Disposal

RNS Number:9434L
Fairbriar PLC
05 June 2003

                                                                     5 June 2003


               Fairbriar Sells Part Stake in Canary Wharf Investment


FairBriar PLC ("FairBriar"), the specialist residential developer, asset manager
and serviced apartment operator, has sold half of its stake in Pressdale Ltd 
("Pressdale"), representing 32.3% of the share capital of Pressdale, to
Centrepoint Properties Ltd ("Centrepoint") of Singapore.  Pressdale owns 63
serviced apartments adjacent to Canary Wharf which are managed by Fraser
Residences Limited, FairBriar's 50:50 joint venture with Centrepoint.

FairBriar received #2.1 million in cash from the sale of shares and repayment of
shareholder loans. Pressdale was a 64.6 % owned subsidiary of FairBriar but is
now owned 32.3% by FairBriar, 32.3% by Centrepoint, with Chantrey Davis
retaining their 35.3% stake.

The transaction was concluded on the basis of the book value of the property of
#21.3 million and therefore no gain or loss will be realised.  The value of the
audited net assets of Pressdale as at 30 September 2002 was #1.7m, with an
audited loss attributable to the net assets of #0.1m.  Pressdale will no longer
be consolidated as a subsidiary of FairBriar, thereby reducing on balance sheet
debt by #14.9 million.  In addition, the #2.1 million in cash realised from the
transaction will be used for working capital and in further development
projects.


For further information:

Philip Van Reyk / Mark Balchin              Jeremy Carey / Marylene Guernier
FairBriar PLC                               Tavistock Communications
Tel: [phone]                          Tel: [phone]



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