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Probus Estates PLC (PBE)

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Tuesday 14 February, 2006

Probus Estates PLC

Sale of properties

Probus Estates PLC
14 February 2006

                               PROBUS ESTATES PLC

                      SALE OF DUTCH COMMERCIAL PROPERTIES

The Directors of Probus Estates PLC ('Probus' or the 'Company') announce that
the Company's subsidiary, Probus Holding B.V., has entered into a contract for
the sale of its five commercial properties in the Netherlands.

Following an auction process, agreement has been reached for the sale of the
Dutch properties to Fortress Participations B.V. for €25.7 million.

In the balance sheet in the interim results of the Company for the six months
ended 30 June 2005, the Dutch properties were valued at €25.5 million.  The
current annual rental income from the properties is approximately €2.4 million.

After payment of approximately €20 million to Munchener Hypothekenbank, the
first mortgage holder, the net proceeds will be paid to Uni-Invest B.V., which
holds a second mortgage as security for its loans to the group.  The sale is
expected to be completed shortly.

Following the sale of the Dutch properties, Probus' only significant assets will
be the remaining units at the Santa Ponsa retail development in Mallorca.
Discussions are ongoing with respect to the sale of these assets.

As announced previously, the future of the Company is uncertain.  The Directors
are aware of possible third party interest in an acquisition of Uni-Invest's
position of debt and equity in the Company.  The Directors have no control over
the outcome of these discussions.  If Uni-Invest's position was taken over by a
third party, it would be the expectation of the Directors that the Company would
be recapitalised and its financing structured on a more long terms basis.
However, if these discussions do not have a favourable outcome, the Company and
its subsidiaries may be placed in liquidation.




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

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