PAQ Paq Intl

RNS Number:6312Q
Property Acquisition & ManagementLd
29 January 2002


                           PAM ANNOUNCES £18 MILLION

                     CO-PARTNERSHIP AGREEMENT IN LEICESTER

Property Acquisition and Management Limited (PAM), announced today that its
commercial property arm, CNC Properties, in conjunction with Millennium
Apartments, has been granted planning consent to develop 176 luxury apartments
in Leicester city centre.

Leicester House, on Lee Circle in the St George's district of Leicester, is a
100,000 sq ft (9,286 sq m) 1960s office block with seven storeys.  Its
conversion will provide 80 luxury apartments (including eight penthouses) and
two new apartment blocks flanking the existing building will provide a further
96 apartments.  The scheme is expected to have a total sales value of £18
million.


The ground floor of the scheme will provide 6,500 sq ft (603 sq m) of commercial
and leisure use, which has already attracted early interest from specialist
leisure operators.


Leicester House, to be re-branded as Metropolitan Apartments, is a
co-partnership development between CNC and Channel Hotels and Properties
(CHAPS), its owners, and Millennium Apartments Limited as project developers,
with Collins Stewart Property Fund Management (CSPFM) representing the owners.


Millennium Apartments brings to the joint venture its experience and in-depth
specialist knowledge of residential city development.  The Company has a strong
track record in the West Midlands and Leicester House is its first joint venture
scheme in the East Midlands.


CNC has entered into a number of co-partnerships in recent years with private
investment companies and entrepreneurs, including Channel Hotels and Properties,
The Nelson Group, TBE (Southern) Limited, Brodie Properties, Sandown Estates and
Elmcrest NV.  These partnerships combine CNC's expertise and access to capital
with specialist skills, to consistently provide opportunities for substantial
capital growth.


Colin Walker-Robson, Director, Property Acquisition and Management Limited
commented:


"The scheme will breathe new life into Leicester city centre and help meet the
growing demand for city living.  By working in partnership with Millennium
Apartments we are combining our expertise in creating value from property assets
with proven experience in city residential markets".


For further information:

Colin Walker Robson

CNC Properties                                               Tel: 0121 248 1102


Tom Allison/Dan de Belder

The Communication Group plc                       Tel: 020 7630 1411


Or visit:
www.paqman.co.uk


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

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