Acquisition

Conygar Investment Company PLC(The)
02 May 2006

2 May 2006



                       THE CONYGAR INVESTMENT COMPANY PLC



                ACQUISITION OF LONDON OFFICES FOR £57.8 MILLION



The directors of the Conygar Investment Company PLC ('Conygar' or the 'Company')
are pleased to announce that Conygar Bedford Square Limited, ('CBS Limited) has
exchanged contracts to acquire a terrace of fourteen office properties in
Bedford Square, London WC1 from The Crown Estate for a total cash consideration
(including costs) of £57.8 million.



The Company will invest an estimated £4.95 million in CBS Limited to satisfy the
consideration due and the related costs of the acquisition.  The Royal Bank of
Scotland will provide a £52.75 million non-recourse structured finance facility
to CBS Limited.  The balance of the consideration due will be satisfied from a
third party investment in CBS Limited.  Conygar's investment in CBS Limited will
be satisfied out of existing cash resources.  Conygar will be entitled to 75 per
cent of any profit realised.



The properties comprise approximately 95,516 sq ft of freehold office
accommodation and are currently let to nine tenants including the Secretary of
State for the Environment and The London School of Hygiene and Tropical
Medicine.  Two of the buildings totalling 11,952 sq ft are currently vacant and
represent refurbishment opportunities. Current income is approximately £2.62
million per annum.



Completion is expected to occur within 10 working days.



Conygar will seek to add value through active asset management and to realise
this value within the next twenty four months.



Robert Ware, Chief Executive of Conygar, commented:



'We are excited by this investment which provides an excellent opportunity to
add and indeed realise significant value through our core property management
and structuring skills.'



For further information please contact:



The Conygar Investment Company PLC



Robert Ware                               020 7725 0360

Steven Vaughan



The directors of Conygar accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the directors of
Conygar (who have taken all reasonable care to ensure that such is the case) the
information contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.


                      This information is provided by RNS
            The company news service from the London Stock Exchange