Purchase of Oldham Place

Off-Plan Fund Limited (The)
11 May 2006


For Immediate Release                                                11 May 2006


                            The Off-plan Fund Limited
                                        
                                        
              Purchase of 51 apartments in Oldham Place, Liverpool


The Board of The Off-plan Fund Limited (the 'Fund'), which specialises in
providing forward finance to UK housebuilders, is pleased to announce the
purchase of 51 city centre apartments in Liverpool.


   •The Fund has agreed to purchase 51 new-build one and two bedroom
    apartments.

   •The site is situated approximately 5 minutes walk from Lime Street
    Station and 10 minutes from The Albert Dock and Royal Liver Building.

   •The total purchase price of the apartments is £6.6m (£192 per square
    foot) a 20% discount to the Red Book valuation of £8.25m (£238 per square
    foot).

   •The Fund is paying a 5% deposit, which will be held in escrow pending
    completion.

   •With city centre prices under pressure the Fund's unique financing model
    has enabled it to secure a very competitive purchase price in a mutually
    beneficial partnership with the developer.

   •The development is expected to commence in May 2006 with completion due
    in June 2007.

   •A highly regarded local agent has been jointly appointed with the
    developer and has begun pre-marketing the development, with sales expected
    to commence in the next 2 to 3 months.


Commenting on the transaction, the Chairman of the Fund, Graham Berry said,
'This is a very good deal for the Fund, situated in an attractive location, with
comparable properties in the vicinity achieving retail prices in the range of
£240 to £245 per square foot. It epitomises the beneficial partnership which the
Fund seeks to achieve with both developers and their banks.'


List of Contacts

Development Capital Management                                     020 7399 4270
Roger Hornett
Rupert Phillips


Numis Securities                                                   020 7776 1500
Emma Primarolo
Charles Farquhar


Buchanan Communications                                            020 7466 5000
Charles Ryland
Isabel Podda


Notes to Editors:


   •The Fund is managed by Development Capital Management (Jersey) Limited


   •Successfully floated on AIM on 12 December 2005 the Fund raised a further
    £6.8m increasing the total assets to £8.6m.


   •The Fund provides a form of mezzanine finance through the acquisition of
    UK residential property, sold forward by developers as a means of securing
    better debt finance. The Fund then looks to sell the properties prior to
    completion. By utilising only the deposit and purchasing at a discount, the
    investment becomes highly geared, as do the potential returns.


   •The recent trend of upward market movement continued, with house prices
    rising for the sixth consecutive month. Demand for new build property has
    remained strong especially in the Southern regions.


   •Working with a number of developers, the Manager has been reviewing sites
    at the earliest stages of development. This approach allows the Fund to act
    as a strategic partner, building a relationship with the developer
    throughout the construction and marketing process and also enabling the Fund
    to make investments on terms that may otherwise not have been achieved. The
    Manager is currently in negotiations with a number of developers regarding
    future investments and the Board hopes to make further announcements
    shortly.






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