Acquisition of Shareholding

RNS Number:1438C
Teesland Plc
19 August 2004

19 August 2004

For immediate release

                                  TEESLAND PLC


                    ACQUISITION OF SUBSTANTIAL SHAREHOLDING

                        IN PROPERTY FUND MANAGEMENT PLC

Teesland plc ("Teesland") has noted the announcement today by Property Fund
Management plc ("PFM") that it is in preliminary discussions which may or may
not lead to an offer for the company.

Teesland has today acquired 2,905,537 ordinary shares in PFM (13.1% of the
ordinary shares in issue) at a price of 148p per share.  These share purchases
were made before PFM's announcement.  Teesland is not the party with whom PFM is
in discussions; Teesland intends, however, to seek discussions with PFM.

Enquiries to:

Jeremy Carey, Tavistock Communications - 020 7920 3150
Richard Davies, British Linen Advisers - 020 7710 8811
Mickola Wilson, Teesland - 020 7318 2846


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

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