PAQ Paq Intl

RNS Number:7224M
Property Acquisition & ManagementLd
7 November 2001


                     PAM MAKES #1 MILLION PROFIT IN SALE
                          OF ITS WIMBLEDON PROPERTY


Property Acquisition and Management Limited (PAM) announced today that it has
sold, through its commercial property arm CNC Properties, 153-161 The Broadway
in Wimbledon for a consideration of #3.675 million to Golfrate Limited.  The
property was valued at 31 December 2000 at #2.75 million, therefore realising
a profit on disposal this year of #0.925 million.

The property comprises 20,000 sq ft of office and retail space, providing a
total rental income of #322,500 per annum.

The 7,500 sq ft ground floor was recently let to Luminar Leisure Ltd, which
operates entertainment venues around the UK, including the Hippodrome and the
Camden Palace in London.  The offices on the three upper floors totalling
12,350 sq ft are let to the Secretary of State for the Environment on a lease
renewal until August 2006, at an annual rent of #217,500.

CNC Properties' portfolio now stands in excess of 3.5 million sq ft, producing
an average return of over 10%.  The disposal follows closely the recent
acquisition by CNC of a #17.2 million property portfolio through the purchase
of two private property investment companies.

CNC now has a portfolio of office, retail and industrial properties valued at
#178 million.


For further information:

Colin Walker-Robson
Property Acquisition & Management Limited                 Tel: 01895 846 464

Tom Allison/Dan de Belder
The Communication Group plc                               Tel: 020 7630 1411


Or visit:                                                 www.paqman.co.uk

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