SAR - Eurocity Properties

Panther Securities PLC
3 October 2001

                                                        FORM SAR 3

Lodge with Company Announcements Office and the Panel.  A copy must also be
sent to the company the shares of which are acquired.

                                       Date of disclosure 3rd October, 2001

                 DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING
                   SUBSTANTIAL ACQUISITIONS OF SHARES ('SARs')


Date of acquisition 24th September, 2001

Acquisition in Eurocity Properties PLC


(1) Class of voting shares    Number of shares/rights   If rights over shares
    (eg ordinary shares)      over shares acquired      acquired, as opposed
                                                        to the shares
                                                        themselves, specify
                                                        nature of rights

    Ordinary shares                100,000 shares
                              ...N/A..........rights


(2) Resultant total holding   Resultant total holding   Total percentage
    of voting shares (and %   of rights over shares
    of total voting shares    (and % of total voting
    in issue)                 shares in issue)

    1,387,563(24.07%)         ...............(    %)    1,387,563(24.07%)



(3) Party making disclosure:  Panther Securities PLC


(4)  (a)  Name of person acquiring shares or rights over shares:
             Panther Securities PLC

          and, if different, beneficial owner...............................

     (b)  Names of any other persons acting by
          agreement or understanding (see SAR 5)............................


Signed, for and on behalf of the party named in (3) above...................

(Also print name of signatory) Peter Rowson - Director of Panther Securities
P.L.C.

Telephone and extension number. 020 7278 8011

Note. Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person.  Note 3 on SAR 5 requires persons who must
aggregate holdings to disclose certain disposals.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section, Tel. No: 020 7638 0129.