Craven House Capital Regulatory News (CRV)

4 Jul 2005 07:00

Medsea Estates Group PLC04 July 2005 For immediate release 4 July 2005 MEDSEA ESTATES GROUP PLC ("MEDSEA" OR THE "COMPANY") MILLION POUNDS PROPERTY DEAL Urbanilor S.l., a company in which Medsea Estates Group PLC holds a 5 per centinterest, has bought development rights to a 693,159 sq m - approximately 7.5million sq ft - plot of land in Aguilas, Murcia, Spain for €1,616,520(approximately £1 million). Urbanilor intends to develop up to 578 residentialproperties on the site, the first of which will be under construction by March2006. Medsea will supervise everything related to the sales and marketing of theproperties on behalf Urbanilor, and Medsea's subsidiary, Euromed, acting asprinciple agent, is marketing the development in the UK and Ireland through itslinks with some 150 independent property agents. This is Euromed's second exclusive arrangement. Its first, earlier this year,was with Promilorci SL for the 4.5 million sq ft Nuevo Torre Guil developmentalso in Murcia. The project, known as the Torre del Obispo development, is within a largeforested area six miles from the city of Murcia, one of the most importantSpanish destinations for national and international tourism. The Murcia regionhas experienced significant growth and ranks fifth for foreign investment inSpain with Madrid and Barcelona taking the first two places. The new homes will comprise of maisonettes, two bedroom two bathroom 970 sq ftmaisonettes; two-storey, two to three bedroom semi-detached houses; andindividual plots with prices starting at €135,000 for the maisonettes to€240,000 for the semis. - ends - For further information contact: Tony Gatehouse, ChairmanMedsea Estates Group PLC 0034 96 570 40 02 Juan Carlos Rodriguez Martinez, Chief ExecutiveMedsea Estates Group PLC 0034 96 570 40 02 Roland Cornish/Noelle GreenawayBeaumont Cornish Limited 0207 628 3396 Mark Sheppard 0161 228 1709Midas Terry Garrett/ Alex WhiteWeber Shandwick Square Mile 0207 067 0700 This information is provided by RNS The company news service from the London Stock Exchange