BourneEnd Properties - Acquisition

RNS Number:3958D
Bourne End Properties PLC
7 January 2000

               BOURNE END ACQUIRES #15m TORQUAY SHOPPING CENTRE

Bourne End Properties plc ("Bourne End") today announces that it has exchanged
contracts to acquire the 230,000 sq ft Fleet Walk Shopping Centre in Torquay
from Scottish Widows for #15.1m cash, reflecting a net initial yield of 6.4%.

Originally developed in 1990 by Rosehaugh Heritage the Fleet Walk centre
currently generates approximately #1.02m of net annual rental income from a
wide range of national multiples including: Laura Ashley, Hamells, Superdrug,
W H Smith, C&J Clark, Virgin and Arcadia.

The centre also includes a 450 space multi-storey car park, a 30,000 sq ft
winter garden which is currently vacant and a further 3,200 sq ft of empty
retail space fronting Fleet Street, Torquay's prime shopping street.

This is the second major shopping centre purchase Bourne End has made within
the space of less than one month. In the middle of December the company
announced the acquisition of a 50% interest in the 280,000 sq ft Treaty
Centre, Hounslow, from Taylor Woodrow for a total of #15.5m cash.

David Roberts, Bourne End's Chief Executive, said: "This is another step in
creating a major shopping centre investment portfolio. Fleet Walk is a quality
centre with significant opportunities to increase both income and capital
value. As a result of this latest acquisition we now own 10 shopping centres,
accounting for 85% of our total property investment portfolio."

Bourne End was advised by Franc Warwick while Scottish Widows was represented
by Joiner Cummings.


Contact:   David Roberts, Chief Executive,
           Bourne End Properties plc.                    Tel: 0171-631 4500
           Baron Phillips,
           Baron Phillips Associates.                    Tel: 0171-224 1302


END

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