MWB Business Exchange assumes management control of City Business Centre - 21.08.2006

MWB Business Exchange Plc (“Business Exchange”) today announces that it has signed a contract with the City Of London Corporation to manage the City Business Centre on London Wall, EC2.

The 12,000 sq ft centre, which backs onto Finsbury Circus, will be managed as a City Executive Centre (“CEC”) which is Business Exchange’s 3-star serviced office subsidiary. The City Business Centre will provide 157 workstations and two meeting rooms across two floors.

The management contract takes CEC’s total number of centres to 16 and expands Business Exchange’s total portfolio to 58 centres.

This latest acquisition is part of Business Exchange’s current expansion programme which has already seen new centres being opened in Cannon Street, Cavendish Square and Tottenham Court Road. Planned further acquisitions are anticipated, both within Central London and other major regional centres, over the remainder of this year.

John Spencer, Chief Executive of Business Exchange, said: “This agreement represents an important step in the expansion of our City Executive Centres division in the City and complements our other existing City locations.

“We are currently reviewing a number of other opportunities that will increase the management agreements we operate under this brand.”

Hargreaves Goswell acted for Business Exchange and the City Surveyor acted for the City of London.

MWB Business Exchange Plc provides five star Serviced Offices operating a portfolio of over 1,500,000 sq ft of prime office Space throughout the UK, Meeting Venues with over 250 meeting rooms, and Virtual Offices.