Pillar Properties: Another Great Short?

Under development / More to come!


Pillar Properties (PLL) : SELL at 440P?



Turning Down?


BACKGROUND:
The majority of Pillar’s investments are in the form of units in Hercules Unit Trust
(retail parks) of which at 31 December 2001 Pillar owned 48% and in the City of
London Office Unit Trust (offices) of which Pillar owned 25% at that date.

Pillar is property advisor to both these trusts which, as at 31 December 2001 had,
in aggregate, investment portfolios of approximately £2 billion. Pillar receives
management fees on the trust portfolio and performance fees dependent upon
trust investment performance exceeding certain benchmarks.

In addition to its investment in the trusts, Pillar also has a number of investment
joint ventures in retail parks and City offices, and two retail and leisure investments
at Fulham Broadway, London and Greenside, Edinburgh. There are also several
development projects including a joint venture with Railtrack at Cricklewood.

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LINKS:
PLL's Yahoo page: http://uk.finance.yahoo.com/q?d=v1&s=PLL&m=L
PLL Bigchart: http://bigcharts.marketwatch.com/intchart/frames/frames.asp?symb=uk%3Apll&time=8&freq=1
Pillar Website: http://www.pillarproperty.com/
Property Holdings: http://www.pillarproperty.com/htm/option6/option6.html
Options: http://www.liffe-data.com/optionPricesPage.asp?ShowFlag=TradesMerge&DelDate=-1&targ=LS&targ1=LAND.L&targ2=Land+Securities+PLC
LAND Presentation (Audio) Nov.2001:
http://www.uctx.com/landsecurities_interims/intro_main.htm
Other Possible PROP Shorts (PBB): http://www.advfn.com/cmn/pbb/thread.php3?id=1939912
Website: http://www.landsecurities.co.uk/index.asp?PageID=1