Acquisition

Northacre PLC
15 February 2005



                                NORTHACRE PLC
                         ('Northacre' or 'the company')

Northacre Plc announces the acquisition of 44 - 46 Park Street in Mayfair,
London in a new joint venture vehicle with a private investor partner, with
completion taking place late on Monday 14th February 2005. The Grade II listed
building is situated opposite Grosvenor House Hotel and currently has a planning
consent for redevelopment creating nine apartments. It is the joint venture's
intention to submit, with advice from the local agents, a revised planning
application over the next six months requiring less alteration to the listed
building.


The acquisition structure of 44 - 46 Park Street involved an initial payment of
£6.5 million with additional deferred consideration depending on the outcome of
the scheme. Northacre has a 45% share in the joint venture with a stepped
performance bonus fee on the successful completion of the scheme. Through its
operating subsidiaries, Northacre have been appointed as Development Managers
and Architects.


Together with its private investor partner, Northacre is actively pursuing
similar opportunities that will enable it produce and complete schemes within a
shorter time scale than previous developments thereby resulting in improved
performance related and operating income to the Group.


Enquiries:

Northacre Plc

John Hunter, Chief Executive               Tel: [phone]
Manish Santilale, Finance Director





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