Acquisition

First Property Group PLC
21 February 2006


21 FEBRUARY 2006

                            First Property Group plc
                                        
        Acquisition of business and assets of Direction International plc

First Property Group plc ('Fprop' or 'the Company') announces that it has 
acquired 60% of a new company, First Property Services Ltd, which in turn has 
acquired the property facilities maintenance business ('the Business') of 
Direction International plc, for a cash consideration of £60,000. The remaining 
40% will be owned by the management of the Business. It is expected that the 
acquisition will be earnings enhancing for the year commencing 1st April 2006.

The Business being acquired is engaged in the provision of facilities 
maintenance and building services to clients in the commercial and industrial 
property sector. The acquisition brings with it contracts with a value of circa 
£500,000 per annum. Clients include a large number of well-known blue-chip 
companies. The Business also provides services to buildings managed by Fprop 
and it is expected that more contracts will be introduced by the Company.

In the year ended 31 March 2005 the Business achieved a turnover of £2.3 million
and a gross profit of £650,000 before overheads and broke even after the 
deduction of these costs. The structure of the Business has been rationalised as 
part of the acquisition process and it is expected that it will begin to trade 
profitably within a few months. The book value of the assets being acquired is 
approximately £60,000.

Ben Habib, Fprop's chief executive, commented: 'We have worked with the 
management team of Direction International for some time now and believe that 
this is a good opportunity to create a potentially valuable earnings stream for 
Fprop. The business fits well with the asset management side of Fprop and 
complements our expertise, opening up the potential of acquiring more management
intensive properties, both in the UK and Poland. In addition, we provide a 
strong and stable home for the business, which will allow it to continue to 
provide its clients with an excellent service.'

This statement should not be taken to mean that earnings per share in periods 
following the acquisition will necessarily be greater than those for the 
relevant preceding financial period.


Further information:
Ben Habib, Chief Executive          Richard Sunderland/Rachel Drysdale
First Property Group plc            Tavistock Communications Limited
Tel: [phone]                  Tel: [phone]


                                     -Ends-


Notes to Editors:

First Property Group is an integrated, internet based, property services and
asset management group.   Its various divisions are:

First Property Asset Management ('FPAM') - First Property Group's property fund
management subsidiary, commenced trading in October 2002.  FPAM now has five
funds, and in September 2005, Fprop won a mandate to invest up to £50 million on
behalf of the Universities Supperannuation Scheme, substantially increasing the
companys funds under management.

Commercial Property Database ('CPD') - In 2001, Fprop acquired CPD, which
provides access to its interactive database of UK properties exclusively to
commercial property agents  via their own web sites, giving multiple searching
of size, location and property type thus also providing agents with an income
generating facility.  CPD provides database and web services to about 100
commercial property agents in the UK.

Online Sales of Properties - Fprop operates a web based business-to-business
property transaction platform established to facilitate the buying and selling
of UK commercial property.  By combining an email marketing campaign, to its
database of some 35,000 property practitioners, with links to detailed property
details, it sells property entirely online without the assistance of any
traditional services.

Property Transaction Underwriting - the Company also operates a property
transaction underwriting service.  This service allows Fprop to target vendors
who have property for sale and offer to act as a buyer of last resort.  If the
property is sold on the market, any upside above the guaranteed price is
typically shared 50/50 between the vendor and the Company.  The Company only
targets property which it believes it could add value to within a twelve to
twenty four month period, with a view to a resale thereafter at a profit.




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