Offer Partly Unconditional

Property & Capital Group PLC
13 December 1999


PROPERTY & CAPITAL GROUP PLC

Property & Capital Group has today announced that its Recommended Cash Offer
with Share alternative to acquire the whole issued share capital of Norcity
III PLC is unconditional as to acceptances, acceptances having been received
to the level of 91.20%.

The Offer for Norcity III PLC remains open to 14 December 1999.