RNS Number:7774P
BFS Managed Properties Ltd
15 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 August 2003 the NAV of each share class in issue was as follows:

ORDINARY SHARES 14.49 PENCE

ZERO DIVIDEND PREFERENCE ("ZDP") SHARES 120.10 PENCE

The above NAVs are based on issued share capital of 88,000,000 Ordinary shares
and 16,018,000 ZDP shares.

As at 31 August 2003 the Group's gross assets less current liabilities
(excluding current period revenue) were #99.13 million, comprising #2.77m for
the Income Portfolio, #93.74m for the Property Portfolio and #2.62m for cash and
net current assets. The Property Portfolio contained 18 properties totalling 25
buildings and 25 tenancies. Aggregate bank borrowings were #67.5m.

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 0845 130 1122

Harry Hyman, for Nexus Property Management Services Limited 01483 306912






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