NEPR Nthn. Euro.

RNS Number:5726N
Northern European Properties Ltd
08 December 2006




These written materials are not an offer of securities for sale in the United
States. The securities referenced herein may not be offered or sold in the
United States absent registration under the US Securities Act of 1933, as
amended, or an exemption therefrom. There will be no public offer of securities
in the United States.

This announcement and the information contained herein is not for publication,
distribution or release, in whole or part, in or into the United States, Canada,
Australia or Japan.



                  Northern European Properties Limited

    Announcement of Exercise of Over Allotment Arrangement over Shares


Northern European Properties Limited ("the Company"), today announces that, in
connection with the offering (the "Offer") of ordinary shares (the "Shares") of
the Company and the trading of its entire share capital on AIM ("Admission"),
Citigroup Global Markets U.K. Equity Limited, as stabilising manager, has today
given notice to exercise the over-allotment option (the "Option") in respect of
24,075,000 Shares. Including the exercise of the Option the total number of
Shares sold as part of the Offer is 357,408,332 Shares. The proceeds arising
from the exercise of the Option will be payable to London & Regional Group.

Additionally today LR Swedish Holdings No. 1 AB (the "Selling Shareholder")
converted Euro 32,057,246 nominal of convertible loan notes into a like number of
new Shares issued by the Company (the "Conversion"), for which application for
admission to AIM has been made.

Following the exercise of the Option and the Conversion, the Company's issued
share capital has increased to 475,924,532 Shares. The Selling Shareholder's
interest in the issued share capital of the Company will have remained at 24.9
per cent. (but now amounts to 118,505,200 Shares) and its interest in the fully
diluted share capital of the Company will have decreased from 38 per cent. to 34
per cent.. The Selling Shareholder also holds Euro 64,788,224 nominal of
convertible loan notes (convertible into a like number of Shares).

The contents of this announcement, which have been prepared by and are the sole
responsibility of the Company, have been approved by Citigroup Global Market
U.K. Equity Limited solely for the purpose of section 21(2)(b) of the Financial
Services and Markets Act 2000.

In any EEA Member State that has implemented the Directive 2003/71/EC (together
with any applicable implementing measures in any Member State, the "Prospectus
Directive") this communication is only addressed to and is only directed at
qualified investors in the Member State within the meaning of the Prospectus
Directive.

Citigroup Global Markets U.K. Equity Limited (acting as Nominated Adviser) and
Citigroup Global Markets Limited (acting as sole Global Coordinator and
Bookrunner) are acting for the Company and no one else in connection with the
Offer and will not be responsible to anyone other than the Company for providing
the protections afforded to their respective clients or for providing advice in
relation to the Offer or any other matter referred to herein.

This announcement does not constitute, or form part of, an offer or invitation
to sell or issue, or any solicitation of an offer to purchase or subscribe for
securities and any subscription for or purchase of, or application for, shares
in the Company should only be made on the basis of information contained in the
admission document dated 10 November 2006 (the "Admission Document") and any
supplements thereto. The Admission Document contains certain detailed
information about Company and its management, as well as financial statements
and other financial data.

The price and value of securities may go up as well as down. Potential investors
should contact a professional adviser as to the suitability of any offering for
the individual concerned.


Information in this announcement or any of the documents relating to the Offer
cannot be relied upon as a guide to future performance.


Stabilisation / FSA




                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
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