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Pillar Property (PLL)

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Monday 27 November, 2000

Pillar Property

Acquisition of Shares

Pillar Property PLC
27 November 2000


Acquisition of Shares in Wates City of London Properties plc

By Pillar Property PLC


Following the announcement on Friday 24 November 2000 of a recommended cash
offer for Wates City of London Properties plc, Pillar Property PLC acquired
today in the market 13,000,000 shares at a price of 140p.  

In addition, Royal Bank of Scotland plc, as trustee for Schroder Exempt
Property Unit Trust, acquired today 13,000,000 shares at a price of 140p.  The
shares acquired on behalf of Schroder Exempt Property Unit Trust will be
assented to the offer to be made by Pillar City PLC, a wholly owned subsidiary
of Pillar Property PLC.

The above shares combined with the irrevocable undertakings to accept the
offer outlined in the announcement made on 24 November 2000, mean that Pillar
Property PLC, together with its subsidiary Pillar City PLC, owns shares or has
irrevocable undertakings or commitments to accept its cash offer for shares
totalling 48.0 per cent. of the issued share capital of Wates City of London
Properties plc.

A confirmatory announcement under Rule 8 of the Takeover Code will be made
tomorrow.


                                                                                
        

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