RNS No 2474p
NORWICH UNION PLC
23 June 1999


NORWICH UNION ACQUIRES LEADING PROPERTY INVESTMENT MANAGEMENT BUSINESS IN
AUSTRALIA

Norwich Union has entered into a binding agreement to acquire 50.1 per cent.
of the share capital of First Australian Property Group Holdings Pty Limited
("Paladin"), a leading Australian property investment management business. 
Norwich Union has also entered into arrangements with the vendors that will
enable it to acquire the remaining share capital of Paladin in 2004.

At 30 June 1998, Paladin had audited net assets of A$1.1 million
(approximately #0.45 million).  Paladin is one of the top 10 property fund
managers in Australia with funds under management of more than A$1.8 billion
(approximately #0.75 billion).

Richard Harvey, Norwich Union's group chief executive, said:

"The pensions and fund management industries in Australia have witnessed
dramatic expansion in recent years and we expect this growth to continue. 
Last year we acquired the equity and balanced funds capability of Portfolio
Partners to supplement our existing strengths in Australia and this
acquisition is performing very well.  The addition of Paladin's property
investment management skills and reputation will provide further support for
Norwich Union's strategy of securing a leading position in the Australian
long-term savings and pensions market."

END

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