CRE Conduit Holdings Limited

RNS No 2786d
CRESTON LAND & ESTATES PLC (TO BE RENAMED CRESTON PLC)
18th December 1998

Creston announces that it has exchanged contracts to dispose of the freehold
interest in 366-368 Shirley Road, Southampton ("the property") to Consolidated
Property Investments Limited for #3,100,000 payable in cash. The book value of
the property is #1,800,000.

The property was a former retail warehouse occupied by MFI on acquisition by
Creston in May 1997. Following the lease surrender negotiated with MFI the
property was re-let to produce annual rental income of #260,000 under a 25
year lease to Fitness First plc and a 20 year lease to the Post Office.

During the last financial year ended 30 June 1998, the property incurred a
gross loss of #45,000 as no rental income was received from the property and
costs of #45,000 were incurred.

Completion of the disposal is due on 25 March 1999 and the proceeds will be
applied to reduce borrowings.

END

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