Disposal

Pathfinder Properties PLC
28 September 2002

EMBARGOED UNTIL 30 September 2002

                PATHFINDER SELLS MAJOR GLASGOW DEVELOPMENT SITE

                          FOR £15.3m TO SELFRIDGES PLC



Pathfinder Properties PLC ('Pathfinder', or 'the Company'), the AIM listed
property group, today announces that, through an 80% subsidiary, it has
exchanged contracts for the sale of a 3 acre feuhold site in Glasgow city centre
for £15.3m cash to Selfridges plc. Completion of the sale is due to take place
on 4 October 2002.

Located in the heart of Glasgow the prime development site, bounded by Trongate,
Candleriggs, Wilson Street and Hutcheson Street, is close to the newly
refurbished Marks & Spencer store and the Italian Centre.

Over the last three years Pathfinder has used its expertise to assemble the site
and secure planning for a high quality 770,000 sq ft mixed-use residential,
commercial and retail development.

The sale will have a positive impact on the Company's net asset value and level
of profitability in the current year. The Company intends using the proceeds of
£15.3m to reduce borrowings and provide development capital for current and
future projects.

John Parry, Pathfinder's chairman, said: 'We are delighted to announce exchange
of contracts on this strategically important site to Selfridges who we believe
will make an extremely positive contribution to Glasgow's increasingly dynamic
retail scene. The sale will enable us to maximise value for shareholders and
allow us to focus on our other urban regeneration projects such as our proposed
Manchester development where we have achieved planning consent for the first two
phases of this major city scheme.'



For further information, please contact:

John Parry / Malcolm Bacchus                      Jeremy Carey / Melissa Hubbard

Pathfinder Properties PLC                         Tavistock Communications

Tel: [phone]                                Tel: [phone]




                      This information is provided by RNS
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