Acquisition of Queen Elizabeth College

Northacre PLC
28 April 2000

                              NORTHACRE
                                  
               Acquisition of Queen Elizabeth College
                                  
Northacre PLC announce the signing of a Joint Venture with Westcity
Group and completion of the acquisition of the freehold of Queen
Elizabeth College on Campden Hill Road, W8.  This is an imposing
Grade II listed building, formerly part of Kings College London and
opposite one of Northacre's previous schemes at Observatory Gardens.

The  transaction will involve working closely with Kings College  and
their PFI partners, European Land, to secure planning permission with
the  aim  of creating a development of 200,000 sq ft in the style  of
Northacre's  highly  acclaimed  scheme  at  The  Bromptons,  SW3  and
Westcity's at the Pavillions, NW8.

Northacre,  together with Westcity, have invested £18m of  equity  to
secure  a  loan  for  the acquisition and the subsequent  residential
development  of  the  Campden  Hill  site.   This  transaction   will
significantly  compliment  Northacre's  Central  London   development
programme  at  The Bromptons and Earls Terrace in addition  to  their
development  management  and  profit  share  participation  at  KINGS
Chelsea.

Enquiries:

Northacre PLC
John Hunter, Chief Executive                 Tel:      [phone]

College Hill                                 Tel:       [phone]
Kate Pope
Matthew Smallwood