Building: Scott, Brownrigg and Turner

APOLLO AGREES SALE OF PARKHEAD FORGE SHOPPING CENTRE TO GROSVENOR

Apollo Real Estate, with joint venture partners Portfolio Holdings, David Henderson-Williams and Rob Cossey, has agreed the sale of the Forge Shopping Centre in Parkhead, Glasgow to Grosvenor - announced today (5 Aug 2004).

The 453,000 sq ft Forge Centre scheme becomes the latest addition to the Grosvenor Shopping Centre Fund, taking the fund's net asset value to £500m.

The Forge Shopping Centre occupies a dominant position in the East of the city. First opened in 1988, the centre now has more than 80 retail units - including the recently opened Dunnes Stores - and an Asda superstore, Littlewoods, seven-screen UCS Cinema complex and 1800 car parking spaces.

Welcoming the deal, Tony Christie, Grosvenor's Retail Fund Manager said: 'The Forge will be an important complement to the Fund's existing UK shopping centre assets, which also include centres in Grimsby, Durham, Poole and Burton-on-Trent. 'The Forge fits exactly the criteria for the Fund, which targets town centre locations offering prime retail pitches. It represents an exciting opportunity to capture the significant asset management potential of the centre, and to continue to develop the strong market position which the Forge has so far enjoyed.' He added: 'We are confident that we can continue to attract more big name high street stores to the centre.'

Speaking on behalf of the joint venture partners, Paul Parkinson, Chief Executive of Portfolio, said: 'When we purchased the Forge last year, there were a number of key long-term objectives we embarked upon. We now believe we have unlocked some real potential for the scheme. When Grosvenor approached us, we felt they would be well placed to take advantage of these and we wish them every success'.
Agents DTZ Debenham Tie Leung acted for Grosvenor; Strutt & Parker acted for the Apollo Real Estate and its joint venture partners.

Forge Shopping Centre, Parkhead: PR 5 Aug 2004

Issued on behalf of Grosvenor and Apollo Real Estate by Weber Shandwick

Grosvenor Shopping Centre Fund:
Grosvenor has a strong track record in UK fund management. The Grosvenor Shopping Centre Fund was set up in 1998 as a UK Limited Partnership, and has increased its institutional investors from three to 11 in the last year. The Fund was ranked as the best performing quarterly or monthly valued fund for the year ending March 2004 by the Investment Property Databank.

Grosvenor in Scotland:
Grosvenor has an established presence in Scotland, having a dedicated office in Edinburgh for more than 20 years. Grosvenor is the main development partner for the Fife Leisure Park, in Dunfermline, Fife, and Holyrood Park House in Edinburgh, and has key partnership roles in the Pacific Quay development in Glasgow and Edinburgh Technopole, the world-class science park south of Edinburgh.




Other Scottish Shopping Centres:
Braehead Shopping Centre off the M8, west of Glasgow
Glasgow Fort, Auchinlea, Glasgow - see below
Kinnaird Park, east Edinburgh
The Gyle Shoppng Centre, west Edinburgh
Fife Leisure Park, Dunfermline




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Forge Shopping Centre - Website: www.forgeshoppingcentre.co.uk