Withdrawal of Securitised Bond Offering

Peel Hldgs PLC
1 November 1999

Withdrawal of Securitised Bond Offering

The Board of Peel Holdings p.l.c. ('Peel') regrets to announce that it has
decided to postpone the proposed C£600 million multi-tranche securities bond
offering.

Since commencing the marketing process on 11 October, market conditions for new
issues of fixed and floating rate bonds have deteriorated significantly due to
increased volatility in interest rate markets, current lack of liquidity in the
bond market and a number of other bond issues competing for funds from the same
investors.  These conditions have adversely affected the proposed pricing and
size of the Peel issue and consequently the Board of Peel has concluded that it
is not appropriate to issue securitised bonds at this time.

The response from the rating agencies prospective investors to the underlying
quality of The Trafford Cente and its management has been most encouraging and
the Board is optimistic that it will be possible to reconsider an issue of
securitised bonds in the future.

In terms of its present requirements and current projects Peel is soundly
financed and has adequate resources.  Despite this setback, the Board continues
to view the future with confidence.

Enquiries:

Peel
Peter Scott, Managing Director  0161 629 8200

N M Rothchile
Stephen Louis, Director  0171 280 5711
Richard Bailey/Peter Bates  0161 827 3800

Deutsche Bank
Lemy Gresh, Managing Director  0171 547 3339