Holding in Company

British Assets Trust PLC
19 January 2001



                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     BRITISH ASSETS TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     MERSEYESIDE PENSION FUND

3)   Please state whether notification indicates that it is in respect of 
     holding of the Shareholder named in 2 above or in respect of a 
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18

     AS IN 2

4)   Name of the registered holder(s) and, if more than one holder, the 
     number of shares held by each of them.

     THE BANK OF NEW YORK BRUSSELS   -   A/C 605000

5)   Number of shares/amount of stock acquired.


6)   ( N/A %) of issued Class

7)   Number of shares/amount of stock disposed



8)   ( N/A %) of issued Class

9)   Class of security

     GROWTH SHARES 25p

10)  Date of transaction

     

11)  Date company informed

     18/01/01

12)  Total holding following this notification

     10,000,000
               
13)  Total percentage holding of issued class following this notification

     21.04%

14)  Any additional information

     THIS ANNOUNCEMENT DOES NOT RELATE TO A SHARE TRANSACTION. 
     IT IS A RESULT OF A REDUCTION IN THE ISSUED SHARE CAPITAL

15)  Name of contact and telephone number for queries

     DEREK OSBORNE
     0131 - 465 - 1000

16)  Name and signature of authorised company official responsible for 
     making this notification

     Date of Notification  19 JANUARY 2001