DevelopmentSecs(Inv) - Re Joint Venture

RNS No 2250c
DEVELOPMENT SECURITIES PLC
22nd June 1998


 DEVELOPMENT SECURITIES AND WRENBRIDGE TO DEVELOP NEW #150M CAMBRIDGE BUSINESS
                                     PARK
                                       
Development  Securities  PLC  and its joint venture  partner  Wrenbridge  Land
announced today their appointment as developer of a new #150 million  business
park  at  Cambourne,  Cambridge. The 50 acre  site,  owned  by  the  Cambourne
Consortium  (a  group  of  landowners including  Alfred  MacAlpine  Ltd),  has
planning  consent  for  750,000  sq ft of unfettered  B1  office/research  and
development accommodation.

The  business park will form part of the new Cambourne settlement, a 1040 acre
development  of  3,000 houses, a new town centre with full amenities,  a  golf
course, hotel, and eco-park. Cambourne is located seven miles west of Junction
14 of the M11 via a dual carriageway link, and within ten minutes drive of the
planned site for Microsoft's new European Research Facility.

With Cambridge the leading centre of the burgeoning UK biotechnology industry,
the  site's  ability  to provide large scale expansion capacity  for  rapidly-
growing organisations in this and other sectors will ensure its position as  a
leading location for both office and R&D occupiers.

Julian   Barwick,  Deputy  Managing  Director,  Development   Securities   PLC
commented:

"Business  parks in strong regional locations offer outstanding prospects  for
growth and I am delighted with our success in beating off stiff competition to
secure  this appointment. The Cambridge occupational market is strong and  not
satisfied  by current supply. Accordingly, we plan to be building promptly  to
take advantage of the strong market."

Michael Marx, Group Managing Director, Development Securities PLC said:

"This  #150  million business park represents another first class large  scale
development project for the company which will generate further value for  our
shareholders. Since 1995 we have implemented over one million square  feet  of
high quality development and established ourselves as a major player in the UK
property market. We continue to make good progress".

The  news  of  Development Securities' appointment follows shortly  after  the
announcement  of  the  company's record 1997 profits. Other  current  projects
include One Curzon Street, the largest speculative office development  in  the
West  End, and Broughton Park, the 290,000 sq ft regional shopping centre near
Chester.



The  Cambourne  Consortium was represented by FPD Savills  and  Clegg  Kennedy
Drew. Weatherall Green & Smith advised Development Securities/Wrenbridge.

                                       
Enquiries:

Michael Marx / Julian Barwick
Development Securities PLC                   Tel: [phone]

Henry Faure Walker
The Communication Group PLC             Tel: [phone]


END

JVEGLGBLXXDCCID