RNS Number:6689H
Development Securities PLC
19 February 2003


              DEVELOPMENT SECURITIES PAYS #8 MILLION SPECIAL DIVIDEND

Development Securities announced today that it intends to distribute profits
received from its recently completed first phase development at
PaddingtonCentral by means of a 28.5p Special Dividend per share.  The previous
Special Dividend, in July 2001, amounted to 5.0 pence per share.


This announcement follows the acquisition by the Company, during January 2003,
of 640,000 of its own ordinary shares of 50p each on the market at prices
between 310 pence and 320 pence per share, at a total cost of #2 million.  The
shares acquired, representing 2.23 per cent of the total issued share capital
have been cancelled.


In December 2002, Development Securities received #20 million by way of an
initial part payment of the majority of its entitlement to the development
profits arising at the first phase of the PaddingtonCentral regeneration
project.  These monies further reduced the level of net debt of the Company at
31 December 2002 to nil.


At 31 December 2002, the Company had cash in hand and undrawn bank facilities in
excess of #100 million and is, therefore, well positioned to take advantage of
any opportunities that might arise in the market place.


The Special Dividend will be paid on 28 March 2003 to the shareholders of the
Company whose names appear on the Register of Members on 28 February 2003. The
ordinary shares will be quoted ex-dividend on 26 February 2003.


A recommendation on any final dividend for the year to 31 December 2002 will be
included in our preliminary results announcement, which is proposed for release
on 31 March 2003.



Hugh Jenkins, Chairman of Development Securities, said:


"This Special Dividend brings the total of development profits recycled to
shareholders in recent weeks to #10 million. Both this current programme and the
earlier Special Dividend in 2001 are evidence of our continuing commitment to
recycle such development profits to shareholders as is consistent with the
prudent financial management of your Company."




For further information:


Michael Marx
Development Securities PLC                Tel: 020 7828 4777




Michael Holmes/Daniel de Belder
The Communication Group plc               Tel: 020 7630 1411


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