Acquisition

Pathfinder Properties PLC 26 February 2001 ANNOUNCEMENT BY PATHFINDER PROPERTIES PLC ACQUISITION OF LOCH LOMOND FACTORY OUTLET SHOPPING CENTRE Pathfinder (Loch Lomond) Limited ('the Company'), a 50% owned associated company of Pathfinder Properties PLC, has exchanged contracts to acquire the Loch Lomond Factory Outlet Shopping Centre at Alexandria, Scotland from its current owners MEPC at the end of February. Pathfinder Recovery Ventures Limited holds the remaining 50% interest in the Company. Pathfinder Recovery Ventures Limited is wholly owned by Pathfinder Recovery 1 PLC and Pathfinder Recovery 2 PLC, both of which are traded on OFEX. The Company intends to refurbish and reconstruct the existing factory outlet operation which is on the site of the Argyll Motor Works in Alexandria. The property provides some 51,000 sq ft of retail space, which, after refurbishment, should provide a major town centre tourist and shopping attraction. The Edinburgh based Guinea Group, who have existing factory outlets in Falkirk, Clackton-on-Sea and Aldershot, will be responsible for the project and centre management. Pathfinder and Guinea are also working together on the retail elements of Pathfinder's 600,000 sq ft development in the Merchant City, Glasgow. Enquiries to: Simon Dawkins-Pathfinder Properties PLC (020 7736 9669) Robert Lo Nabarro Wells & Co. Limited (020 7710 7400)
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