Statement re Pre-Letting

Derwent Valley Holdings PLC
31 July 2000


                           DERWENT VALLEY HOLDINGS PLC
                           OLIVER'S YARD, EC2, PRE-LET
                           FOR £5.3 MILLION PER ANNUM

Derwent Valley Holdings plc, the specialist Central London property investor
has, through  its subsidiary Colebrook Estates Limited, pre-let its  entire
179,000 sq ft (16,635 sq m)of refurbished offices at Oliver's Yard, City Road,
EC2.

The nine-storey building (formerly known as Companies House) which includes 48
parking spaces, has been let to Globix Limited and Globix Corporation at a rent
of  £5,309,200 per annum on a 30-year lease with 5-year reviews and a tenant's
break after 20 years. The rent for the offices is £31.50 per sq ft with a
12-month rent free period phased over two years. Completion is scheduled for
April 2001.

Globix Corporation is a leading provider of comprehensive Internet solutions for
businesses both in the USA and Europe, with a current market capitalisation of
$900 million.

Derwent originally purchased the property in December 1994 for £7.4m when it was
occupied by Companies House. Planning consent was subsequently obtained for a
total refurbishment scheme costing £17 million which commenced in January of
this year. On completion of the works, Derwent will still own the adjacent site
at the rear in Leonard Street where consent is being sought for a 40,000 sq  ft
(3,717 sq m) office building.

Commenting on the transaction John Burns, Managing Director, said:

'This pre-letting endorses both the current strength of the Central London
office market and the on-going demand from communication companies in this
rapidly improving location. The scheme was flexibly designed for either single
or multi occupancy. This is the second pre-letting for Derwent within the last 3
weeks with Ford taking our Broadwick House development in Soho for £1.75 million
per annum.'



Contact:       John Burns                          020 7659 3000
               Derwent Valley Holdings plc