RNS Number:5769P
BFS Managed Properties Ltd
09 September 2003



BFS MANAGED PROPERTIES LIMITED (the "Parent")

BFS MANAGED PROPERTIES SECURITIES LIMITED (the "Subsidiary")

(together the "Group")



NET ASSET VALUES ("NAVs")

As at 31 July 2003 the NAV of each share class in issue was as follows:

ORDINARY SHARES 14.56 PENCE

ZERO DIVIDEND PREFERENCE ("ZDP") SHARES 119.22 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 30 June 2003 #33.75 million of
each of these facilities had been drawn down, representing aggregate borrowings
of #67.5 million.

As at 31 July 2003 the Group's gross assets less current liabilities (excluding
current period revenue) were #99.0 million, comprising #3.1m for the Income
Portfolio, #93.7m for the Property Portfolio and #2.2m for cash and net current
assets. The Property Portfolio contained 18 properties totalling 25 buildings
and 25 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.

Further to the announcement made on 29 May 2003 regarding proposals to buy-back
ZDP shares and the announcement of the necessary shareholder approvals on 4 July
2003, the Royal Court of Guernsey approved the cancellation of the Subsidiary's
share premium account on 11 July 2003. A Special Reserve was created and is
available for the purchase and cancellation of the Subsidiary's own ZDP shares
in issue.

As at 31 July 2003 a total of 9,982,000 ZDP shares had been purchased at a cost
of #9.44m. The accrued entitlement of these shares at 11 July 2003 per the
Articles of Association was #11.84m. Following cancellation of these shares
there are now 16,018,000 ZDP shares left in issue.





For further information contact:

William van Heesewijk, for BFS Investments plc 0845 130 1122

Harry Hyman, for Nexus Property Management Services Limited 01483 306912






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