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Tuesday 05 June, 2001

Bromley Property

Offer Update

Bromley Property Investments Ld
5 June 2001

                                                                  5 June 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


          COMPULSORY ACQUISITION OF OUTSTANDING BPT ORDINARY SHARES


Bromley Property Investments Limited ('BPIL') announces that, as at 3.00 p.m.
on 5 June 2001, it had received valid acceptances under the Ordinary Offer in
respect of more than 90 per cent. of the Ordinary Shares to which the Ordinary
Offer relates.

In accordance with the provisions of sections 428 - 430F of the Companies Act
1985, BPIL will commence compulsory acquisition procedures to acquire all the
outstanding BPT Ordinary Shares.

The Offers will remain open for acceptance until further notice.

The definitions contained in the offer document sent to BPT Shareholders on 10
April 2001 apply for the purposes of this announcement.


Enquiries

Deutsche Bank       Debbie Robertson-Bond                020 7545 8000
                    David Church
                    Richard Finston


Deutsche Bank, which is regulated in the United Kingdom for the conduct of
investment business by The Securities and Futures Authority Limited, is acting
exclusively for BPIL and no one else in connection with the Offers and the
matters described herein and will not be responsible to any other person for
providing the protections afforded to its customers or for providing advice in
relation to the Offers or any of the other matters referred to herein.

This announcement is not an offer of securities for sale in the USA, Canada,
Australia or Japan. 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 of
interstate or foreign commerce of, or any facilities of a securities exchange
of, the USA, or in or into Canada, Australia or Japan and the Offers are not
capable of acceptance by any such use, means or instrumentality or facilities
or from or within the USA, Canada, Australia or Japan. Accordingly, copies of
this announcement are not being mailed or otherwise distributed or sent in or
into the USA, Canada, Australia or Japan.

The directors of BPIL accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the directors of
BPIL (who have taken all reasonable care to ensure that such is the case), the
information contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.

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 of 1933, as amended, 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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