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Probus Estates PLC (PBE)

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Thursday 19 January, 2006

Probus Estates PLC

Sale of land

Probus Estates PLC
19 January 2006

                               PROBUS ESTATES PLC

                        SALE OF LAND AT GAVA, BARCELONA

The Directors of Probus Estates PLC ('Probus' or the 'Company') announce that
the Company's subsidiary, Rilantecson, S.L., has entered into a contract for the
sale of its development land at Gava, Barcelona.

An agreement has been reached with Real State Vilaseca, 2002, S.L. ('Real State
') for the sale of the land for a consideration of €16,500,000 in cash (the '
Agreement'), which is equal to its carrying value in the group accounts.  Under
the terms of the Agreement, Real State has paid a deposit of €300,000 with the
balance payable on completion.

The Agreement provides for completion of the sale within three months and an
extension of three months subject to a further deposit of €300,000.  In the
event that the land is sold within one year at a price in excess of €16,500,000,
Rilantecson would be entitled to a payment equivalent to 25 per cent. of the
difference.

If the sale does not complete, Rilantecson is entitled to retain half of the
deposit paid at that point.

The proceeds of sale will be applied to reduce the amount owing to Uni-Invest,
the Group's major creditor.  Otherwise, the financial position of the Company
remains unchanged from the chairman's statement in the interim results for the
six months ended 30 June 2005, which were announced on 22 December 2005.


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

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