LSL Property Services plc, a leading provider of residential property services, has issued a statement announcing its proposed acquisition of Halifax Estate Agencies Ltd (HEAL), which operates an estate agency network and an asset management business.

LSL will pay Bank of Scotland plc, a subsidiary of Lloyds Banking Group plc, £1 in cash for the entire issued share capital of HEAL. The HEAL network, representing 218 estate agency branches, will be absorbed into Your Move, Reeds Rains and InterCounty, making LSL the second largest estate agency network in the UK.

Roger Matthews, LSL Chairman, commented: "LSL is delighted to announce the acquisition of HEAL, which has a clear strategic and financial rationale with significant benefits to Shareholders. This is a significant opportunity for LSL to acquire a high quality branch network, an established asset management business and pipeline of sales on favourable commercial terms at a low point in the economic cycle. The rebranding of 218 branches to Your Move, Reeds Rains and InterCounty brands will strengthen LSL's estate agency position in local markets, increasing our leverage with suppliers, brand concentration and market share in existing locations.

"Since the half year, the Group has continued to trade ahead of management's expectations in the context of a market which has improved but continues to be challenging against historic transaction levels. We still remain cautious about the outlook for 2010. While any recovery is likely to be constrained by the availability of mortgage credit and general economic backdrop, we believe that the Group is well placed to deliver significant growth over the longer term when market conditions improve."

http://www.lslps.co.uk

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