Statement re Resolution to Grant Planning

20 February 2012

Development Securities PLC secures a Resolution to Grant Planning for residential-led, mixed-use redevelopment of Rembrandt House, Watford

Development Securities PLC today announces that it has secured a Resolution to Grant planning for the residential-led, mixed-use redevelopment of Rembrandt House, Watford. The 3.4 acre site currently comprises a mixture of office and industrial uses including the historic Rembrandt House, a four storey Edwardian building.

The consented redevelopment will include the refurbishment and asset management of office space at Rembrandt House and the demolition of the remaining office and industrial buildings on the site to provide 107 new houses and apartments to be developed in partnership with a house builder.

Development Securities acquired the investment property in January 2011 for £4.25 million at an initial yield of 8.3%.

This latest planning consent follows on from the recent positive announcements with respect to planning at the Wick Site in Littlehampton, Shepherd's Bush Market and The Old Vinyl Factory in Hayes.

For further information, please contact:

Matthew Weiner/Lucy Grimble Development Securities PLC 020 7828 4777