Re Joint Venture

Galliford Try PLC
06 August 2002



6 August 2002



  Galliford Try forms Joint Venture to develop Fairfield Hospital, Letchworth

Galliford Try plc, the construction and housebuilding group, is pleased to
announce a stand-alone joint venture with property developer, Wiggins Group plc,
to carry out the residential development of the former Fairfield Hospital site
near Letchworth, Bedfordshire.

The new joint venture company, Fairfield Redevelopments Ltd, has purchased 44
acres of the 69 acre development site for £14.7 million of which £2 million is
deferred to January 2003.    The listed building itself, and 38 acres are
already under contract to be sold to a number of leading housebuilders,
including Stamford Homes, with completion taking place as the land is serviced.
Wiggins will retain £2 million of deposits already paid on these sales. The
balance of six acres will be sold when the infrastructure has been completed.

Twenty-five acres has already been sold to a consortium of housebuilders,
including Stamford Homes, a Galliford Try housebuilding division. Fairfield
Redevelopments Ltd will install the necessary infrastructure, with Stamford
Homes acting as project manager for the entire site.

Construction is anticipated to commence in January 2003, with the first housing
completions at the end of 2003.  The whole development is expected to take four
years.

Fairfield Redevelopments Ltd is being financed by £4.5 million of equity and
loan stock provided equally by the joint venture partners and the balance, with
a non-recourse bank facility, from the Royal bank of Scotland - Real Estate
Finance Group.  Total revenues of the joint venture are expected to exceed £45
million.

The development, which is within easy commuting distance of London, has planning
consent for 853 homes, including 101 in Fairfield Hospital, a grade II listed
19th century building.  Stamford Homes themselves will develop 106 homes.

Commenting David Calverley, Chief Executive of Galliford Try said:

'Fairfield Park represents one of the few opportunities for major residential
development in the South-East.  This project illustrates our strong presence in
this market and our skills and expertise in specialist redevelopment.'



For information:

David Calverley, Chief Executive                                  01895 855219

Ann-marie Wilkinson, Beattie Financial             0207 398 3301/07730 415019


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