Acquisition of £23.3m property portfolio

28 October 2010

Development Securities PLC acquires £23.3m property portfolio

Leading property investor and developer, Development Securities PLC, today announces that it has acquired a portfolio of 14 properties for £23.3 million from PricewaterhouseCoopers who are acting as administrators on behalf of Lloyds Banking Group.

The portfolio includes a diverse range of assets including both commercial and residential investment and development opportunities of which half are currently income producing. The blended net initial yield on the portfolio is 5.86%.

This acquisition is funded by equity from Development Securities' existing cash resources following their recent successful capital issues together with 3 year term bank debt provided by Lloyds Banking Group. For further information please contact:Matthew Weiner/Michael MarxDevelopment Securities PLC Tel: 0207 828 4777Richard Evans/Lucy GrimbleThe Communication Group Tel: 0207 630 1411