RNS Number:0058S
Property Acquisition & ManagementLd
26 February 2002



                     PAM SIGNS AMEY FOR LETTING IN NEWPORT


Property Acquisition and Management Limited (PAM), announced today that through
its commercial property arm, CNC Properties, it has let 11,000 sq ft of office
space in Clarence House, Newport to Amey BPO Services Limited, a subsidiary of
Amey plc, the leading provider of outsourced business support services.

Amey will take up the whole of the seventh floor, comprising 8,000 sq ft, as
well as 3,000 sq ft on the eighth floor.  The company has agreed a seven year
lease at a rent of £8.50 per sq ft, providing an annual income to CNC of
approximately £93,500.

Clarence House is a landmark office building fronting the river Usk and Clarence
Place, close to the town centre and the M4 motorway.  The building provides
80,000 sq ft of office space in the centre of Newport and over the past 12
months has undergone a £750,000 refurbishment and modernisation programme.

Clarence House was acquired in 1999 as a joint venture between CNC and Channel
Hotels & Properties Limited (CHAPS).  It was purchased outright by CNC in
November 2001.

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

"What we have achieved in Newport reflects well what we aim to do as a company.
Using our unique range of skills and experience in the property sector, we are
able to identify investment opportunities where we can consistently add real
value for shareholders."



For further information:


Colin Walker Robson
Property Acquisition Management Limited                  Tel: 01895 864 464


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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