31 December 2000.

Nexus  was established in 1999 by Benchmark, Vincent Wang  and
Richard  Pinnick to create a network of high quality  business
centres.   It  combines  skills in  technology,  property  and
services  to offer its customers flexible property  solutions.
Nexus currently operates two business centres in the City  and
a  newly  opened  flexi-lease serviced centre in  Mayfair  and
intends  to expand its operations to other centres in  the  UK
and across Continental Europe.

Benchmark  has  retained the freehold of 1  Cornhill  and  has
granted  to  Nexus new leases on market terms of  1  Cornhill,
London,  EC2  (41,258 sq ft; 3,834 sq m); 148  Leadenhall  St,
London,  EC3 (13,455 sq ft; 1,250 sq m); and 8 Grafton Street,
London,  W1  (31,182 sq ft; 2,898 sq m).   These  leases  will
produce an initial rental income of £3.8 million per annum.

Nigel  Kempner, Chief Executive of Benchmark, said: 'Nexus  is
an excellent business which is now ready to expand both in the
UK  and  internationally.  Benchmark's area of  operations  is
concentrated in Central London and therefore, as Nexus intends
to  expand geographically and requires more capital to do  so,
it  is  appropriate  for us to realise  the  majority  of  our
investment at a substantial profit.  I believe that  Henderson
is  an  ideal  partner to support Nexus's future  growth  from
which  we  will derive continued benefit through our  minority

'We  are  delighted to have backed at the start the  Wang  and
Pinnick team, who have proved that they can provide a serviced
business centre solution, which is different from that offered
by  Nexus's competitors.  This is endorsed by the two existing
centres  running at full occupancy and the new Mayfair  centre
already attracting substantial interest.'

Vincent  Wang, Chief Executive of Nexus, commented: 'The  deal
signifies  the  next  stage  in our development.   Henderson's
backing  is a major vote of confidence in our innovative  high
quality   business  centres  concept.   Our  offer,  combining
technology,  property  and services, adds  value  to  property
ownership,  enabling landlords to realise better returns  from
their portfolios and provides corporates with quality ready-to-
use office space on flexible terms.

'We  very  much appreciate the support we have been  given  by
Benchmark  and  that its involvement will continue  as  it  is
retaining  a stake in the business.  I am also delighted  that
Nigel Kempner will be staying on as a non-executive Director'

Riccardo  Segat, Partner of Henderson Private  Capital,  said:
'We  are investing in a business formula that has demonstrated
strong differentiation compared to the rest of the market.  We
believe  that customers will progressively look for more  than
'just  an  office space' and will require more  tailoring  and
services.  Nexus' management is ideal to capitalise  on  these
developments  across Europe. Furthermore, there are  potential
areas  of  synergy between Nexus and Henderson which  we  will
look to explore.'

For further information please contact:
Benchmark Group           Nexus Estates         Henderson Private Capital
Nigel Kempner             Vincent Wang          Riccardo Segat
Chief Executive           Chief Executive       Partner
Benchmark Group PLC       Nexus Estates PLC     Henderson Private Capital
T 020 7287 6881           T 020 7648 8402       T 020 7858 2961
                          M 077 6881 0041       M 077 1441 5477

Jeremy Carey              Hamish McFall
Tavistock Communications  Tavistock Communications
T 020 7600 2288           T 020 7600 2288
M 0836 734 625            M 0374 950 895


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