RNS Number:6764L
BFS Managed Properties Ltd
29 May 2003

                 BFS Managed Properties Limited ("the Company")

  BFS Managed Properties Securities Limited ("the Subsidiary") (together
                                  "the Group")

              Buy-back of Zero Dividend Preference ("ZDP") Shares



The Group is currently holding cash or cash equivalents of approximately #9
million. The Board has reviewed the Group's capital structure and has concluded
that the most effective use of its cash and near cash holdings is to buy-back
ZDP shares.

In order to achieve this the Board of the Subsidiary will be seeking authority
from the ZDP shareholders to re-purchase all of the ZDP shares and to eliminate
the Subsidiary's Share Premium account in order to create a new Special Reserve
out of which re-purchases of ZDP shares may be made. In addition, the approval
of the Royal Court of Guernsey is required.

The Company's Articles of Association currently provide that Group borrowings
must not exceed 65% of the Group's total assets. By re-purchasing and then
cancelling ZDP shares the Company's total assets will fall and therefore, in
order to provide the Subsidiary with flexibility to continue re-purchasing ZDP
shares, it is proposed that the restriction on borrowings in the Company's
Articles of Association is increased from 65% to 85% of total assets.
Accordingly, the Board will be seeking the approval of the Company's Ordinary
shareholders and ZDP shareholders for a change in the Company's Articles of
Association.

The Board expects to post a Circular to all shareholders very shortly seeking
the approvals set out above.

In advance of the requisite approvals the Company intends, with immediate
effect, to commence making market purchases of ZDP shares. These purchases will
only be made at a discount to net asset value. Pending approval of the matters
set out above the Company will hold any ZDP shares purchased. If the authorities
requested are not approved then any ZDP shares purchased by the Company will be
held until maturity. The Company will not exercise the voting rights attaching
to the ZDP shares it holds on any matter.

Enquiries:

Tony Reid                                                    Tel: 01483 237773

BFS Investments PLC

Paul Richards                                                Tel: 020 7523 8350

Collins Stewart Limited



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