CRE Conduit Holdings Limited

RNS No 7985m
CRESTON LAND & ESTATES PLC
10th February 1998


                  CRESTON MAKES SECOND CORPORATE ACQUISITION

Creston Land & Estates plc ("Creston") has today acquired the entire issued
share capital of Creska Limited ("Creska"), a private property investment and
trading company for #1 in cash. Creska's assets have been under management by
Creston for a period of 2 3/4 years. This acquisition follows the acquisition
of Meridian Land Limited in July 1996.

Creska has a portfolio of 6 properties with a rent roll of #625,000. The
portfolio consists of 65,000 square feet of offices, 10,000 square feet of
offices/retail, a development of 3 acres and a retail unit let to Whitbreads
for 25 years.

The accounts of Creska for the nine months ended 30 June 1997 show a deficit on 
net assets of #328,017, a profit for the financial period of #7,384 and
investment and stock property with a combined carrying value of #5,516,512.

The directors of Creston consider the current fair value of Creska's portfolio
to be in excess of the carrying value with potential for further enhancement and
the fair value of its net assets to be positive.


END

ACQARRBKWUKUAAR

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