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Pillar Property (PLL)

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Thursday 30 November, 2000

Pillar Property

Acquisition of Shares

Pillar Property PLC
30 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 ('Wates'), Pillar Property PLC
('Pillar') acquired yesterday in the market 6,000,000 shares at a price of
139p.  

The above shares, combined with the 13,000,000 shares already owned by Pillar,
the 13,000,000 shares owned by Schroder Exempt Property Unit Trust, which will
be assented to the offer, and the irrevocable undertakings to accept the offer
outlined in the announcement made on 24 November 2000, mean that Pillar,
together with Pillar City PLC, owns shares or has irrevocable undertakings or
commitments to accept its offer for shares totalling 50.2 per cent. of the
issued share capital of Wates. 
  
A confirmatory announcement under Rule 8 of the Takeover Code will be made
later today.


                                           

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