Property Fund Launch

RNS Number:0821W
Property Fund Management plc
03 March 2004


FOR IMMEDIATE RELEASE
3rd March 2004


          PFM LAUNCHES NEW #150 MILLION INDUSTRIAL PROPERTY FUND


Property Fund Management plc ("PFM"), through its industrial property specialist
subsidiary iOG, has, together with GIC Real Estate Pte Ltd ("GIC RE"), launched
a new UK industrial property fund.

Known as Industrial Investment Partnership ("IIP'), it will have a total
investment of #52.5 million which, with gearing of 65%, will give it
approximately #150 million of purchasing power.

GIC RE is investing #49.9 million while PFM is investing #2.6 million. It is the
first time that PFM has participated in one of its funds as a co-investor. This
is part of the company's new operating model which will allow it to share
directly in IIP's performance as well as receive management and other fees
during the life of the partnership.

IIP will focus on the acquisition of under-performing industrial estates and
properties where iOG's proven property management skills can substantially
enhance income and capital growth over the life of the partnership. IIP already
has approximately #20 million of acquisitions under offer.

John Sims, Chief Executive of PFM, said: "We are delighted to have established
IIP with GIC RE, one of the world's leading real estate investors. This new
partnership enables us to continue to build on our long-term track record of
providing both UK and European - and now global investors- with an avenue to
invest successfully in this sector of the UK property market."

Dr. Seek Ngee Huat, President of GIC RE, said: "We welcome this partnership with
iOG which has a proven track record in the acquisition and management of
industrial properties. We believe in the sound characteristics of the multi-let
industrial sector in the UK that offers a diversified occupier base, thereby
moderating the income stream risk. This new investment is a good addition to GIC
RE's growing presencein Europe and provides additional diversification to our
investment base which currently covers the office, retail, industrial and hotel
sectors."


Notes To Editors

Headquartered in Singapore, GIC RE is a pre-eminent global real estate
investment manager. The company manages a multi-billion portfolio of direct and
indirect property investments worldwide. GIC RE is the real estate investment
company of Government of Singapore Investment Corporation Pte Ltd which manages
the foreign reserves of Singapore.

PFM is a UK based quoted property fund management company - specializing in
multi-let industrial estate investment via the property brand "iOG".

PFM has established specialist investment fund vehicles to provide risk managed
exposure to this asset class in the UK since 1990 and expanded the operation
successfully into mainland Europe in 2001.


Contact:

            John Sims, Chief Executive, PFM.               Tel: [phone]
            Baron Phillips, Baron Phillips Associates.      Tel: [phone]


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

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