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Pillar Property (PLL)

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Friday 05 January, 2001

Pillar Property

Offer Update

Pillar Property PLC
5 January 2001



Not for release, publication or distribution in or into the US, Canada,
Australia or Japan.

                               PILLAR PROPERTY PLC 

                           RECOMMENDED CASH OFFER FOR 

                       WATES CITY OF LONDON PROPERTIES PLC

                       Offer Declared Wholly Unconditional


Pillar City PLC ('Pillar City') announces that in connection with the
recommended cash offer for Wates City of London Properties plc ('Wates'), all
conditions have now been satisfied or waived by Pillar City and accordingly,
the Offer is declared wholly unconditional.  The Offer will remain open for
acceptance until further notice and Wates Shareholders who have not yet
accepted the Offer are urged to do so without delay.

By 3.00 p.m. on 4 January 2001 valid acceptances of the Offer had been
received in respect of 235,335,212 Wates Shares, representing  approximately
88.9 per cent. of the current issued share capital of Wates.  

Included in the acceptances of the Offer referred to above were acceptances
received from Grosvenor, certain institutional shareholders, certain members
of the Wates family, The Wates Foundation and the directors of Wates, in
accordance with the provisions of the irrevocable undertakings to accept the
Offer given by each of them in respect of their entire holdings.

During the Offer Period, Pillar has also acquired 19,000,000 Wates Shares
representing approximately 7.2 per cent. of the existing issued share capital
of Wates.  In addition, Schroder Exempt Property Unit Trust, which is deemed
to be acting in concert with Pillar, has acquired 13,000,000 Wates Shares,
representing approximately 4.9 per cent. of the current issued share capital
of Wates, which have been assented to the Offer.  On 27 December Pillar City
declared the Offer unconditional as to acceptances.

As at 3.00 p.m. on 4 January 2001, Pillar City owned (itself or through
members of the Pillar Group) or had received valid acceptances in respect of
254,335,212 Wates Shares, representing approximately 96.1 per cent. of the
current issued share capital of Wates.

Consideration payable to Wates Shareholders will be despatched, in the case of
valid acceptances already received, on or before 19 January 2001 and, in the
case of valid acceptances received after the date of this announcement and
while the Offer remains open for acceptance, within 14 days of receipt of such
further valid acceptances. 

Pillar City will today be posting formal notices under section 429 of the
Companies Act to Wates Shareholders who have not yet accepted the Offer, to
acquire compulsorily all those Wates Shares in respect of which valid
acceptances have not been received.

Pillar City intends to procure the making of an application by Wates for the
cancellation of the listing of Wates Shares on the Official List and their
trading on the London Stock Exchange.  

Save as disclosed above, neither Pillar nor any person acting, or deemed to be
acting, in concert with Pillar owned or controlled any Wates Shares (or rights
over such shares) immediately before the commencement of the Offer period, or
during the Offer period has acquired or agreed to acquire any Wates Shares (or
rights over such shares).

Terms defined in the Offer Document have the same meanings when used herein
unless the context requires otherwise.


ENQUIRIES                                                         Telephone


Pillar Property PLC                                           020 7915 8000
Raymond Mould 
Patrick Vaughan

Credit Suisse First Boston (Europe) Limited                   020 7888 8888
Andrew Christie
Joyce Dolan


Credit Suisse First Boston, which is regulated in the United Kingdom by The
Securities and Futures Authority Limited, is acting for Pillar, Pillar City
and CLOUT and for no one else in connection with the Offer and Credit Suisse
First Boston will not be responsible to anyone other than Pillar, Pillar City
and CLOUT for providing the protections afforded to customers of Credit Suisse
First Boston or for giving advice in relation to the Offer.

The Offer, including the Loan Note Alternative, is not being and will not be
made, directly or indirectly, in or into, or by the use of the mails of, or by
any means or instrumentality (including, without limitation, fax, telex,
e-mail or telephone) of, interstate or foreign commerce of, or  through any
facilities of a national securities exchange of, the US, or in or into Canada,
Australia or Japan and the Offer will not be capable of acceptance by any such
use, means, instrumentality or facilities or from or within the US, Canada,
Australia or Japan.  Accordingly, copies of this announcement are not being,
and must not be, mailed or otherwise distributed or sent in or into the US,
Canada, Australia or Japan.  Doing so may render invalid any purported
acceptance.

The Loan Notes which may be issued pursuant to the Loan Note Alternative have
not been and will not be listed on any stock exchange and have not been and
will not be registered under the Securities Act or under the securities laws
of any state or district of the US, nor will a prospectus in relation to any
of such securities be lodged with, or registered by, the SEC or the securities
commission of any state in the US or of any province or territory of Canada or
the Australian Securities Commission or the equivalent authority in Japan. 
Accordingly, unless an exemption is available from, or the relevant
transaction is not subject to, the requirements of the Securities Act or the
securities laws of any such jurisdiction, such Loan Notes may not be offered,
sold, re-sold or delivered, directly or indirectly, in or into, the US,
Canada, Australia or Japan or any other jurisdiction in which the offer of
such securities would constitute a violation of relevant laws or require
registration thereof or to or for the account or benefit of any US Persons or
any citizen or resident of Canada, Australia or Japan or any such other
jurisdiction.  This announcement does not constitute an offer of such
securities in the US or to any US Person.



                                                                                
             

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