Acquisition

RNS Number:0351I
Country & Metropolitan PLC
27 February 2003


                                                               27 February 2003



Country & Metropolitan PLC



Country & Metropolitan acquire 50% interest in a new village proposal with end
value of approximately #130m



Country & Metropolitan Plc, a housebuilder and leading developer of Brownfield
regeneration projects, is pleased to announce that it has acquired a 50%
interest in a joint venture company, Raven (Leeds) Ltd. The joint venture
vehicle was formed by our joint venture partner, Raven Property Holdings Plc.



The joint venture vehicle has contracted to purchase High Royds Hospital at
Menston, North Leeds for #22.3m subject to planning permission to create a new
mixed use urban village.



The site, which is being sold by the Secretary of State for Health, is the
largest surplus hospital disposal in the North of England.  The hospital was
originally built in the late 1880's and is set in 280 acres of landscaped
grounds.



The proposed development will be one of the largest mixed-use urban villages in
the North of England and will include over 600 new and converted homes, 130,000
square feet of commercial space, together with leisure facilities and a new
school.



A planning application will be submitted in April following extensive public
consultation with local residents and conservation bodies including English
Heritage.  It is hoped that the development may commence in approximately 12
months time.



Stephen Wicks, Chief Executive of Country and Metropolitan commented:

"We are delighted to be involved in the regeneration of High Royds Hospital,
currently one of the most important Brown Field development projects in the
North of England.



Our involvement in this project, together with our successful development at
Upper Rissington, is testament of our ability of not only acquiring land in
premium locations but also extracting the maximum in terms of commercial
opportunity.



We anticipate that this development will be a consistent contributor to the
Group's profitability for a number of years."



For further information:


Country & Metropolitan                                       Tel: [phone]

Stephen Wicks, Chief Executive

Jean Atkins; Group PR & Marketing Director


Buchanan Communications Ltd                                  Tel: [phone]

Mark Edwards/Jeremy Garcia




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