Acquisition

Conygar Investment Company PLC(The)
16 December 2004

16 December 2004



                 THE CONYGAR INVESTMENT COMPANY PLC ('CONYGAR')



    CONYGAR JOINT VENTURE ACQUIRES OFFICES AND WAREHOUSES FOR £22.5 MILLION



The directors of Conygar are pleased to announce that Conygar has exchanged
contracts to acquire 175,000 square feet of office and warehouse properties
located near Sheffield for £22.5 million through CM Sheffield Limited, a 50:50
joint venture with a local property developer.  Financing to the joint venture
is provided by The Royal Bank of Scotland through a £19 million non-recourse
senior debt facility.  Conygar's share of the equity of the joint venture will
be satisfied out of existing cash resources.



The properties which are located on Sheffield Business Park off Junction 33 on
the M1 consist of six completed office and warehouse buildings, a terrace of
nine multi-let units and a forward commitment to acquire a pre-let building
currently under construction.  All buildings are fully let with an annual rent
roll of approximately £1.7 million which equates to an initial yield of 7.48%.



Completion in respect of five offices and the terrace of multi-let units will
occur within 28 days for a total of £11.9 million. The sixth office and
warehouse building amounting to £6.8 million will complete upon satisfaction of
certain conditions and the pre-let building amounting to £3.8 million will
complete once both construction and the occupational lease are completed. Both
deferred completions are anticipated to occur in March 2005.



The joint venture will seek to add value through a number of rent review and
re-letting opportunities and to realise this value over the next three years.
It is anticipated that C M Sheffield Limited will seek further opportunities for
investment.



Robert Ware, Executive Chairman of Conygar, commented:



'We are delighted to announce our first significant investment which involves
the creation of this joint venture with an experienced local partner.  It offers
an excellent opportunity to add significant value by applying our property
management skills and to realise this value in a relatively short space of time.'



For further information please contact:



The Conygar Investment Company PLC



Robert Ware                - 020 7629 6900

Steven Vaughan             - 020 7629 6900



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.






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