Acquisition

Pathfinder Properties PLC
14 March 2003

FOR IMMEDIATE RELEASE                                              14 March 2003


                           PATHFINDER PROPERTIES PLC
                        ('PROPERTIES' OR 'THE COMPANY')

                    ACQUISITION OF REMAINING 20% INTEREST IN
                        PATHFINDER (RIVER QUAY) LIMITED


Pathfinder Properties PLC announces that its 96% owned subsidiary, Pathfinder
Recovery Ventures Limited ('PRVL'), has acquired from Pathfinder Developer IV
PLC ('Developer IV') and Pathfinder Developer IX PLC ('Developer IX') the
outstanding 20% equity interests in Pathfinder (River Quay) Limited ('PRQL'),
which owns a property development at River Quarter, Manchester.
Contemporaneously with this acquisition, PRVL has acquired from Developer IV and
Developer IX certain loans which Developer IV and Developer IX made to PRQL.

The consideration for the acquisition of these interests was the payment of
£915,000 in cash and the transfer by PRVL of 3,989,800 shares in Properties.

The acquisition brings PRQL and the River Quarter site under the 100% ownership
and control of the Pathfinder Properties Group.

Following this transaction Developer IV holds 398,980 shares in Properties,
amounting to 0.5% of the issued ordinary share capital of the Company, Developer
IX holds 3,590,820 shares in Properties, amounting to 4.5% of the issued
ordinary share capital of the Company and PRVL holds 10,559,036 shares in
Properties, amounting to 13.2% of the issued ordinary share capital of the
Company.


Enquiries:

John Parry, Pathfinder Properties PLC [phone]


Robert Lo, Nabarro Wells & Co.Limited [phone]


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