Lancaster Gate Announcement

Minerva PLC
24 July 2006


24 July 2006


Acquisition of 75 - 89 Lancaster Gate, London, W2


Minerva plc, the FTSE 250 property company, announces today that in joint
venture with Northacre plc, it has completed the acquisition of the share
capital of Cambulo Lancaster Gate Development Limited ("Cambulo") for a cash
consideration of £67.24 million. Cambulo owns the freehold of 75-89 Lancaster
Gate, London W2, formerly Thistle Hotel and now a vacant site.


Commenting on today's announcement, Salmaan Hasan, Chief Executive of Minerva
plc said:


"This Lancaster Gate landmark property presents the Group with an attractive
residential development opportunity and represents our second joint venture with
Northacre."



Enquiries:


Brunswick Group LLP
James Bradley/Michaela Hopkins/Tom Williams 020 7404 5959


Notes to Editors:

About the acquisition

Minerva announced on 1 February 2006 that it, and its joint venture partner,
Northacre plc, had exchanged conditional contracts for the acquisition of
Cambulo Lancaster Gate Development Limited ("Cambulo") for a consideration of up
to £67.6 million. Cambulo was at that time conditionally contracted to acquire
75-89 Lancaster Gate, London W2.

About Minerva plc

Minerva is a FTSE 250 property investment and development company whose
principal strategy is to create shareholder wealth through investment in
property. The Group, amongst several assets, owns three strategic London
development schemes, each of which has been approved. Two of these developments
are located in London's financial centre, The City of London - The Minerva
Building and The Walbrook. The third development, Park Place will be one of the
United Kingdom's largest shopping centres, located in Croydon, Greater London.


About Northacre plc

Northacre is a residential property development company with a focus on
generating profits by procuring and developing high value central London
property. The Group comprises a strong skills base of Development Managers,
Architects and Interior Designers for generating added value throughout the
development process. The Company has specialised in the prime value sector since
1990 and has established itself as a premium brand for a high quality product.




                      This information is provided by RNS
            The company news service from the London Stock Exchange