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Benchmark Group PLC (BMK)

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Tuesday 22 April, 2003

Benchmark Group PLC

Sales and lettings

Benchmark Group PLC
22 April 2003

Strictly embargoed for release 07:00 Tuesday 22 April 2003


              BENCHMARK CONCLUDES OFFICE LETTINGS OF 36,254 SQ FT
                         AND TWO CITY INVESTMENT SALES

Benchmark Group PLC ('Benchmark'), the specialist Central London property
investment and development company, has recently concluded three office lettings
and two property investment sales.

Lettings

At 90 Long Acre, London WC2, owned in a 50/50 Joint Venture between Benchmark
and JER Partners ('BJER'), it has let 646 sq m (6,953 sq ft) of recently
refurbished offices on the fourth floor to The PPP Foundation.  The lease
comprises the balance of the refurbished fourth floor at a rent of £45.00 psf on
a term of ten years with a tenant's option to break the lease at the end of the
fifth year.

At 125 Shaftesbury Avenue, London WC2, also owned by BJER, a letting has been
achieved of 1,940 sq m (20,880 sq ft) of recently refurbished offices on the
second floor to Lloyds TSB Bank PLC.  The lease is at a rent of £32.50 psf for a
term of ten years with a tenant's option to break the lease at the end of the
fifth year.

At 4 Wood Street, London EC2, a property owned 100% by Benchmark, a letting has
been achieved of 783 sq m (8,421 sq ft) of recently refurbished offices on the
lower ground, first and second floors to Bates Wells & Braithwaite, Solicitors.
The lease is at a rent of £30.00 psf for a term of five years with a tenant's
option to break the lease at the end of the fourth year.  Following its
refurbishment, there is no further office space available at the property.

Investment Sales

BJER has sold its interest in 12 Norwich Street, London EC4 to Scottish Widows
Unit Fund Ltd for a price of £12,750,000.  The property is a freehold office
building of 3,817 sq m (41,082 sq ft) let as a whole to the Associated Press
Property Limited for a term expiring 24 December 2007 at a passing rent of
£1,190,000 per annum.

BJER has also exchanged contracts to sell its freehold interest in 94-97 Fetter
Lane, London EC4 to a UK property company for a price of £1,450,000. The
property is a freehold office building of 591 sq m (6,366 sq ft) and is part
vacant and part let on leases expiring during 2004, generating a total current
income of £91,855 per annum.

These sales were achieved at the book value of the properties as at 31 December
2002.

Nigel Kempner, Chief Executive of Benchmark said: 'At the time of our interim
results, I indicated that there was still tenant interest in Central London
offices and business confidence was needed to turn interest into deals. These
most recent lettings reduce our vacancy rates and demonstrate that deals can be
done.  The City sales continue our policy of reducing exposure to the City
market'.

For further information:

Benchmark Group PLC                                    Tavistock Communications
Nigel Kempner, Chief Executive                         Jeremy Carey
Telephone: 020 7659 0500                               Telephone: 020 7600 2288
[email protected]                         [email protected]


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

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