62QE Gros Uk Fin

RNS Number:6948N
Grosvenor UK Finance PLC
26 November 2001

26 November, 2001

For immediate release

Grosvenor UK Finance plc

#100,000,000 fungible tap issue of 6.50 per cent. Debenture Stock due 2026
(the "Stock")

On 8 June, 2001 Grosvenor UK Finance plc issued #100,000,000 6.50 per cent.
Debenture Stock due 2026 (the "Original Stock"). Today, the company announces
a fungible tap issue of another #100,000,000 of the Stock (the "New Stock"),
to double the aggregate issue size to #200,000,000.

The issuer is a finance subsidiary of Grosvenor Limited, which is the UK and
Ireland holding company for the business of Grosvenor Group Holdings Limited.
The group is one of the UK's largest and most prestigious property companies,
and is headed by the Duke of Westminster.

Grosvenor Limited believes that current conditions in the UK bond markets
offer the opportunity to raise long-term debt at attractive rates. The
proceeds will in due course be used to repay existing shorter-term debt and/or
to invest in and develop the group's real estate portfolio.

The New Stock will rank pari passu in point of security with, and will be
consolidated and form a single series with, the Original Stock as from 14
December, 2001 (the "closing date"), being the date of issue of the New Stock.
The Stock is secured by a floating charge over the undertaking and assets of
Grosvenor West End Properties. This company is a subsidiary of Grosvenor
Limited, holding property assets in Mayfair and Belgravia.

The joint lead-managers and joint-bookrunners of the issue are Barclays
Capital and Cazenove.

The issue price of the New Stock is #104.791 per #100 nominal, plus #1.36 per
#100 nominal in respect of interest accrued to the closing date. At that
price, the gross redemption yield on the stock is 6.121 per cent. semi-annual,
being a margin of 1.55 per cent. over that of the 6 per cent. Treasury Stock
2028 at the time of pricing.

The Stock pays interest on 29 March and 29 September each year. The first
payment of interest on the New Stock, due on 29 March 2002, will be #3.25 per
#100 nominal.

Application will be made to the UK Listing Authority and London Stock Exchange
plc to list and trade the stock.

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For further information, please contact:
Grosvenor       Richard Handley, Finance Director             020 7312 6368
Limited         Justin St Clair-Charles, Marketing and              
                Communications Director                       020 7312 6373

Barclays        Marco Baldini, Director                       020 7773 9507
Capital                                                             

Cazenove        Francis Burkitt, Director                     020 7825 9942

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In connection with the issue of the New Stock, Barclays Bank PLC may from time
to time over-allot or effect transactions with a view to supporting the market
price of the New Stock at a level higher than that which might otherwise
prevail for a limited period after the date of issue of the New Stock.
However, there may be no obligation on Barclays Bank PLC or any agent of it to
do this. Such stabilising action, if commenced, may be discontinued at any
time, must be brought to an end after a limited period, and will be carried
out in accordance with all applicable laws and regulations.

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