Ridgeford Properties Chairman, Sean Murray, Announces Phase Two Funding for Prestigious London Property Development

LONDON, September 6, 2010 - Sean Murray, Chairman of Ridgeford Properties, a leading London-based
property development company, today announced Ridgeford Properties have
secured funding from a leading UK bank in what is one of the first
speculative loans made to a property development firm in the last 18 months.

The loan, which amounts to GBP33 million, will enable Ridgeford
Properties to complete the second phase of the build.

Sean Murray, Chairman of Ridgeford Properties said: "Confidence appears
to be slowly returning to the property market and banks are lending again to
developers who can demonstrate a strong demand for their properties. Our
development - The Fitzrovia Apartments - combines outstanding design and
quality in an area of London that has a vast shortage of new build
residential accommodation."

The Fitzrovia Apartments, which houses the outpatients centre for the
Royal National Orthopaedic Hospital alongside residential apartments, is a
joint venture between Ridgeford Properties Ltd and Manhattan Loft
Corporation. The GBP110 million mixed-use development began construction in
January 2008.

Phase one of the development completed in 2009 and saw the creation of a
state-of-the-art, fully fitted diagnosis centre for the Royal National
Orthopaedic Hospital and 40 residential apartments - fourteen of which are
affordable housing. Phase 2 consists of 44 private apartments and new
commercial offices.

Chris Murray, Managing Director of Ridgeford Properties, said: "I am
delighted that construction of phase two of the project is now underway and
that Phase one was sold entirely in 2009 at record prices for the area. We
continue to see a high level of interest in the properties and have pre-sold
10 flats already in Phase two. Phase two will complete the entire Fitzrovia
Apartments development and will feature a double height luxury lobby leading
to a generous garden, "an urban oasis". Our goal is to set the benchmark for
Central London Luxury Living and this is evidenced by our success to date"

Phase two at Bolsover Street is expected to be completed in spring 2012.

Emma Capon, +44(0)20-7861-2434, ECapon at Bell-Pottinger.co.uk