RNS Number:5603E
Teesland Plc
27 October 2004

                                                                 27 October 2004

                                  TEESLAND PLC

                              RESULT OF OPEN OFFER

                                      AND

                     OFFER FOR PROPERTY FUND MANAGEMENT PLC:
     ALL CONDITIONS SATISFIED OR WAIVED SAVE FOR ADMISSION OF OFFER SHARES


Teesland announces that the open offer by KBC Peel Hunt Ltd. of up to 20,912,320
Open Offer Shares closed at 3.00p.m. on Wednesday 27 October 2004.  Valid
applications were received from Qualifying Shareholders in respect of 8,439,272
Open Offer Shares. This level of acceptances represents approximately 40.36per
cent of the 20,912,320 shares available to Qualifying Shareholders under the
Open Offer.

The Open Offer Shares which have not been taken up by Qualifying Shareholders
will be taken up by placees under the Placing Agreement.

Teesland also announces that, save for Admission of the Offer Shares to be
issued pursuant to the Offer, all other conditions of the offer made by British
Linen Advisers Limited on its behalf for the whole of the issued and to be
issued share capital of Property Fund Management Limited have been satisfied or
waived.  The Offer will become wholly unconditional upon admission.

Admission of the Offer Shares and the Open Offer Shares to the Official List is
expected to take place and dealings are expected to commence on 28 October 2004.

As at 3.00pm on 27 October 2004, Teesland had received valid acceptances of the
Offer in respect of a total of 18,039,815 PFM Shares representing approximately
81.53 per cent of the issued share capital of PFM.  Of these acceptances
11,301,111 had elected for the Cash Alternative.

Prior to 19 August 2004 (the date of the commencement of the Offer Period)
Teesland held 3,305,537 PFM Shares, representing 14.9 per cent. of the issued
share capital of PFM.

As set out in the Offer Document, Teesland received irrevocable undertakings to
accept or procure the acceptance of the Offer from the PFM Directors and certain
other PFM Shareholders in respect of holdings totalling 10,086,217 PFM Shares,
representing approximately 45.6 per cent. of the existing issued share capital
of PFM.  Acceptances under the Offer have been received in respect of these
undertakings and have been included in the total above.

Save as disclosed above, neither Teesland nor any persons acting or deemed to be
acting in concert with it owned any PFM Shares or rights in respect thereof
prior to 19 August 2004 (the date of the commencement of the Offer Period) and,
other than as disclosed above, neither Teesland nor any persons acting or deemed
to be acting in concert with it has acquired or agreed to acquire any PFM Shares
or rights over such shares since that date.

The definitions contained in the Offer Document sent to PFM Shareholders on 4
October 2004 and/or the Prospectus sent to Teesland Shareholders on 4 October
2004 shall apply for the purposes of this announcement.


For further information please contact

Jeremy Carey/Marylene Guernier
Tavistock Communications
Tel: 020 7920 3150


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

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