City File: Creston

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The Independent Online
TOMORROW, shareholders in Creston, the property investment shell, will be asked to approve a deal to buy Co-ordinated Land and Estates, one of the most interesting property companies to come to market for some time.

CLE's business is property audits. It is hired by companies with substantial property holdings that do not know how to maximise their value and will often go into a joint venture to realise the investment.

The deal values CLE at more than pounds 5m. Creston's shares were suspended at 18 1/2 p when the acquisition was first announced but are expected to come back at around 22p on Tuesday. Should be worth chasing.