Final Results-Summary

BPT PLC
14 June 2000

SUMMARY  

                               
        BPT BEATS NAV MARKET EXPECTATIONS AT 373p PER SHARE

The  Directors  of  BPT plc (formerly called The Bradford  Property
Trust  PLC),  the  largest  quoted owner  of  tenanted  residential
properties  in  the private rented sector in the  UK,  reports  its
preliminary audited results for the year ended 5 April 2000.

Financial Highlights

Operating profit increased 13% to £51.0m (1999 £45.3m before
  exceptional items)    
Profit before tax increased 14% to £38.9m (1999 £34.0m before
  exceptional items)
Earnings per ordinary share increased 13% to 18.43p (1999 16.34p before
exceptional items)
Dividend per ordinary share increased 9% to 10.70p (1999 9.80p)
Net asset value increased from £409.5m to £548.9m
Net asset value per ordinary share increased 34% to 373p (1999 279p)

Corporate Highlights

Value of property portfolio increased in year from £565.9m to £760.8m.
Strong growth in housing values, especially in the South East of England,
supported by external sample valuation from Allsop & Co Invested over
£100m in year in acquiring residential properties including five corporate
acquisitions.
Number of residential property units increased in the year from 10,734 to
11,390.
First entry in the public eurobond market through the issue of £75m 6.90% Bonds
2014 in July 1999.

Comment on the prospects for the group, Chairman Philip Warner said:

'Although  the exceptional rate of growth since early  1999  in  UK
housing  capital  values  is unlikely to be  sustained,  continuing
favourable fundamentals such as relatively low interest rates  lead
the Board to anticipate  continued growth throughout 2000.

In  addition,  the Internet and e-commerce offer new  opportunities
for  marketing residential properties for rent, which the group  is
actively pursuing.

From  the  number  of proposals being reviewed by BPT's  management
team,  I  expect  another  active year and  continuing  success  in
delivering BPT's strategy.'

For further information contact:

BPT plc                                           Citigate Dewe Rogerson
Tim Watts, Managing Director                           
Keeley Middleton
Tel:        [phone] (today)                             
Tel:        [phone] (today)
            01372 743113 (thereafter)
            0113 2979899 (thereafter)
Nigel Denby, Finance Director
Tel:        [phone] (today)
            01274 723181 (thereafter)

                       CHAIRMAN'S STATEMENT

Review of the Year
I  am  pleased to report further excellent progress with  operating
profit  increasing by 13% to £51.0m (1999 £45.3m before exceptional
items  relating  to the profit generated on the sale  of  land  and
commercial property at Martlesham Heath), profit before tax by  14%
to  £38.9m (1999 £34.0m before exceptional items) and earnings  per
ordinary  share  by  13% to 18.43p (1999 16.34p before  exceptional
items).

The  directors  recommend a final dividend per ordinary   share  of
6.00p  (1999  5.40p) making a total for the year  of  10.70p  (1999
9.80p), an increase of 9%.  If approved by shareholders, the  final
dividend will be paid on 4 August 2000 to ordinary shareholders  on
the register on 7 July 2000.

On  revaluation of all property assets and the listed  fixed  asset
investment  (in Mountview Estates PLC) the pre-tax net asset  value
of  each  ordinary share increased by 34% to 373p at 5  April  2000
(1999 279p).

These  excellent  results arise against the  background  of  strong
growth  in  housing values and a record year of activity  for  BPT.
BPT's  management  team has handled over 2,500  vacant  residential
property units, selling £65.7m worth of property and investing over
£100m acquiring residential property assets.

Last  year  I  referred to the introduction  in  February  1999  of
Government   imposed  limits  on  increases  in  regulated   rents.
However,  in January 2000 the Court of Appeal decided, following  a
judicial  review,  that  the  secondary legislation  introduced  by
Government  was unlawful.  Since then increases in regulated  rents
are  only  subject to the normal fair rent rules as  determined  by
rent officers.

In  June  1999 Fitch IBCA published a credit rating report  on  the
Company and assigned a long term investment grade credit rating  of
A-.   In July 1999 the Company made its first entry into the public
eurobond  market by issuing £75m 6.90% Bonds 2014.   This  improved
the  debt term profile and gave the Company competitive fixed  rate
longer term debt.

Business Strategy
BPT   continues  to  implement  a  clear  and  consistent  business
strategy.   It is focused on the private rented residential  sector
to  deliver long term total returns to shareholders through  growth
in  both  earnings  and asset value.  This year represents  another
year of management successfully delivering that strategy.

The  private rented residential sector is continuing to  gain  more
interest  and direct investment from institutions.  Two  particular
features  of the sector deserve comment.  Firstly, given that  this
type  of property investment is management intensive, economies  of
scale  through  portfolio size delivers above average  performance.
Secondly,  returns  are  related  to  the  quality  of  residential
management,  of which generally in the UK there is  a  lack,  which
presents a significant barrier to new entrants. BPT, with its size,
experienced residential management team and market leadership is in
a strong position.

The  Board  has  become increasingly concerned at the disappointing
share  price performance over the past few months, particularly  in
view  of  the Company's excellent operational results.  The  quoted
property  sector now amounts to less than 2% by value of  the  FTSE
All  Share  Index  and  there are clear  signs  that  institutional
investors  are  marginalising the sector and are looking  at  other
methods of investing in commercial and residential property.

The  Board  continues  to  believe that the residential  investment
market  offers  attractive opportunities for  BPT  and  that  BPT's
strategy remains sound.  However, the Board is concerned that BPT's
ability  to continue to expand the business will be constrained  by
the limited size of the group's existing balance sheet and lack  of
institutional  support in the public equity markets to  fund  BPT's
anticipated  growth.

Accordingly,  the Board is undertaking a detailed review  with  its
professional  advisors  on how BPT can best  pursue  its  strategic
development  and achieve value for shareholders.  This review  will
be  completed by the end of July.  It will include an  analysis  of
ways  in  which  BPT  can further improve the  performance  of  the
business through enhancing  the quality and operational performance
of  the  asset portfolio (including use of the internet  to  market
residential property for rent), reducing BPT's cost of capital  and
restructuring  the Company to allow BPT to access equity  and  debt
from  a  wider range of capital markets.  The Board's objective  is
significantly to reduce the present large and, in the Board's view,
unwarranted discount of the share price to net asset value.

A  resolution is being proposed at the Annual General Meeting  this
year which, if approved, will increase the authority to buy back up
to 14.9% of the Company's issued ordinary share capital.

Management and the Board
In August 1999 the appointment of Christopher Kemball was announced
as  an  additional independent non-executive director.  In November
1999  it was announced that, with effect from 1 January 2000, James
Story would join the Board as Property Director, North.

Prospects
Although  the  exceptional rate of growth since early  1999  in  UK
housing  capital  values  is unlikely to be  sustained,  continuing
favourable fundamentals such as relatively low interest rates  lead
the Board to anticipate  continued growth throughout 2000.

In  addition,  the Internet and e-commerce offer new  opportunities
for  marketing residential properties for rent, which the group  is
actively pursuing.

From  the  number  of proposals being reviewed by BPT's  management
team,  I  expect  another  active year and  continuing  success  in
delivering BPT's strategy.

Philip Warner
Chairman
14 June 2000


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