RNS Number:4126L
Dawnay Day Corporate
22 May 2003


FORM SAR 3


Lodge with a RIS or Newstrack if appropriate and the Takeover Panel.

A copy must also be sent to the company the shares of which are acquired.


Date of disclosure

22nd May 2003


DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING

SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")


Date of acquisition

21st May 2003


Acquisition in (name of company)

BFS Managed Properties Limited


1. Class of voting shares (eg ordinary shares)

Ordinary shares


Number of shares/rights over shares acquired

 5,000,000


If rights over shares acquired, as opposed to the shares themselves, specify
nature of rights

N/a


2. Resultant total holding of voting shares (and % of total voting shares in
issue)

25,453,318 (28.92%)


Resultant total holding of rights over shares (and % of total voting shares in
issue)

Nil                                nil %


Total percentage

 28.92%


3. Party making disclosure

Dawnay, Day Corporate Finance Limited

4. (a) Name of person acquiring shares or rights over shares

Vidacos Nominees Ltd a/c Bear


and, if different, beneficial owner

Starlight Investments Limited and Tarragona Investment Group


(b) Names of any other persons acting by agreement or understanding (see SAR 5)

Dawnay, Day International Limited, Dawnay Day Properties Limited


Signed, for and on behalf of the party named in (3) above

YES



(Also print name of signatory)

RICHARD MORRISON


Telephone and extension number

020 7509 4570


Note.   Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.


For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section. Tel. No: 020 7638 0129.

Email:monitoring@disclosure.org.uk


                      This information is provided by RNS
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