AGM Statement

RNS Number:8088N
Pillar Property PLC
22 July 2003

22 July 2003

AGM Statement



At today's annual general meeting, Raymond Mould, Chairman of Pillar, made the
following comments:



"I am pleased to announce that Pillar is continuing to make progress on its
retail park portfolio.  Retailers are becoming increasingly selective in their
requirements for new space. Pillar is working with them to ensure that their
space and format requirements are met, resulting in continuing strong demand on
our parks. Recent rent reviews have been settled at or above the March year-end
ERV's and, in particular, demand for space at our key new parks under
development at Glasgow Fort, Manchester Fort and Beckton has been excellent.



The Hercules Unit Trust ("HUT") continues to perform well and during the first 6
months of 2003 its unit price has increased by approximately 11% from #629 to
#691 at the end of June. The number of unitholders has now increased to 58,
making it one of the most widely held specialised property unit trust in the UK.
It has recently exchanged contracts for the acquisition of a new park of 226,000
sq ft in Rotherham, South Yorkshire, for up to #46.5 million, with completion
due in November. This transaction will increase the assets under management to
c.#1.9 billion.



The planned disposal programme for the year has begun well. Recent marketing for
the sale of the Castle Quay Shopping Centre in Banbury, jointly owned with SITQ
(a Canadian pension fund), has attracted a number of competitive offers and we
have now commenced the due diligence exercise with the preferred bidder and
expect to exchange on the sale by the end of August. The new Underground station
at our retail and leisure development at Fulham Broadway has now opened with an
enormous increase in the number of visitors which will assist the sales process
later in the year.



Our expansion into continental Europe is going well. Together with co-investors,
we expect to be contracting to acquire a number of new parks in the near future.
  The procedures for the formation of a new fund, Pillar Retail Europark Fund
("PREF") are now well in hand and we would hope that this will be fully
established by the end of 2003."



Enquiries:


Pillar Property PLC                                  Tel: [phone]

Raymond Mould, Chairman
Humphrey Price, Finance Director
Further information on Pillar can be found at www.pillarproperty.co.uk

Gavin Anderson & Company                             Tel: [phone]

Neil Bennett / Charlotte Stone




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