PFM Property FD Mgt

RNS Number:6431E
Teesland Plc
29 October 2004

                                                                 29 October 2004


                                     Board changes

        Teesland appoints new Executive Director and Company Secretary

Following the announcement on 28 October 2004 stating that the offer for the
whole of the issued and to be issued share capital of Property Fund Management
Plc ("PFM") had become wholly unconditional, Teesland plc ("Teesland") announces
that John Sims, formerly Chief Executive of PFM, has been appointed to the Board
of Teesland, with immediate effect.

Mr Sims, 52, was chief executive of PFM for nine years and floated the company
on the main market of the London Stock Exchange in 2002.  PFM's principal
operating subsidiary, Industrial Ownership Group - an industrial property fund
management business, was founded by Mr Sims in 1986.

In addition, Teesland announces the appointment of Marcus Shepherd as Company
Secretary of the new enlarged group, with immediate effect.  Mr Shepherd, 38,
joined PFM in 1993.  He was appointed Company Secretary of PFM in 1995 and was
responsible for the financial reporting on all funds.  Prior to this he was at
haysmacintyre where he qualified as a Chartered Accountant, specialising in the
real estate and venture capital sectors.

Mickola Wilson, joint Chief Executive of Teesland, said: "Now that the offer for
PFM has become wholly unconditional and we own over 99% of the shares, we can
begin work in earnest on the integration of our two companies.  The industrial
property and European markets expertise of John Sims and his team, together with
Teesland's knowledge of other sectors and services, will produce a much stronger
combined business with real growth opportunities.  I have known John for many
years and I am delighted to welcome him to the Board."

For further information:

Mickola Wilson                               Jeremy Carey / Marylene Guernier
Teesland plc                                 Tavistock Communications
Tel: 020 7659 4700                           Tel: 020 7920 3150



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