PAQ Paq Intl

RNS Number:2614N
Property Acquisition & ManagementLd
19 November 2001





PAM COMPLETES #16.5 MILLION PROPERTY TRANSACTIONS



Property Acquisition and Management Limited (PAM) announced today the sale by
its commercial property arm, CNC Properties, of four office buildings to
Allied Commercial Holdings Limited for #6.5 million.



The sale was made through Grand Union Office Parks Limited, CNC's joint
venture with Channel Hotels & Properties Limited (CHAPS), and comprises
predominantly offices in the North West of England.



Simultaneously, the Company announced the outright acquisition of Grand Union
Investments Limited, a subsidiary of Grand Union Office Parks Limited, which
comprises two landmark properties in Glasgow and in Newport, South Wales, and
an industrial estate on the Isle of Wight, based on a price for the properties
of #8.7 million.  Rental income from the properties is #1,107,000 per annum,
providing an outstanding yield of 12.72%.



The properties were all originally acquired in 1999, through the purchase in a
distressed sale of Tamaris Estates from nursing homes company Tamaris Plc,
based on a property price of #14.1 million.  Of the original portfolio, a #1.3
million investment in Leicester is being retained.



The transactions follow closely the recent acquisition by CNC of a #17.2
million property portfolio through the purchase of two private property
investment companies and continue CNC's record of major corporate activity,
which includes the acquisition of Brightstone Properties, Regis and Regis,
Milburn Estates and the acquisition earlier this year of Mersey House in
Liverpool.



In the last seven years, CNC has acquired over #100 million of properties
through corporate transactions and now has a portfolio of office, retail and
industrial properties in excess of 3.5 million sq ft, producing an average
return of over 10% and valued at #178 million.



For further information:



Colin Walker-Robson

Property Acquisition and 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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