Statement re Subsidiary

Property & Capital Group PLC
28 April 2000


Property & Capital Group PLC (the 'Group')

Property & Capital Group PLC has agreed in principle to transfer a subsidiary
which (presently by subcontracting out) manages its residential properties to
Spacetorent.com Limited (50% owned by the Delancey Estates Group) for £200,000
cash and 5% of the capital of Spacetorent.com Limited.  A fuller announcement
will be made shortly.