Underwritten Securitised Bond Issue

Peel Hldgs PLC
15 February 2000


                      UNDERWRITTEN SECURITISED BOND ISSUE

Peel Holdings p.l.c. ('Peel') announced today that it is proceeding with a £610
million multi-tranche securitised bond issue which has been fully underwritten
by Deutsche Bank AG and The Royal Bank of Scotland plc at an all-in interest
rate of approximately 7%.  It is secured against the future rental income of The
Trafford Centre.  Peel will retain a 100% equity interest in the Centre.

Deutsche Bank AG is acting as arranger and Deutsche Bank AG and The Royal Bank
of Scotland plc are acting as lead managers and bookrunners.  The structure of
the issue comprises several tranches of fixed and floating rate medium and long
term notes.

The net proceeds of the issue will be £195 million after payment of expenses and
the repayment of approximately £340 million of existing debt (currently bearing
interest at 9.3%).  The net proceeds will be used to provide funds for the
further development of the Peel Group. This will include continued investment in
its airports and other capital and investment projects. In accordance with the
authorities given by shareholders, Peel may also continue to buy in shares for
cancellation when the Directors believe that it is in the best interests of
shareholders to do so.

The Trafford Centre comprises 1.36 million sq ft of shops, restaurants and
leisure facilities, including a 20 screen multiplex cinema, making it one of the
largest retail and leisure schemes in the country.  Anchor tenants include
Selfridges, Debenhams, BHS, Boots and C&A.  Opened in September 1998, the Centre
is approximately four miles west of Manchester City Centre adjacent to the M60
motorway. It benefits from one of the largest and most densely populated
catchment areas and the highest design specifications of any shopping centre in
the UK.  The Centre was independently valued on 1 February 2000 at £880 million.

Enquiries:

Peel Holdings p.l.c.
Peter Scott, Managing Director                - 0161 629 8200

Deutsche Bank AG
Nicole Downer, Vice President Securitisation  - 0171 547 4066

The Royal Bank of Scotland plc
Tim Petit, Director of Capital Markets        - 0171 427 9737