Acquisition

Pathfinder Properties PLC
23 December 2002

PATHFINDER INCREASES HOLDING IN NEWARK DEVELOPMENT SITE

Pathfinder Properties PLC ('Pathfinder') announces that it has acquired an
additional 25% interest in Newark Property Development Limited and Fletcher Gate
Limited, its joint venture companies, which acquired the Brewery and Maltings
and adjacent land in Northgate Newark, Lincolnshire in July 2002.  This
acquisition brings Pathfinder's total holding in the joint venture to 75%.

The site comprises 6.5 acres of land and contains on part of the site a
substantial Grade II listed Victorian brewery building.  It is one of the
largest development sites available in Newark, close to the town centre, and
overlooks the River Trent and the Newark Marina.

Pathfinder is currently exploring options for redevelopment of the site
including up to approximately 120,000 sq ft of new and refurbished retail units
or as a mixed use scheme including new-build and converted residential
accommodation.

Pathfinder has already committed expenditure at the site on stabilising the
listed buildings which had fallen into serious disrepair prior to acquisition of
the site.

Enquiries:

John Parry, Malcolm Bacchus                      Jeremy Carey
Pathfinder Properties PLC                        Tavistock Communications
020 7736 9669                                    020 7600 2288




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