Development Securities PLC (DSC), a property development, investment and trading company, announced Tuesday it is close to exchanging contracts on GBP15 million of deals, and are in negotiations on a further GBP27 million, across a range of sectors.

MAIN FACTS:

-Some GBP60 million of the GBP94 million in new equity raised through the 2009 open offer has now been committed, with a further GBP42 million of deals under negotiation

-Prospects for development in London have improved and preparation for the commencement of the next phases of Paddington Central and Hammersmith Grove is underway

-AstraZeneca PLC (AZN.LN), have exercised their option to take an additional floor at Two Kingdom Street, taking their overall commitment to 75,000 sq.ft.

-Across the company's investment and development portfolios, it has now invested or committed GBP60 million (net of borrowings) of the net GBP94 million of equity raised in our Firm Placing, Placing and Open Offer.

-The seemingly fragile nature of the economic recovery in the U.K. and in the global economy heightens its caution, but the company has clarity in the pursuit of its strategy to deploy both its equity and expertise into that market dislocation, whilst maintaining its risk-averse principles of stock selection and financing.

-The economic backdrop continues to be uncertain.

-The importance of careful stock selection and cautious liability management of its financing portfolio is fundamental to mitigate the impact of potential volatility.

-Nevertheless, the company continues to see value in a wide range of situations, where a lack of access to capital is constraining otherwise viable opportunities.

-Shares closed Monday at 252 pence.

-By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; zechariah.hemans@dowjones.com
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