Disposal of 'The Clock Tower', Surrey for £6.05m

Cardiff Property PLC 22 March 2000 THE CARDIFF PROPERTY PLC The group specialises in investing and developing commercial and residential property close to Heathrow Airport and to the west of London along the M25, M4, and M3 motorway network Disposal of 'The Clock Tower', Brookwood, Surrey for £6.05m. First Choice Estates Plc, a wholly owned subsidiary of The Cardiff Property Plc, has agreed the sale to Royal & Sun Alliance Linked Insurances Limited, of its freehold office building known as 'The Clock Tower', Brookwood, Surrey for £6.05m cash. The sale is due for completion in two stages namely £5.57m on 30 March 2000 and the balance following additional building works at the property. First Choice acquired the property and surrounding land in 1997 and in conjunction with South Molton Properties obtained planning permissions to construct a new 19,000 sq ft office building. The development was recently completed and let on a 20 year lease to Retail Decisions Plc at an annual rental of £390,000 rising to £427,000 per annum. A substantial part of the cash proceeds will be placed on deposit pending the acquisition of further investment and development property located in the Thames Valley and if the opportunity occurs to invest in other companies. Richard Wollenberg, Chairman, commented: 'This sale further enhances the net asset value which amounted to 461p per share as at 30 September 1999, the company's last year end. For further information Richard Wollenberg Chairman 01784 437444 Will Martin Albert E Sharp Securities 020 7489 4600 Brian Coleman-Smith Binns & Company Public Relations 020 7786 9600