RNS Number:5770I
Grosvenor Land Holdings PLC
11 March 2003

                          Grosvenor Land Holdings Plc

                               ("Grosvenor Land")

The following replaces the Disposal announcement released on 11 March 2003 at
07:00 under RNS number 5382I. The announcement erroneously stated that Grosvenor
Land was to receive consideration of #2.62 million for its stake in 'Avalon
House' whereas it is to receive #1.815 million, as the residential units were
not included in the sale. All other details remain unchanged and the full text
of the announcement is as follows:

                GROSVENOR LAND SELLS PROPERTY FOR #1.815 MILLION

Grosvenor Land, the AIM Listed property investment company is selling its stake
in its 'Avalon House' property in Portsmouth for #1.815 million in cash to DKF
Developments Ltd. The money raised will be used to reduce gearing and provide
further capital to make selective acquisitions to expand its 'Powerhub' business
centre concept.

The sale of its stake in the property, which comprises of two retail units
occupied by Woolwich plc and Subway Southampton Limited, has a completion date
set for 27th March 2003.

Douglas Blausten, CEO of Grosvenor Land said: "Our current strategy is to expand
the 'Powerhub' business centre concept which has proven extremely successful at
our flagship complex in Maidstone. As a result we are selling our non core
properties to release profit and provide increased funding to achieve our
objectives. We are currently looking at a number of large commercial sites to
expand the business and hope to make an announcement in the not too distant
future."

                                    E N D S

Issued on behalf of Grosvenor Land Holdings PLC, 25 Gilbert Street, Grosvenor
Square, London W1Y 2EJ, by St Brides Media & Finance Ltd.

Contacts:

Douglas Blausten     Grosvenor Land          Tel: 020 7408 2222

Hugo de Salis        St Brides Media         Tel: 020 7242 4477


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

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