RNS Number:4981M
BFS Managed Properties Ltd
18 June 2003


                 BFS Managed Properties Limited (the "Parent")

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


                           Publication of a Circular


Further to the Group's announcement on 29 May 2003, the Group has today
published a circular to its shareholders detailing proposals to:


 a. seek the authority of the ZDP Shareholders for the purchase by the Subsidiary
    of all of its issued Zero Dividend Preference Shares ("ZDP Shares");

 b. seek the ZDP Shareholders' approval for the reduction of the share premium
    account of the Subsidiary in order to create distributable reserves out of
    which to fund the purchase of ZDP Shares; and

 c. increase the borrowing limit in the Parent's Articles of Association from 65
    per cent. of total assets to 85 per cent. of total assets to provide the
    Board with the ability to purchase a significant proportion of the ZDP
    Shares in issue.


The proposals are conditional upon the passing of resolutions at a class meeting
of ZDP Shareholders, an EGM of the Subsidiary and an EGM of the Parent to be
held on 4 July 2003.


A copy of the Circular has been lodged with the UK Listing Authority's Document
Viewing Facility, which is situated at:


Financial Services Authority

25 The North Colonnade

Canary Wharf

London E14 5HS

Tel no. 020 7676 1000



Enquiries:

Tony Reid/William van Heesewijk                       Tel: 01483 237773

BFS Investments PLC

Paul Richards                                         Tel: 020 7523 8350

Collins Stewart Limited




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