23 October 2009

Development Securities PLC acquires prime retail property in Cardiff

Development Securities PLC, the leading property development and investment company, today announces it has acquired prime retail property 89-107 Queen Street, Cardiff, for £11.625 million reflecting an income yield of circa 8 per cent. 

The property comprises a shopping parade of eight units, which have been let to a number of retailers including Abbey National and Carphone Warehouse. It offers good income stream potential. 

The acquisition is the latest in a series of similar sized transactions that total circa £40 million to date since the Group raised fresh equity of £100 million in July this year. It is part of the Directors' continuing strategy to strengthen the Group's investment property portfolio in the current market, including some opportunities to acquire assets which may in the longer term represent modest redevelopment potential.

For further information, please contact:

Michael Marx/Matthew Weiner
Development Securities PLC                     Tel: 020 7828 4777

Mallika Basu/Lucy Grimble
The Communication Group plc                 Tel: 020 7630 1411