Teesland Group plc - Offices Development - Regus and Forsyth

Date: 22 Sep 2000

Regus, the world leading service office provider and Forsyth Business Centres ("Forsyth"), the serviced office arm of the Teesland Group ("Teesland"), have launched a 50/50 business centre joint venture.

It is Regus and Forsyth's intention to develop business centres together over the next three years. These business centres will be managed by Regus.

Most of the properties are to be sourced through Teesland Group ("Teesland"). Teesland intends to provide properties for the Joint Venture from its current portfolio, but also from the Bank of Scotland's portfolio and Scarborough Property Company's portfolio, both of which are managed by Teesland.

Teesland has let the remaining 35,000 sq ft at its award winning Princes Exchange development in Leeds to Regus on a 20 year lease, let at £20.00 per sq ft. Regus is also currently in negotiation to acquire properties, for itself or for FORE, in Cardiff, Edinburgh, Stirling, Enfield, Glasgow, Liverpool, London and Clearwater Park in Teeside.

Kevin McCabe, Chairman of Teesland and Forsyth, commented: "The joint venture will enable Regus to tap into our considerable property expertise and client portfolios in order to further develop and expand nation-wide. We at Teesland are delighted to be in partnership with the world leader in serviced offices and I look forward to working with Mark in the future with an aim to offering world class serviced offices in world class environments."

Mark Dixon, Executive Chairman of Regus, commented: "Our relationship with Teesland/Forsyth will help us continue to grow our business particularly in the North of England and Scotland. We are look forward to working with them and using their property development and project management skills."

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