Brainspark Launch of PROPEX

Brainspark PLC
22 November 2000

UK'S MAJOR INSTITUTIONAL PROPERTY OWNERS COMBINE TO LAUNCH PROPEX, THE ONLINE
                   TRADING PLATFORM FOR COMMERCIAL PROPERTY

Eighteen of the UK's largest institutional property owners have joined forces
with Brainspark, the incubator focused on creating Internet and
technology-related businesses, to support the launch of PROPEX, an
Internet-based exchange for trading commercial property.

PROPEX is a business to business commercial property portal for the whole
market, which will act as a partner solution for both principals and agents in
the commercial property world. It will allow all commercial property buyers to
communicate their investment needs to the market. For sellers it is a powerful
marketing management system and acts as a highway into their own web
resources.

More than £11 billion of commercial property transactions are completed in the
UK every year and PROPEX has taken the first steps towards creating an
electronic trading platform for this important market place. The initial
system module is due for release in early December, 2000.

The eighteen Founding Institutions, who collectively own some £80 billion
(approximately 60%) of the commercial property asset base in the UK, have
formed a unique partnership to increase liquidity and transparency across the
property market. They will have undertaken to support and take part in the
development of the PROPEX system and will assume a 50% stake in the business
under terms yet to be disclosed.

Chris O'Boyle of MEPC, who led the negotiations with Brainspark on behalf of
the Founding Institutions, said: 'I am confident our investment in PROPEX will
bring substantial benefits not just to the institutions involved but to the
market as a whole in promoting transparency and liquidity.'

Iain Reid of Aberdeen Property Investors, who has been responsible for
bringing the Founding Institutions together, said: 'It is a something of a
coup to have gained the agreement of organisations representing such a
significant proportion of the commercial market in what we all believe will be
a major and very positive development for UK property. But this is just the
start: I look forward to continuing discussions with agents and other parties.'

The eighteen Founding Institutions are expected to comprise:

Aberdeen Property Investors Limited
The British Land Company Public Limited Company
Celexa Real Estate Investment Management Ltd
The Equitable Life Assurance Society
Friends Ivory & Sime Property Asset Management plc
Hammerson UK Properties plc
Henderson Investors Limited
Hermes Property Asset Management Limited
Land Securities PLC
Legal & General Property Limited
MEPC Limited
Morley Fund Management Limited
PRICOA Property Investment Management Limited
Prudential Property Investment Management Limited
Quintain Estates and Development PLC
Schroder Property Investment Management Limited
Scottish Widows Investment Partnership Limited
Standard Life Investments Limited
The Equitable Life Assurance Society


Stewart Dodd, Chief Executive, of Brainspark, said:

'The Institutions comprising the Founding Investors are partners of a quality
that we wish we might have for all our businesses. Some of this group are also
investors in Brainspark plc and we see this as a mark of their continuing
confidence in us. We wish to enfranchise a wide group of market participants
and see this as a first step towards this goal.'


Colin Barber, of Propex, said:

'This is an exciting opportunity to bring internet-based services to the
property investment management industry which has hitherto been perceived as
lagging behind other players in the financial services. The co-operation
between such a large number of market participants represents a unique
opportunity.'


Enquiries:

Brainspark (020 7843 6600)

John McFarland

David Hart


PROPEX (020 7843 9972)

Colin Barber

Citigate Dewe Rogerson (020 7638 9571)

Martin Jackson / Charles Vivian


Founding Institutions

Iain Reid (020 7747 1714)

Chris O'Boyle (020 7911 5424)