Disposal by joint venture

Conygar Investment Company PLC(The)
20 July 2005

20 JULY 2005


                 THE CONYGAR INVESTMENT COMPANY PLC ('CONYGAR')

        CONYGAR JOINT VENTURE ANNOUNCES SALE OF ITS SHEFFIELD PORTFOLIO

The Board of Conygar is pleased to announce that its 50:50 joint venture, CM
Sheffield Limited, has exchanged contracts for the sale of its Sheffield
portfolio to Clerical Medical Managed Funds for £17.7 million.  The portfolio
which consists of six office and warehouse buildings together with a terrace of
nine multi-let units is being sold on a net initial yield of 6.4 per cent.

The transaction will complete within 20 working days.  Additional consideration
in respect of two of these properties may be receivable subject to achieving
certain rent review targets.  The price represents a profit over cost to Conygar
of £0.7 million.

The CM Sheffield Limited joint venture will continue to seek actively further
investment opportunities.

Robert Ware, Executive Chairman of Conygar, commented:

'This represents an excellent price for the portfolio and a significant return
for our shareholders in a short space of time.  The joint venture has a pipeline
of other opportunities and we look forward to working with our partner in the
future.'

For further information please contact:

The Conygar Investment Company PLC

Robert Ware                - 020 7725 0360

Steven Vaughan            -  020 7725 0360



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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