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Property Recyling Group plc (PROP)

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Monday 20 August, 2007

Property Recyling Group plc

Re: Option






20 August 2007

                    Property Recycling Group plc

The Company has been advised  by IKEA Properties Investments  Limited
that it does not intend to  exercise the option it holds to  purchase
the Stanton site due to lack of need.

Planning approval for the development of a 114,900 sq m  distribution
centre was granted in 2006 and this approval stays with the site.

The exercise price under the option  was set in 2001. In the  opinion
of the Directors the  freehold value of the  site exceeds the  option
price. The  future  of the  site  will  now be  reviewed  to  include
marketing existing and alternative planning potential.

Commenting Paul Rackham, chairman, said:

"The Stanton site is well located  and has the benefit of a  valuable
full planning approval. We are now able to re-assess the strategy  to
deliver the maximum value for shareholders."

For further information please contact:

Paul Rackham, Chairman
Property Recycling Group plc
www.propertyrecycling.co.uk
01953 717176

Noelle Greenaway
Insinger de Beaufort
Nominated Adviser
www.insinger.com
020 7190 7000

John Webb
Marshall Securities
Broker
020 7490 3788

Rachel Drysdale / Jeremy Carey
Tavistock Communications
0207 920 3150

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