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Friday 25 May, 2001

Bromley Property

Offer Update

Bromley Property Investments Ld
25 May 2001


                                                                   25 May 2001

  NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,
                          CANADA, AUSTRALIA OR JAPAN



                       Recommended Cash Ordinary Offer

                             and Preference Offer

                                      by

                                Deutsche Bank

              on behalf of Bromley Property Investments Limited

             to acquire the whole of the issued share capital of

                                   BPT plc

                     OFFERS UNCONDITIONAL IN ALL RESPECTS



Deutsche Bank announces on behalf of Bromley Property Investments Limited
('BPIL') that the Offers have been declared unconditional in all respects, all
conditions having been satisfied or waived.

The Offers, which are subject to the conditions set out in the Offer Document,
will remain open for acceptance until further notice. The Partial Loan Note
Alternative will remain open for acceptance until 3pm on 5 June 2001. BPT
Shareholders who wish to accept the Offers and have not yet done so should
despatch their relevant Forms of Acceptance as soon as possible.

By 3.00 p.m. on 24 May 2001, BPIL had received valid acceptances of the
Ordinary Offer in respect of 79,101,332 BPT Ordinary Shares, representing
approximately 53.81 per cent. of the existing issued ordinary share capital of
BPT.

BPIL has also conditionally agreed to acquire Warner Estate, Limited which
holds 19,260,000 Ordinary Shares representing approximately 13.11 per cent. of
BPT's issued ordinary share capital. Since the announcement of the Offers,
BPIL has purchased or agreed to purchase 20,064,832 BPT Ordinary Shares
representing 13.65 per cent. of BPT's issued ordinary share capital. BPIL
therefore owns, has conditionally agreed to acquire, controls or has received
valid acceptances in respect of 118,426,164 BPT Ordinary Shares representing
80.57 per cent. of BPT's issued ordinary share capital.

By 3.00 p.m. on 24 May 2001, BPIL had received valid acceptances of the
Preference Offer in respect of 1,075,201 BPT Preference Shares, representing
approximately 69.61 per cent. of the existing issued preference share capital
of BPT.

Warner Estate, Limited, which BPIL has conditionally agreed to acquire, holds
214,000 Preference Shares representing approximately 13.85 per cent. of BPT's
issued preference share capital. BPIL therefore has conditionally agreed to
acquire or has received valid acceptances of the Preference Offer in respect
of 1,289,201 BPT Preference Shares representing 83.47 per cent. of BPT's
issued preference share capital.

Prior to the announcement of the Offers, BPIL had received irrevocable
undertakings to accept the Ordinary Offer in respect of 3,799,775 BPT Ordinary
Shares, representing approximately 2.59 per cent. of the issued ordinary share
capital of BPT, and expressions of intent to accept the Ordinary Offer in
respect of 17,707,808 BPT Ordinary Shares, representing approximately 12.05
per cent. of the issued ordinary share capital of BPT. Furthermore, On 2
August 2000, the last day prior to the commencement of the Offer Period,
persons deemed to be acting in concert with BPIL held in aggregate 379,963 BPT
Ordinary Shares, representing approximately 0.3 per cent. of the issued
ordinary share capital of BPT. Of the valid acceptances received by BPIL in
respect of the Ordinary Offer, 360,535 Ordinary Shares, representing
approximately 0.25 per cent. of the issued ordinary share capital of BPT have
been received from persons acting in concert with BPIL.

Settlement of the consideration due under the Offers in respect of acceptances
received not later than 3.00 p.m. on 25 May 2001 which are complete in all
respects will be despatched on or before 8 June 2001 and within 14 days of the
receipt in respect of further acceptances which are complete in all respects.

Save as set out above neither BPIL, nor any of the directors of BPIL, nor (so
far as BPIL is aware) any party deemed to be acting in concert with BPIL owned
any BPT Shares or rights over BPT Shares on 2 August 2000, the last day prior
to the commencement of the Offer Period, nor have they acquired or agreed to
acquire any BPT Shares or rights over BPT Shares during the Offer Period, nor
have acceptances been received from persons deemed to be acting in concert
with BPIL.

BPIL intends to procure that BPT applies for cancellation of the listing of
BPT Ordinary and Preference Shares on the Official List and the cancellation
of the trading of BPT Shares on the London Stock Exchange's market for listed
securities and re-registration as a private company in due course.

Words and expressions defined in the Offer Document dated 10 April 2001 shall,
unless the context otherwise requires, have the same meaning when used in this
announcement.

Enquiries:
Deutsche Bank (Financial Adviser and Corporate Broker to BPIL)
Debbie Robertson-Bond                                            020 7545 8000
David Church
Richard Finston

Baron Phillips Associates
Baron Phillips                                                   020 7397 8932


Deutsche Bank, which is regulated for the conduct of investment business by
The Securities and Futures Authority Limited, is acting for BPIL and for no
one else in connection with the Offers and will not be responsible to anyone
other than BPIL for providing the protections afforded to customers of
Deutsche Bank or for giving advice in relation to the Offers.

The Offers are not being made, directly or indirectly, in or into or by use of
the mails of, or by any means or instrumentality (including, without
limitation, facsimile transmission, telex, e-mail or telephone) of interstate
or foreign commerce of, or of any facilities of a national securities exchange
of, the United States, nor is it being made in or into Canada, Australia or
Japan, and this announcement is not being mailed or otherwise distributed or
sent in or into the United States, Canada, Australia or Japan. Any person
(including nominees, trustees and custodians) who would, or otherwise intends
to, forward this announcement to any jurisdiction outside the United Kingdom
should read paragraph 6 of Part B and Part C of Appendix I to the Offer
Document before taking any action.

The Loan Notes will not be listed on any stock exchange and have not been, and
will not be, registered under the US Securities Act, or under the securities
laws of any state or other jurisdiction of the United States; the relevant
clearances have not been obtained and will not be obtained from the securities
commission of any province of Canada; no prospectus in relation to the Loan
Notes has been, or will be, lodged with or registered by the Australian
Securities & Investments Commission; nor have any steps been taken to enable
the Loan Notes to be offered in Japan in compliance with applicable securities
laws of Japan. Accordingly, the Loan Notes may not (unless an exemption under
relevant securities laws is applicable) be offered, sold, resold, or
delivered, directly or indirectly, in or into the United States, Canada,
Australia or Japan.




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