RNS Number:7021I
Abraxus Investments PLC
13 March 2003

              Abraxus Investments Plc ("the Company" or "Abraxus")


                     EUROPEAN PROPERTY SPECIALIST BUYS INTO

                            ABRAXUS INVESTMENTS PLC


Abraxus Investments Plc, the AIM listed European property investment company,
has been informed that Immoconsult Leasing Gesellschaft GmbH ("Immoconsult") has
acquired a 6.98 per cent interest in the Company. Immoconsult acquired 1,666,667
shares at a price of 9.6 pence per share from Mr. Uri Heller who retains a 6.98
per cent stake in the Company.


Immoconsult is a subsidiary of Osterreichische Volksbanken - Aktiengesellschaft
("the OVAG Bank") one of Austria's leading commercial banks that has a
particular interest in property related investments and finance in Eastern and
Central Europe. Established in 1922 with its head office in Vienna, the Bank has
offices and subsidiaries in 11 European countries.


Immoconsult, which specialises in Central and Eastern European property, has
offices in Bratislava, Bucharest, Budapest, Ljubliana, Prague, Sofia, Vienna and
Warsaw. It was established in 1987 to take advantage of the opportunities in the
emerging property markets in this region, and is also a principal of GVA
Worldwide, an international property consultancy owned and operated by its joint
venture partners.


Abraxus Investments Plc Chairman Phil Edmonds said: "The OVAG Bank and
Immoconsult bring a wealth of property and financial expertise in the regions
Abraxus is targeting. The investment forms a further key building block in our
property investment strategy and will greatly enhance our ability to carry out
substantial investments in the region."


                                      ENDS


Contacts:

Phil Edmonds   Abraxus Investments plc  Tel: 020 7224 2522

John Depasquale Seymour Pierce Tel: 020 7648 8700

Hugo de Salis   St Brides Media & Finance Tel: 020 7242 4477





                      This information is provided by RNS
            The company news service from the London Stock Exchange
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