Press Release

THE CROWN ESTATE ANNOUNCES COMPLETION OF THE SALE OF OXFORD STREET QUADRANGLE BLOCK TO RESOLUTION

2 April 2008

The Crown Estate last week completed the sale of a 0.8 acre Oxford Street, London, W1, office and retail scheme to Resolution.

The West End’s Quadrangle, Beaver Building/Hat Factory and Paramount House blocks total 127,000 sq ft and sit on the corner of Oxford Street and Wardour Street. They were sold for an undisclosed price.

The Quadrangle block and the Beaver Building/Hat Factory comprise a total 11 retail units and 79,000 sq ft of office accommodation. Paramount House to the south totals 21,000 sq ft including two retail units.

Paul Clark, Director of Investment and Asset Management at The Crown Estate said: “This sale is part of our strategy to dispose of non-core assets, in order to concentrate on our core London holdings – including Regent Street – and diversification outside of central London.”

Robert Wolstenholme at Resolution said: “This is the latest purchase for Resolution Real Estate Fund III, launched at the start of this year, and underlines our strategy to make selective acquisitions in central London. The Quadrangle block offers a number of asset management opportunities and extends our involvement in the Soho market, complementing our residential development at nearby Marshall Street.”

CBRE and Burges Salmon acted for The Crown Estate and Jones Lang LaSalle and Berwin Leighton Paisner acted for Resolution. Eurohypo AG, London Branch provided debt finance.