RNS Number:3587K
BFS Managed Properties Ltd
24 April 2003

NET ASSET VALUE

BFS MANAGED PROPERTIES LIMITED (the "Group")

AS AT 28 FEBRUARY 2003 THE NET ASSET VALUE OF EACH SHARE CLASS IN ISSUE WAS AS
FOLLOWS:-

ORDINARY SHARES:- 12.32 PENCE

ZERO DIVIDEND PREFERENCE SHARES:- 114.99 PENCE

The initial gross assets of the Group were #110 million derived from the issue
on 16 July 2001 at #1 each of 88 million Ordinary Shares and 26 million Zero
Dividend Preference Shares, net of launch expenses.

In addition the Group has secured seven year term loans of #86 million in total
from Bank of Scotland and Lloyds TSB Bank plc. On 28 February 2003 #33.75
million of each of these facilities had been drawndown, representing aggregate
borrowings of #67.5 million.

As at 28 February 2003 the Group's gross assets were #107.8 million comprising
#3.7 million for the Income Portfolio, #99.2 million for the Property Portfolio
and #4.9 million for cash and net current assets. The Property Portfolio
contained twenty one properties totalling 28 buildings and 30 tenancies

The properties held in the Property Portfolio were revalued at 30 September 2002
and for the purposes of the above calculation have been included at their 30
September 2002 valuation.

For further information contact:

W van Heesewijk, for BFS Investments plc 01483 237773

Harry Hyman, for Nexus Property Management Services Limited 07973 344 768






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