ACQUISITION OF MULTIPLEX’S INTERESTS MADE BY ALDERSGATE, A REUBEN BROTHERS SUBSIDIARY, OR ASSOCIATED ENTITIES

18 May 2008

ACQUISITION OF MULTIPLEX’S INTERESTS MADE BY ALDERSGATE, A REUBEN BROTHERS SUBSIDIARY, OR ASSOCIATED ENTITIES.

Aldersgate or associated entities have now bought out Multiplex’s Joint Venture interests in the following assets:

• May 2006, agreement to acquire a number of UK assets from Multiplex for c. £70m:
  
       - Sapphire Retail Fund;
            - Charter Walk Shopping Centre, Burnley;
            - Queen’s Arcade, Cardiff;
            - Harvey Centre, Harlow.
       - R&M Funds Management Limited;
       - Rushmere Shopping Centre, North Ireland;
       - Paddington development site, Central London;
       - St Enochs development site, Glasgow;
       - Stockley Park, West London;
  
  
• February 2006, Buchanan House, Glasgow – c. 200,000 sq. ft. of offices acquired for c. £54m;
  
  
• December 2005, entities associated with Aldersgate advanced £127.5m for Multiplex to
  relinquish its rights in the Stratford City development site and in the Global Switch business;
  
  
• November 2005, the c. £36m combined acquisition of 17 Grosvenor Street, Central London (c. 9,000 sq. ft. of offices) and 135 and 185 Park Street and 2-4 Emerson Street, Central London;
  
  
• September 2005, 17 Three Kings Yard, 264 Brompton Road, and 3 Parking Spaces, Portman Towers, Central London acquired for £1.2m;

The reason for ending these Joint Venture interests with Multiplex is because of different working cultures and also for Aldersgate or associated entities to gain full control over these assets. It also allows Multiplex to have greater liquidity.

For the time being, Aldersgate or associated entities still work in partnership with Multiplex on the following developments:

• Eden Centre, High Wycombe – a c. £250 million Regional Shopping Centre Development of over 600,000 sq. ft. on which development has already commenced;
  
  
• Newcastle City Centre – a development of c. 1.25 million sq. ft. including a new shopping centre of 750,000 sq. ft, as well as offices, leisure and residential developments;
  
  
• Stamfordham Road, Newcastle – a 112,000 sq. ft. retail park;
  
  
• Union Square, Aberdeen, Scotland – a c.475,000 sq. ft. – Shopping Centre
  
  
• Mereham, Cambridgeshire – a Regeneration Scheme of some 1,500 acres
  
  
• Gibraltar – a c. 6 million sq. ft. mixed-use development including apartments, a hotel, a large marina and retail areas.