RNS Number:5256N
Development Securities PLC
15 July 2003


                    DEVELOPMENT SECURITIES ACQUIRES #10.8 MILLION
                                   RETAIL PORTFOLIO

Development Securities PLC announced today the acquisition of a portfolio of
retail warehouses leased to Carpetworld.

The portfolio consists of eight stores totalling 138,453 sq ft, all of which are
in the North West apart from one, which is situated in Sheffield.  The Freehold
and Leasehold interests have been purchased from Melford Commercial Properties
Limited for #10.8 million.  The company has completed the purchase of six of the
stores with the remaining two to complete shortly following satisfaction of
contractual conditions.

Each unit is let for 16 years from March 2003 to Carpetworld Manchester Limited.
Total current net income is #952,500 and the income yield is 8.60%.  The
tenant has additionally provided a bank guarantee by way of security equivalent
to 12 months rental.

Matthew Weiner, Director of Investments, Development Securities PLC, commented:

"These acquisitions provide further exposure to the retail warehouse sector,
which is forecast to out-perform other sub-markets, at a very attractive initial
yield and off comfortable rental levels.  The portfolio offers short-term
trading potential as well as some interesting longer-term asset management
opportunities. We believe that the portfolio offers attractive performance
potential over the medium-term."

For further information:

Matthew Weiner
Development Securities PLC               Tel: 020 7828 4777

Daniel de Belder
The Communication Group plc              Tel: 020 7630 1411

Or visit:                                www.developmentsecurities.com


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

ACQUSRVROURBAAR