Chelsfield plc - Offices Development - London W2, Paddington Basin, The Point

Date: 27 Feb 2001

Paddington Basin Developments Limited today announced that Orange SA, the international communications company, is to take 20,500 sq m of offices at The
Point, Paddington Basin, as its new European corporate headquarters.

Orange will occupy the entire 9-storey building, designed by international architects Terry Farrell & Partners, on a 25 year lease with an option to break
after 16 and 20 years. The terms of the letting are confidential.

This is believed to be the largest non-government pre-let in the West End market since the letting of 1 Embankment Place to Coopers and Lybrand (now PricewaterhouseCoopers) in 1991.

Construction of The Point has commenced with completion due in December 2002. Orange will relocate its corporate functions from a number of Central London buildings and European operations.

Nick Roberts, Director of Paddington Basin Developments, said: "Orange's decision to locate its corporate headquarters at Paddington Basin confirms
Paddington's role as an international office location. Securing a dynamic organisation of the quality of Orange will establish Paddington Basin and
bring a young energetic occupier base."

Simon Cartwright, Executive Vice-President, Human Resources Orange commented "We are very excited to be a part of this prestige development. It will be Orange's European flagship headquarters for the new international company."

Nigel Hugill Managing Director of Chelsfield plc said "Chelsfield and our partners in the paddington Basin development are delighted to have secured Orange as our first occupier and to have almost 450,000 sq.ft. of space let or in solicitors hands.

In parallel with concluding agreements with Orange, paddington Basin Developments has also announced that they have entered into lockout agreements with further organisations to occupy the majority of space in their second office building, 1 & 2 Waterside designed by Richard Rogers Partnership. Construction on this building will commence next month with occupation in Spring 2003.


King Sturge advised Orange throughout the negotiations. paddington Basin
Developments Limited was represented by Knight Frank, who are marketing the
remainder of the scheme.

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