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Wates C.Ldn.Props. (WLP)

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Tuesday 13 June, 2000

Wates C.Ldn.Props.

Disposal

Wates City of London Properties PLC
13 June 2000


WATES CITY OF LONDON PROPERTIES PLC

Agreement in principle to sale of investment properties

The Board of Wates City of London Properties plc announces that it has agreed,
in principle, to sell a portfolio of four investment properties to Prudential
plc at a price of not less than £248 million.  The investment properties
comprise Winchester House, City Tower, City Place House and 90 Queen Street.
Wates City Property Management will continue to manage the multi-let
properties on behalf of Prudential.

Following completion of the transaction and the repayment of debt secured on
the investment properties referred to above, the Board intends to return a
substantial amount of capital to shareholders and is currently considering the
most appropriate manner in which return of capital can be effected.

This transaction is in pursuance of the policy announced in the Annual
Statement of narrowing the discount between the share price and net assets.

This agreement is subject inter alia to contract, pre-emption rights and the
consent of Wates' shareholders.

An announcement concerning new lettings at City Point has been made today and
a further announcement concerning this release will be made in due course.


Enquiries:

Wates City of London Properties plc                           +44 20 7588 2888
John Nettleton
Rodney Clutton

Prudential plc                                                +44 20 7405 9222
Tina Christou                                                        Ext: 3719
Chris Perkins                                                        Ext: 6583


The contents of this announcement have been approved by Deutsche Bank AG
London ('Deutsche Bank') solely for the purposes of Section 57 of the
Financial Services Act 1986.

Deutsche Bank, which is regulated in the United Kingdom by The Securities and
Futures Authority Limited, is acting for Wates and no-one else in connection
with the matters referred to in this announcement, and will not be responsible
to any person other than Wates for providing protections afforded to customers
of Deutsche Bank or for providing advice in relation to such matters.



                                                   

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