RNS Number:7555Q
Pillar Property PLC
10 October 2003

10 October 2003

                 CASTLE QUAY, BANBURY SOLD FOR #101.3 MILLION

Pillar Property plc announced today that PillarCaisse, the 50/50 joint venture
between Pillar and SITQ, has sold its long leasehold interest in the Castle Quay
Shopping Centre, Banbury to Scottish Widows Plc.  The purchase price of #101.3
million reflects a net initial yield of 6.1%.

Developed in two phases, Phase 1, comprising 150,000 sq ft, was originally built
in the mid-1970s and was formally known as the Castle Centre.  It was
refurbished in 1999 shortly before PillarCaisse developed Phase 2, a 250,000 sq
ft extension which was opened to the public in 2000.

Anchored by Debenhams, tenants also include Woolworths, BHS, Gap, HMV, Next,
Arcadia and Boots. Castle Quay now comprises over 78 retail units, a tourist
information centre, a heritage museum and working boatyard, together with two
dedicated car parks either side of the Oxford Canal, providing car parking for
850 cars.

Andrew Jones, director at Pillar commented: "We have successfully developed
Castle Quay into a unique regional retail and leisure destination and are
extremely pleased with the high level of investor interest we received.

"The sale of castle Quay is in line with Pillar's strategy to focus its asset
management skills on its core retail warehouse investments, both in the UK and
the wider Eurozone."

PillarCaisse was represented by CB Richard Ellis and Scottish Widows by Lewis
Ellis and Jackson Criss.

                                      END


For further information, please contact:

Andrew Jones/Humphrey Price                         Tel: 020 7915 8000
Pillar Property PLC

Charlotte Stone/Neil Bennett                        Tel: 020 7554 1400
Gavin Anderson & Company

For further information about Pillar Property, please visit the website at
www.pillarproperty.com


Notes to Editors

Pillar is the UK's largest retail park operator, with 4.8 million sq.ft. on 24
retail parks under management.

The majority of Pillar's investments are in the form of units in the Hercules
Unit Trust (of which all the assets are retail parks). At 29 September 2003,
Pillar owned 40.29% of Hercules. It also retains a 36% stake in the City of
London Office Unit Trust (of which all assets are City of London office
properties). Pillar is also property adviser to both these trusts which, as at
31 March 2003 had, in aggregate, investment portfolios of approximately #2.47
billion.

Pillar receives management fees on the trust portfolio and performance fees
dependent upon trust investment performance exceeding certain benchmarks. In
addition to its investment in the trusts, Pillar also has a number of sole
investments in other retail parks.




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            The company news service from the London Stock Exchange
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