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Pillar Property (PLL)

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Wednesday 27 December, 2000

Pillar Property

Offer Update

Pillar Property PLC
27 December 2000

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 Unconditional as to Acceptances


On 24 November 2000 Pillar Property PLC ('Pillar') announced the terms of a
recommended cash offer (the 'Offer') for the entire issued share capital of
Wates City of London Properties plc ('Wates') to be made by Credit Suisse
First Boston (Europe) Limited on behalf of Pillar City PLC ('Pillar City'), a
wholly-owned subsidiary of Pillar.  On 22 December, the Pillar board announced
that the resolution to approve the proposed acquisition of Wates pursuant to
the Offer proposed at the extraordinary general meeting held on that day was
passed by Pillar Shareholders.

Pursuant to Rule 17 of the City Code on Takeovers and Mergers, Pillar City
announces that as at 3.00 p.m. on 22 December 2000 valid acceptances of the
Offer had been received in respect of 224,021,604 Wates Shares, representing 
approximately 84.6 per cent. of the current issued share capital of Wates.  

Included in the acceptances of the Offer referred to above are 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.  

Pillar City now owns (itself or through members of the Pillar Group) or has
received valid acceptances in respect of 243,021,604 Wates Shares,
representing approximately 91.8 per cent. of the current issued share capital
of Wates.

Accordingly, Pillar City announces that the Offer is declared unconditional as
to acceptances and will remain open for acceptance until further notice. 
Wates Shareholders who have not yet accepted the Offer are urged to do so
without delay. 

Save as disclosed above, neither Pillar City nor any person acting, or deemed
to be acting, in concert with Pillar City 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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