RES Rugby Est.

TIDMRES

RNS Number : 9635T

Rugby Estates PLC

14 December 2011

14 December 2011

Rugby Estates Plc (the "Company", "Group" or "Rugby")

Property Update

Further to the half yearly results which were announced on 28 October 2011, Rugby is pleased to report the following progress in its directly-owned property portfolio.

Chilton Trinity, Bridgwater, Somerset

Sedgemoor District Council Planning Committee has resolved to grant consent for the redevelopment of this industrial site to provide 67 dwellings and 14 small business units. In accordance with normal practice, formal consent will be conditional on entering into a section 106 agreement.

Surbiton, Surrey

Following planning consent gained at appeal, a lease to a leading supermarket operator has now been completed. The property will be marketed for sale in early 2012, once the tenant has completed fitting out the store and has commenced trading.

Gunstore Road, Portsmouth

Contracts have been exchanged for the sale of the property at Gunstore Road, Portsmouth for GBP950,000. Completion is due in February 2012.

Andrew Wilson, Chief Executive or Rugby Estates Plc, commented:

"Today's announcement represents further progress in our ongoing strategy to realise inherent value from our portfolio. We have been working for some time to achieve both the residential planning consent at Chilton Trinity and the retail consent for Surbiton. Whilst we were slightly disappointed by the value achieved for Gunstore Road, which reflects the difficult market for secondary property, we continue to proactively manage our portfolio and will make disposals to optimise the cash available to return to shareholders."

For further information:

Rugby Estates Plc

David Tye, Executive Chairman

Andrew Wilson, Chief Executive

+44 (0) 20 7016 0050

www.rugbyestates.plc.uk

FTI Consulting

Will Henderson

Dido Laurimore

+44 (0) 20 7831 3113

Fairfax I.S. PLC

Simon Bennett/Katy Birkin/Laura Littley

+44 (0) 20 7598 5368

This information is provided by RNS

The company news service from the London Stock Exchange

END

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