Press Release

THE CROWN ESTATE AND CREST NICHOLSON COMPLETE STAMFORD STREET RESIDENTIAL DEVELOPMENT

4 March 2008

The Crown Estate and Crest Nicholson today announced the completion of its exciting new residential apartment development in Stamford Street, SE1, just off London’s South Bank.

The block of 58 one and two bedroom flats has been constructed by Crest Nicholson and is in a prime location on the South Bank, SE1, close to the National Theatre, the OXO Tower and Waterloo Station.

Setting a precedent for further investment in residential property, the £23 million purchase is the first major acquisition by The Crown Estate under its new residential investment strategy.

Adding this to its already substantial residential portfolio, including numerous properties in Kensington Palace Gardens and Regent’s Park, the Stamford Street apartments will be let at full market rents on Assured Shorthold Tenancies (ASTs).

Jim Yates, Head of Regional and Residential Portfolio, The Crown Estate said: “Demand remains strong for prime central London residential apartments to rent. Our Stamford Street block has great transport links and is ideal for corporate and professional residents, looking to live within a stone’s throw of South Bank’s theatres, museums, bars and restaurants that give it such a unique atmosphere.”

Mark Vanson, Sales and Marketing Director at Crest Nicholson, said: “This is the first time that any of our developments has been sold entirely off plan and to a single purchaser. It’s a bold statement that will give a much-needed confidence boost to the market and, with the rental market currently hitting a premium, I am confident that The Crown Estate will see a strong return on its investment.”

Recently, The Crown Estate has developed a number of residential apartments in central London locations, including Princes Street, Hanover Street, Mortimer Street, Great Portland Street (all W1) and Jermyn Street, SW1. As an evolving element of its residential investment strategy, The Crown Estate is considering acquisitions in other prime London residential locations outside of its traditional West End heartland.