BW20030910002076  20030911T060022Z UTC


( BW)(DEBENHAMS)(DEB) Crewfleet Properties

    Business Editors
    UK REGULATORY NEWS

    LONDON--(BUSINESS WIRE)--Sep. 11, 2003--

Debenhams plc ("Debenhams")

Surrender of property leases held by Crewfleet Limited ("Crewfleet")

Debenhams' property portfolio includes a number of encumbered
properties which were valued at �90.7 million in the Colliers CRE
report dated 31 July 2003, as disclosed in the Laragrove Offer
Document dated 4 August 2003. These encumbered properties included
five freehold stores, valued at approximately �31.6 million, in
Staines, Taunton, Stockton-on-Tees, Worthing and Bournemouth (together
the "Crewfleet Properties") which were the subject of certain lease
arrangements with Crewfleet, a property investment company owned by
HSBC plc.

Debenhams announces that it has reached an agreement with Crewfleet in
which the head leases of the Crewfleet Stores will be surrendered and
will revert to the Debenhams Group. As a result, the Crewfleet
Properties are now unencumbered by the Crewfleet leases and
underleases.

Accordingly, on the basis of the report by Colliers CRE, the value of
Debenhams' unencumbered freehold and long leasehold properties is now
�383.2 million (previously �351.6 million) and the value of the
encumbered properties is now �59.1 million (previously �90.7 million),
totalling, as previously, �442.3 million.

Enquiries:

Tulchan
Andrew Grant / Kirstie Hamilton  020 7353 4200

   Short Name: Debenhams PLC
   Category Code: MSC
   Sequence Number: 00009634
   Time of Receipt (offset from UTC): 20030910T184910+0100

    --30--jgm/ny*

    CONTACT: Debenhams

    KEYWORD: UNITED KINGDOM INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: RETAIL
    SOURCE: Debenhams PLC

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