RNS No 9262d
CRESTON LAND AND ESTATES PLC
22nd May 1998


DISPOSAL OF SUBSIDIARY COMPANY

Creston announces that it has today disposed of the entire issued share
capital of its subsidiary , Kelvin Way Limited ("Kelvin") (formerly Creston
Crawley Limited) for #30,000 in cash. These proceeds net of the costs of the
disposal will be used to reduce borrowings.

Kelvin is a property investment company. Its last accounts for the period
ended 30 June 1997 show a deficit on net assets amounting to #18,199 and a
loss on ordinary activities before taxation of #27,165. At that date, Kelvin
had property stated at #3,965,000 and borrowings of #3,731,835.

As a consequence of the disposal, Creston's gearing will be reduced.

END

DISPBUAGABGRGQP
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