RNS Number:0031Q
Halladale Group PLC
22 September 2003


            Halladale acquires prime Swindon office for #3.175 million

Halladale Group plc ("Halladale"), the UK property trading and development
company, announces that the Halladale Opportunity Fund ("Opportunity Fund") has
acquired Signal Point, a centrally located office building in Swindon, for
#3.175 million.

The Opportunity Fund is a 50/50 joint venture between Halladale and Kodak
Pension Plan. The Fund, set up in February 2003 when it also announced the
purchase of a #17.2m retail warehouse in Stockton-on-Tees, seeks to invest an
initial #50 million in commercial property. Kodak Pension Plan's interest is
managed by LaSalle Investment Management.

Comprising 82,000 sq ft over 12 floors above the town's railway station, Signal
Point is fully let to the vendor, Allied Dunbar Assurance plc, until 2009 with
an option to determine in 2007. The annual rent is #520,000 reflecting a net
initial yield of 16 per cent.

Halladale will manage Signal Point on behalf of the Opportunity Fund. Singer
Vielle advised Halladale and Jones Lang LaSalle acted for the vendor.

Ken Lindsay, Property Director of Halladale, commented:

"This extremely well-let office building is attractive to the Opportunity Fund
as it offers a number of asset management opportunities and a very attractive
initial yield. We are beginning to identify opportunities in the South East
office market where values have recently softened."

Justin Brown, Associate Director of LaSalle Investment Management, commented:

"The purchase of Signal Point allows the Opportunity Fund to access relatively
high levels of income during a period of relatively little rental growth. We
believe that over the next few years the opportunities identified will help this
asset to be a strong performer."

                                    - ends -


For further information please contact:

Ken Lindsay, Property Director, Halladale Group plc        0141 204 4633
Justin Brown, LaSalle Investment Management                020 7852 4484
David Rydell/Charlotte Kirkham, Bell Pottinger Financial   020 7861 3232
Stuart Lane, Collins Stewart Ltd                           020 7523 8310
 
Halladale

   *Halladale is a property trading and development company that creates
    value for shareholders through active and entrepreneurial management and
    risk controlled development of commercial property assets throughout the UK.

   *The value of its portfolio at 30 April 2003, including the aggregate
    value of joint ventures, was #145 million, a year on year increase of 25 per
    cent.

   *In the year ended 30 April 2003, profit before tax increased by 47 per
    cent to #1,691,000 year on year and the total dividend increased by 28 per
    cent to 1.6p per ordinary share.

   *In the same period, the total value of acquisitions and disposals
    increased by 46 per cent to #120 million.

   *Halladale was founded in 1991 by its Chief Executive, David Lockhart, and
    has offices in Glasgow and London. Halladale's shares were admitted to the
    AIM in April 2001.

   *For more information on Halladale please visit http://
    www.halladale.co.uk.


LaSalle Investment Management

LaSalle Investment Management is a global property investment manager with EUR
25 billion of assets under management in Europe, the Americas and Asia Pacific.
It provides a fully integrated investment management service for its
predominantly pension fund clients. It offers three broad but inter-related
services; segregated accounts of direct property, pooled funds of direct
property targeting specific opportunities, segregated accounts of quoted
property shares and/or REITs.


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

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