Joint Venture Agreement

London & Stamford Property Ltd
23 April 2008


                       LONDON & STAMFORD PROPERTY LIMITED

                               Registered Office:
         2ND FLOOR, REGENCY COURT, GLATEGNY ESPLANADE, ST. PETER PORT,
                      GUERNSEY, GY1 3NQ, CHANNEL ISLANDS.
                          ___________________________

                          TELEPHONE:  + 44 1481 720321
                          FACSIMILE:  + 44 1481 716117
                            e-mail:  [e-mail]



For immediate release                                             23 April 2008


         London & Stamford Property Ltd announces a new Joint Venture.

                             Joint Venture Agreement


London & Stamford Property Ltd ('LSP') announces that it has signed a new joint
venture agreement ('Joint Venture') with Cavendish Ltd, a wholly owned
subsidiary of a major Gulf Institution.  Under the new joint venture agreement,
Cavendish will provide co-investment funds, at this stage up to £200m of
equity.  LSP retains the right to act wholly and solely on its own account on
individual deals requiring up to £30m. of equity and for opportunities of a
larger nature, to share with Cavendish up to 80:20 in favour of Cavendish, so a
single deal requiring of £150m. of equity could be considered under which LSP
invests £30m. The Board of LSP believes that this joint venture, which was
introduced to LSP by Nightingale Partners, gives LSP far greater investment
reach.

The agreement is due to last for 7 years coterminous with the existence of LSP.

The Joint Venture has also entered into an advisory agreement with LSP's
advisors, LSI Management LLP ('LSI'), with the consent of LSP. This agreement
essentially mirrors the terms of the agreement between LSI and LSP.


For further information contact:

London & Stamford Property Limited
Tel: [phone]

KBC Peel Hunt
Tel: [phone]
Capel Irwin / Deon Veldtman

Gavin Anderson & Company
Tel: [phone]
Richard Constant / James Benjamin / Anthony Hughes







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