Discussions Continuing

BPT PLC
16 February 2001

                                                                
                      BPT plc ('BPT' or the 'Company')

On 1 February 2001 the Independent Committee of the Board of BPT announced
that the Company had agreed to extend, until 15 February 2001, the exclusive
negotiations with the consortium led by Deutsche Bank Real Estate Private
Equity Group and including Grainger Trust plc.

The Committee announces that discussions are very well advanced and it has
been agreed that if an offer were made it would be no later than 28 February
2001 and at a price of 321 pence per Ordinary Share.


Enquiries

BPT plc
Philip Warner, Chairman                     020 7487 3312

Schroder Salomon Smith Barney
James Brent
Iain Robertson                              020 7986 6000


Salomon  Brothers  International Limited, trading as Schroder  Salomon  Smith
Barney  ('SSSB'), which is regulated in the United Kingdom by The  Securities
and  Futures Authority Limited, is acting exclusively for BPT and no one else
in  connection with the proposed offer for BPT and will not be responsible to
anyone other than  BPT for providing the protections afforded to customers of
SSSB or  for giving  advice  in  relation to the proposed offer for BPT. 
Salomon  Smith  Barney  is  a service  mark  of  Salomon Smith Barney Inc. 
Schroders  is  a  trademark  of Schroders Holdings PLC and is used under
licence