CRE Conduit Holdings Limited

RNS No 1214j
CRESTON PLC
15th March 1999


Creston plc announces that a subsidiary company has today exchanged contracts
for and completed the acquisition of the the freehold in The Albion Complex,
South Street, Glasgow for #1,812,500. The consideration was satisfied by
#1,012,500 paid in cash and the balance of #800,000 was satisfied by the issue
of an Unsecured Redeemable Convertible 6.5% Loan Note 2004 ("the Note"). The
property comprises industrial units totalling 119,381 square feet and is let
to a variety of tenants to produce an income totalling #237,346 per annum.
There is one vacant unit with an estimated rental value of #30,000.

The Note carries interest at 6.5% per annum gross and is repayable in cash in
full on the fifth anniversary of issue if not converted earlier. It may be
converted into ordinary shares of the company at any time at a price of #1.45
per ordinary share during the first three years of issue and during the
remaining two years at the average of the closing mid market price of an
ordinary share for the five business days preceding the date the notice is
received by the company. Should conversion require a number of ordinary shares
to be issued so as to require the production of listing particulars, the
number of ordinary shares issued will be reduced to avoid such requirement and
the balance will be paid in cash. The Note will not be listed.

END

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