RNS Number:9996L
BFS Managed Properties Ltd
05 June 2003

NET ASSET VALUE

BFS MANAGED PROPERTIES LIMITED (the "Group")

AS AT 31 MAY 2003 THE NET ASSET VALUE OF EACH SHARE CLASS IN ISSUE WAS AS
FOLLOWS:-

ORDINARY SHARES:- 12.03 PENCE

ZERO DIVIDEND PREFERENCE SHARES:- 117.52 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 31 May 2003 #33.75 million of
each of these facilities had been drawndown, representing aggregate borrowings
of #67.5 million.

As at 31 May 2003 the Group's gross assets were #108.3 million comprising #2.6
million for the Income Portfolio, #100.1 million for the Property Portfolio and
#5.6 million for cash and net current assets. The Property Portfolio contained
21 properties totalling 28 buildings and 30 tenancies.

The properties held in the Property Portfolio were revalued at 31 March 2003 and
for the purposes of the above calculation have been included at their 31 March
2003 valuation.

For further information contact:

William van Heesewijk, for BFS Investments plc 01483 237773

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






                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

NAVUUUCGQUPWGRA