GE Real Estate UK enters into agreement with OSIM

7 June 2004

GE Real Estate UK (“GE”) has entered into an agreement with Orchard Street Investment Management LLP (“OSM”) for OSM to provide GE with strategic property and financial management advice following the completion of GE’s acquisition of a majority stake in Haslemere NV (“Haslemere”).

This agreement does not amount to an outsourcing of the management of Haslemere.

OSIM is a property investment management company established in early 2004 by Chris Bartram, formerly Chief Executive of Haslemere, after he left Haslemere in December 2003. Both Gary Felce and David Lee, until recently directors of Haslemere, are due to join OSIM immediately. OSIM currently acts for a small number of major institutional investors. Chris Bartram has advised GE during its negotiations with Haslemere’s major shareholders and throughout the due diligence period of the acquisition of their majority stake.

Commenting on the agreement, Alec Burger, Managing Director of GE Real Estate (UK) said:

"We are pleased to have completed the acquisition of Haslemere, which marks an important step forward in our ongoing drive to grow our presence in the UK real estate market. The acquisition was the natural culmination of the relationship we had originally established with Haslemere following the formation of our £230 million shopping centre joint venture in 2003.”

END

For more information:

John Humberstone
Orchard Street Investment Management
+44 (0)20 7494 8860
jhumberstone [at] orchard-street.co.uk

Dido Laurimore/Ellie Sweeney
FTI Consulting
+44 (0)20 3727 1000
osim [at] fticonsulting.com

Notes to Editors:

Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market. It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial, retail warehouses, offices and shopping centres. Orchard Street currently has assets under management exceeding £4 billion.