Acquisition

Property & Capital Group PLC
2 November 1999


OFFERS FOR NORCITY III AND NORCITY IV PLC

Property & Capital Group PLC ('the Company') announces that it is today making
cash offers to acquire the whole issued share capitals of Norcity III PLC and
Norcity IV PLC for £625,823.04 and £728,418.06 respectively.  The Company is
offering a Share Alternative of 1 New Property & Capital Group Share for every
2 Norcity III PLC or Norcity IV PLC shares respectively.