Acquisition

RNS Number:9117R
Property Fund Management plc
11 November 2003

         Release by Property Fund Management plc ("PFM", "the Company")


Further to the statement within the Company's interim results released on 22
September 2003, the Company is pleased to announce that it has acquired a 51%
majority stake in Celtic Asset Management SPZ.O.O (CAM), a well respected
property asset manager based in Poland.


CAM has been successfully operating in the Polish, Czech and Hungarian property
markets for several years and this acquisition is a continuation of the
Company's aim of developing a wider European property management infrastructure
to satisfy institutional investors appetite for investment in both mature and
emerging property markets.


The Company now has an asset management platform in the UK, France, Netherlands,
Germany, Spain, Denmark and Poland which allows it to offer specialist property
asset management skills across a significant proportion of Western and Central
Europe.


The Company acquired the 51% shareholding on 31 October 2003 for a cash
consideration of Euro1,250,000 which is being met from existing cash resources and
has an option to acquire the remaining 49% for Euro3,000,000 during a 3 year
period. In the 6 months to 30 June 2003, CAM made an unaudited operating profit
of Euro392,000 prior to extraordinary distributions to shareholders


John Sims, Chief Executive of PFM, commented "The acquisition of this stake in
CAM, together with our detailed research finalises a robust business plan for
Central European industrial property investment to cater for already established
investor demand. Extending PFM's specialist asset management platform to Central
Europe is an exciting growth movement for the Company."







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