Offer Update

Panther Securities PLC
27 December 2002

                                                           For immediate release
                                                             27th December, 2002


   Recommended Offer by John East & Partners Limited ('John East & Partners')

             on behalf of Panther Securities P.L.C. ('Panther') for

                      Eurocity Properties plc ('Eurocity')

                                  Offer Update


On 8th November, 2002, the boards of Panther and Eurocity announced the terms of
a recommended offer to be made by Panther for the whole of the issued ordinary
share capital of Eurocity not already owned by Panther.


John East & Partners and Panther announce that the share alternative of the
Offer has today been declared closed.


The Cash Offer, as set out in the Offer Document dated 26th November, 2002, will
remain open for acceptances until further notice.


As at 3.00pm on 25th December 2002, Panther had received valid acceptances of
the Offer in respect of 3,332,373 Eurocity Shares, representing approximately
57.20 per cent. of the issued share capital of Eurocity (of which holders of
642,581 Eurocity Shares had elected for the Share Alternative).


In addition, Panther holds 1,687,563 Eurocity Shares, representing 28.97 per
cent. of the issued share capital of Eurocity.


Following settlement of the consideration to which any shareholder is entitled
pursuant to valid acceptances received to date, Panther will hold 5,019,936
Eurocity shares, representing 86.17 per cent. of the issued share capital of
Eurocity.


Application has been made for the shares pursuant to the Share Alternative to be
admitted to the Official List and to trading on the London Stock Exchange.
Trading is expected to commence on 2nd January, 2003.  For those Eurocity
Shareholders who do not hold their Eurocity Shares in the CREST settlement
system definitive share certificates are expected to be despatched by first
class post on 2nd January, 2003.


The outstanding cash consideration due in respect of valid acceptances received
by 3.00 p.m on 25th December, 2002 will be posted to Shareholders by the later
of 31st December, 2002 and 14 days after the date of receipt of an acceptance
complete in all respects.


Terms defined in the Offer Document, dated 26th November 2002, have the same
meaning in this announcement save where the context requires otherwise.



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