RNS Number:1635B
Property Fund Management plc
23 July 2004


                          Property Fund Management plc
                                        
                               Holding in Company

In accordance with section 198 of the Companies Act 1985 (as amended), Property
Fund Management plc ('the Company') has been notified on 23 July 2004 by
Merrill Lynch Investment Managers Group Limited ('MLIM') that The Royal Bank of
Scotland Plc as Trustee of the KWS Growth and Recovery Fund and a client of MLIM
has a material interest in 668,488 ordinary shares of 5p each in the Company
representing approximately 3.02 per cent. of the Company's issued share capital.



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

END
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