Acquisition

Pathfinder Properties PLC
26 February 2001


                  ANNOUNCEMENT BY PATHFINDER PROPERTIES PLC


                                ACQUISITION OF

                  LOCH LOMOND FACTORY OUTLET SHOPPING CENTRE



Pathfinder (Loch Lomond) Limited ('the Company'), a 50% owned associated
company of Pathfinder Properties PLC, has exchanged contracts to acquire the
Loch Lomond Factory Outlet Shopping Centre at Alexandria, Scotland from its
current owners MEPC at the end of February. Pathfinder Recovery Ventures
Limited holds the remaining 50% interest in the Company. Pathfinder Recovery
Ventures Limited is wholly owned by Pathfinder Recovery 1 PLC and Pathfinder
Recovery 2 PLC, both of which are traded on OFEX.


The Company intends to refurbish and reconstruct the existing factory outlet
operation which is on the site of the Argyll Motor Works in Alexandria. The
property provides some 51,000 sq ft of retail space, which, after
refurbishment, should provide a major town centre tourist and shopping
attraction.


The Edinburgh based Guinea Group, who have existing factory outlets in
Falkirk, Clackton-on-Sea and Aldershot, will be responsible for the project
and centre management. Pathfinder and Guinea are also working together on the
retail elements of Pathfinder's 600,000 sq ft development in the Merchant
City, Glasgow.

Enquiries to: Simon Dawkins-Pathfinder Properties PLC (020 7736 9669)

              Robert Lo Nabarro Wells & Co. Limited (020 7710 7400)