Max Property Group Plc

Acquisition of office portfolio

Max Property Group Plc ("Max") today announces it has exchanged contracts for
the acquisition of ten office investments from UBS Triton Property Fund (UBS
Triton) for £36.5m plus acquisition costs. The transaction is structured as an
unconditional purchase of nine freehold and one peppercorn leasehold investments
for a contract price of £35.6m with completion on 5 February, 2010 and the
purchase of one freehold property at Farnborough for £900,000 conditional on
confirmation of planning consent for unrestricted office use within a four
months long stop date. The vendor is placing £5.9m in an escrow account which
can by drawn by Max against irrecoverable outgoings in respect of vacant
accommodation up to the end of 2012.

The properties are typically late 1980s air conditioned business parks
predominantly located in the South East. Triton has been carrying out a rolling
refurbishment programme with over two thirds of the vacant space now
refurbished. The 760,000 sqft portfolio produces a rent roll of £5.0m pa and is
46% vacant by floor area, with a rental value on the vacant space of circa £3.5m
pa. The net initial yield on the transaction is 12.7%.

The individual assets are:
Concorde Business Park, Manchester (125,000 sqft in five buildings; peppercorn
leasehold 105 years unexpired)
Brooklands Business Campus, Horsham (116,000 sqft in two buildings with consent
for a further 100,000 sqft)
Centric MK, Milton Keynes (107,000 sqft)
Westpoint, Manchester (104,000 sqft)
Silbury Court, Milton Keynes (77,000 sqft)
3500-3700 Solent Business Park, Fareham (71,000 sqft in three
buildings)
Overbridge Square, Newbury (66,000 sqft in five buildings)
New Bond House, Bristol (47,000 sqft)
Aldrin Place, Farnborough (25,000 sqft)
Workplace, Milton Keynes (27,000sqft)

The total cash requirement for the acquisition is expected to be £38.9m, to be
met from the Group's cash resources.  Max reported a pro forma cash balance of
£113m in its interim results statement as at 30 September 2009.  Adjusting for
this acquisition and for the disposal of Southwood Business Park which was
announced on 30 December 2009 and which completed on 21 January, 2010, the
Group's pro forma cash balance is c. £84m and net debt in the Group amounts to
c.£36 million.
Franc Warwick acted for Max and Tudor Toone acted for UBS Triton.

25  January 2010


ENQUIRIES:

  Prestbury Investments LLP   Tel: 020 7647 7647

  Nick Leslau

  Mike Brown



  College Hill                Tel: 020 7457 2020

  Gareth David



  Morgan Stanley (NOMAD)      Tel: 020 7425 8000

  Jonathan Lane

  Mark Brooker






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