Sale of interest in Sofia projects

    Lewis Charles Sofia Property Fund
                                        
                ("Lewis Charles" or "the Fund" or "the Company")
                                        
                       Sale of interest in Sofia projects
                                        
Highlights -

Sale of 61 apartments, 10 offices, 6 shops and 31 underground car parking spaces
in the suburbs of Sofia
Gross revenue on sale of EUR 10,486,660
Gross proceeds to the Company of EUR 1,891,966
IRR of 24.3% on properties sold
Further sales expected

Lewis  Charles  Sofia Property Fund Ltd (AIM: LCSS) announces the  sale  of  the
economic  interest in 10.3% of the total build area of the Company's project  in
the  Sofia  suburbs of Vitosha Vets Simeonovo and Krustova Vada (the "Project").
The Project has been developed by BuySell Real Estate Agent OOD ("BuySell").

The  area sold is equal to 11,272 square metres out of the Project's total build
area  of  109,744 square metres. The sold properties comprise 61 apartments,  10
offices, 6 shops and 31 underground parking spaces (the "Sale Properties").

The  carrying value of the Sale Properties on the Balance Sheet is EUR 1,038,961
(at cost) in accordance with IAS2 "Inventories" which states that inventory must
be carried at the lesser of cost and market value.

The  Sale  Properties are part of the original options that  were  exercised  in
November  2005 after Admission of the Company's shares to trading  on  AIM.  The
sale price achieved represents an average of EUR 930 per square metre (excluding
VAT)  for  the  total  build area sold. In accordance  with  the  Company's  AIM
admission  document, the Company is required to pay BuySell the balance  of  the
total  cost  of  development  outstanding upon  completion.  The  Directors  are
therefore pleased to be able to reduce this liability ahead of completion  which
is scheduled to take place in December 2008.

The  gross revenue from the Sale Properties will be EUR 10,486,660 of which  the
Fund  will receive gross proceeds of EUR 1,891,966 (after development costs  and
in  accordance with the agreed developer profit share disclosed in the Company's
AIM  admission document) in consideration for the Sale Properties of  which  EUR
1,038,961 (representing the proportional initial deposit on the Sale Properties)
will  be  repaid  to the Fund immediately. The balance of EUR  853,005  will  be
offset  against  the Fund's outstanding liability to acquire the  total  Project
from BuySell upon completion.

Assuming  completion  of  this  property on  schedule  in  December  2008,  this
represents an IRR (before tax) for the Fund of 24.3%.

The  Sale  Properties are being purchased by a Greek Insurance Company based  in
Athens.

There  remains strong interest in the Project's remaining properties from  other
potential institutional buyers and the Directors expect to see further sales  in
the near future.

The  Chairman  of  the Company, Mr Charles Burton, said: "This sale,  being  the
first disposal made by the Fund, represents an important milestone in the Fund's
evolution.   We look forward to announcing the realisation of further  value  in
the future"

Enquiries:

Lewis Charles Securities
Stav Loizou, CEO /
Loraine Pinel, Fund Manager /
Mark Anderson, Fund Manager
Tel: [phone]

Panmure Gordon, Nominated Adviser and Broker
Dominic Morley/ Stuart Gledhill
Tel: [phone]

Conduit PR Ltd
Ed Portman/ Leesa Peters
Tel: [phone]