RNS Number:7364R
Halladale Group PLC
06 November 2003


           Halladale acquires two south-east offices for #3.4 million

Halladale Group plc ("Halladale"), the UK property trading and development
company, announces that the Halladale Opportunity Fund ("Opportunity Fund") has
completed its third acquisition securing the freehold interest in two office
buildings in Weybridge, Surrey for #3.4m.

In addition to the attractive initial yield of 11 per cent, the buildings, Case
House and Lancashire House, offer a number of asset management opportunities
over the medium term.

The Opportunity Fund is a 50/50 joint venture between Halladale and Kodak
Pension Plan. The Fund, set up in February 2003 with the purchase of a #17.2m
retail warehouse in Stockton-on-Tees, is investing an initial #50 million in
commercial property. Today's purchase is the third by the Fund following the
September acquisition of a prime office in Swindon for #3.175 million. Kodak's
interest in the Fund is managed by LaSalle Investment Management.

Halladale will manage the properties on behalf of the Opportunity Fund. Cyril
Leonard advised Halladale and Whitmarsh Holt Young acted for the vendor.

David Lockhart, Chief Executive of Halladale, commented:

"I commented at our AGM in September that we believed the office sector in the
south-east was beginning to present opportunities in advance of the next cycle.
Through this acquisition and the one in Swindon announced in September we are
beginning to dip our toe into that market."

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

"The purchase by the Opportunity Fund of these two office buildings in Weybridge
marks our continuing strategy to buy buildings with a high degree of active
management potential. We are confident that this strategy will position the Fund
for a recovery in the south east office market."

                                    - ends -

For further information please contact:

David Lockhart, Chief Executive, 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.








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