Joint Venture Investment

RNS Number:4031M
Haslemere N.V.
17 June 2003

17  June 2003


HASLEMERE AND GE REAL ESTATE CREATE #230M PROPERTY INVESTMENT JOINT VENTURE


Haslemere NV and GE Real Estate ("GE") announced today the formation of a #230m
joint venture partnership ("the Partnership") to own five of Haslemere's major
shopping centres in the UK.

GE's and Haslemere's holdings in the Partnership are 80% and 20% respectively.
Haslemere will continue to manage the shopping centres for the Partnership in
return for a management fee.

The Partnership's objective is to concentrate on maximizing value through total
returns on assets employed. As part of the #230m investment, #184m senior debt
financing has been secured from the Royal Bank of Scotland plc.

Haslemere announced at the time of its 2002 year end results, released on 28
February 2003, that the company was moving into the second phase of its business
plan and was looking to create joint venture investment partnerships under the
title "Haslemere Partners". The deal announced today with GE Real Estate is the
first such move in this strategy.

The properties involved are the Mercat Centre, Kirkcaldy; Middleton Grange,
Hartlepool; Crossgates, Leeds; Four Seasons, Mansfield and the St Nicholas,
Sutton.

Chris Bartram, Chief Executive of Haslemere NV, said:

"We are very pleased to have moved quickly into establishing such a substantial
joint venture agreement with GE Real Estate. The arrangements bring an
experienced and significant partner to work with us in generating value over the
next few years, and we believe that the properties will deliver good returns for
both partners over the term of the investment. We are delighted with the
response that GE Real Estate has shown towards this business strategy."

Alec Burger, Managing Director, GE Real Estate UK,  added:

"This innovative deal has enabled us to acquire a large stake in a strong
portfolio of well managed assets. We are very pleased that Haslemere has
selected us as its majority equity partner, providing a strong financial base,
whilst they retain partial ownership and an ongoing management role. We are
delighted to be working with them to drive the growth of the Partnership. This
deal again reflects both our ongoing commitment to the UK property market and
our desire to work with strong joint venture partners."







ENQUIRIES:


Haslemere N.V.                                                                         [phone]
Chris Bartram, Chief Executive
David Lee, Finance Director

www.haslemerenv.com

For Haslemere:
Gavin Anderson & Company                                                               [phone]
Charlotte Stone

GE Real Estate                                                                         [phone]
Alec Burger, GE Real Estate (UK)

For GE Real Estate:
Financial Dynamics                                                                     [phone]
Stephanie Highett/Dido Laurimore



Notes to editors:



GE Real Estate:



GE Real Estate, www.gerealestate.com, a business unit of GE Commercial Finance,
headquartered in Stamford, Connecticut, is one of the industry's leading global
resources for commercial real estate capital, with a portfolio of US$30 billion
(Euros 30.7 billion), through its structured finance, equity and capital markets
products. Backed by over 30 years of global experience, its Pan European
presence is supported by seven regional offices, located in the UK, France,
Germany, Spain, Italy, Central Europe and Sweden. GE Real Estate in Europe has
current investments of over US $5.8 billion (EuroEuros 5.9 billion) in capital,
representing a US $10.7 billion (EuroEuros 11 billion) portfolio of underlying
assets in European property.

See www.gerealestate.com/europe for more details.

GE Commercial Finance, with more than Euro183 billion in assets, offers businesses
of all sizes an array of financial services and products worldwide. With a
particular expertise in the mid-market segment, GE Commercial Finance provides
loans, operating leases, financing programs and other services. It also offers
loans and financing leases for major capital assets, including a full range of
aircraft fleet and financing solutions; industrial facilities and equipment, and
energy-related facilities; commercial and residential real estate loans and
investments; and loans to and investments in public and private entities in
diverse industries.



GE is a diversified technology and services company with operations worldwide.


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

JVEGUUPAQUPWUQM