PAQ Paq Intl

RNS Number:8325O
Property Acquisition & ManagementLd
18 December 2001




         PAM SECURES VERTEX LETTING FOR WATERLINKS HOUSE, BIRMINGHAM


Property Acquisition and Management Limited (PAM), announced today through its
commercial property arm, CNC Properties Limited, the letting of 10,000 sq ft
at Waterlinks House, Richard Street, Birmingham to customer management
outsourcing company Vertex Data Science Limited for its new call centre.



Vertex is leasing the space at a rent of #11.50 per sq ft with the option to
rent a further 22,000 sq ft in a phased letting programme over the next twelve
months, as its requirements expand.



CNC Properties purchased Waterlinks House for #4.5 million in 1997.  At that
time rents were only #6.50 per sq ft and have risen to #11.50 this year
following an impressive refurbishment programme including air conditioning,
raised floors, restaurant facilities and reception hall.



Attracted by large open plan floor plates of 16,000 sq ft per floor, 24 hour
on-site security and 320 car spaces, occupiers to Waterlinks House include
GEC, Carillion, The Secretary of State for Health, the NSPCC, Johnson Controls
and multi media companies.



Vertex, which is a division of United Utilities plc, is the UK's leading
customer management outsourcing company.  The company has an annual turnover
in excess of #300 million and has over 8,000 employees in the UK.



Joint letting agents for Waterlinks House are Lambert Smith Hampton and Knight
Welch Bryce.





Steve Caplan, CNC West Midlands Regional Director, commented:

"This letting highlights the attraction of our quality office portfolio for
successful, fast-growing companies by providing large open plan floor plates.
The Birmingham office market is intensely competitive but we have nonetheless
been able to withstand the competition and secure profitable, high yielding
returns."


For further information:

Property Acquisition & Management Limited

Steve Caplan                                         Tel:  0121 248 1102

Martin Wing                                          Tel: 01895 846 464


The Communication Group plc

Tom Allison/Dan de Belder                            Tel: 020 7630 1411


Or visit:                                            www.paqman.co.uk

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