RNS Number:9063E
Teesland Plc
05 November 2004

5 November 2004



                                   TEESLAND PLC

                            SUBSTANTIAL SHAREHOLDING


Pursuant to Section 198 of the Companies Act 1985, Teesland plc announces that,
following its offer for Property Fund Management plc becoming wholly
unconditional and the closing of its Placing and Open Offer, it was notified by
HBOS, on 4 November 2004, of the following substantial shareholdings:








Registered Holder                         Fund        Number of Shares Held   Percentage Holding
Bank of Scotland                           N/A           10,439,266                8.62%
Aggregate material holding of HBOS Group   N/A           10,439,266                8.62%




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