RNS Number:1506R
BFS Managed Properties Ltd
21 October 2003



BFS MANAGED PROPERTIES LIMITED (the "Parent")

BFS MANAGED PROPERTIES SECURITIES LIMITED (the "Subsidiary")

(together the "Group")



NET ASSET VALUES ("NAVs")

As at 30 September 2003 the NAV of each share class in issue was as follows:

ORDINARY SHARES 21.05 PENCE

ZERO DIVIDEND PREFERENCE ("ZDP") SHARES 120.95 PENCE



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

As at 30 September 2003 the Group's gross assets less current liabilities
(excluding current period revenue) were #105.04 million, comprising #3.31m for
the Income Portfolio, #99.51m for the Property Portfolio and #2.22m 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 independently revalued at 30
September 2003 resulting in an uplift of #5.78m on their valuation at 31 March
2003. For the purposes of the above calculation properties have been included at
their 30 September 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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