Offer Update

RNS Number:4595E
Teesland Plc
26 October 2004


                                        For release at 7.00am on 26 October 2004




   Not for release, publication or distribution in or into the United States,
                          Canada, Australia, or Japan




                               RECOMMENDED OFFER


                                       By


                       BRITISH LINEN ADVISERS LIMITED


                                  On behalf of


                                  TEESLAND PLC


                                      For


                          Property Fund Management Plc


                               FIRST CLOSING DATE



The board of Teesland announces that as at 3.00pm on 25 October 2004, being the
First Closing Date, Teesland had received valid acceptances of the Offer in
respect of a total of 18,039,515 PFM Shares representing approximately 81.53 per
cent of the issued share capital of PFM.  Of these acceptances 11,301,111 had
elected for the Cash Alternative.

The Offer was declared unconditional as to acceptances on 8 October 2004 and it
is anticipated that Admission of the Offer Shares will become effective at
8.00am on 28 October 2004.

The Offer will remain open for acceptance by PFM Shareholders until 3.00pm on
Monday 8 November 2004.  The Cash Alternative under the Offer is no longer
available for acceptance by PFM Shareholders, having been closed at 3.00pm on 25
October 2004.

PFM Shareholders who hold their shares in certificated form and who have not yet
accepted the Offer are urged to complete and return their Forms of Acceptance to
Capita IRG, Corporate Actions, PO Box 166, The Registry, 34 Beckenham Road,
Beckenham, Kent, BR3 4TH, as soon as possible.  Holders of PFM Shares in
uncertificated form may only accept the Offer in respect of such shares by TTE
Instruction in accordance with the procedure set out in paragraph 15 (b) of Part
II of the Offer Document.  If you are a CREST sponsored member you should refer
to your CREST sponsor before taking any action.   PFM Shareholders who are in
any doubt as to the procedure for acceptance or who require assistance with
filling in the Form of Acceptance should call Capita IRG on 0870 162 3000.

Prior to 19 August 2004 (the date of the commencement of the Offer Period)
Teesland held 3,305,537 PFM Shares, representing 14.9 per cent. of the issued
share capital of PFM.

As set out in the Offer Document, Teesland received irrevocable undertakings to
accept or procure the acceptance of the Offer from the PFM Directors and certain
other PFM Shareholders in respect of holdings totalling 10,086,217 PFM Shares,
representing approximately 45.6 per cent. of the existing issued share capital
of PFM.  Acceptances under the Offer have been received in respect of these
undertakings and have been included in the total above.

Save as disclosed above, neither Teesland nor any persons acting or deemed to be
acting in concert with it owned any PFM Shares or rights in respect thereof
prior to 19 August 2004 (the date of the commencement of the Offer Period) and,
other than as disclosed above, neither Teesland nor any persons acting or deemed
to be acting in concert with it has acquired or agreed to acquire any PFM Shares
or rights over such shares since that date.

The definitions contained in the Offer Document sent to PFM Shareholders on 4
October 2004 apply for the purposes of this document.




Enquiries:



Teesland Plc                                           020 7659 4700
Stephen McBride



British Linen Advisers Limited                         020 7710 8800
Richard Davies



Tavistock Communications                               020 7920 3150
Jeremy Carey/Marylene Guernier



The Offer is not being made, directly or indirectly, in or into, or by use of
e-mails of, or by any means or instrumentality (including, without limitation,
facsimile transmission, telex, telephone or e-mail) of interstate or foreign
commerce of, or any facilities of a national securities exchange of the United
States, Canada, Australia or Japan or any other jurisdiction if to do so would
constitute the violation of the relevant laws of such jurisdiction, and cannot
be accepted by any such use, means or instrumentality or facility from or within
the United States, Canada, Australia or Japan.  Accordingly, copies of the Offer
Document, the Form of Acceptance and any related documents are not being mailed
and should not be forwarded, distributed or sent in, into or from the United
States, Canada, Australia or Japan or any other jurisdictions where to do so
would violate the laws in that jurisdiction.  All persons (including, without
limitation, nominees, trustees or custodians) who receive such documents must
not distribute or send them in, into or from United States, Canada, Australia,
Japan or any other jurisdiction where to do so would violate the laws in that
jurisdiction, as doing so may render invalid any purported acceptance of the
Offer.

British Linen Advisers, which is authorised and regulated in the United Kingdom
by the Financial Services Authority Limited, is acting exclusively for Teesland
and no one else in connection with the Offer and will not be responsible to
anyone other than Teesland for providing the protections afforded to customers
of British Linen Advisers nor for providing advice in relation to the Offer.






                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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