RNS Number:2479U
BFS Managed Properties Ltd
14 January 2004



BFS MANAGED PROPERTIES LIMITED (the "Parent")

BFS MANAGED PROPERTIES SECURITIES LIMITED (the "Subsidiary")

(together the "Group")



NET ASSET VALUES ("NAVs")

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

ORDINARY SHARES 20.24 PENCE

ZERO DIVIDEND PREFERENCE ("ZDP") SHARES 123.60 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 December 2003 the Group's gross assets less current liabilities
(excluding current period revenue) were #104.76 million, comprising #3.68m for
the Income Portfolio, #99.51m for the Property Portfolio and #1.57m for cash and
net current assets. The Property Portfolio contained 18 properties totalling 25
buildings and 25 tenancies. Aggregate bank borrowings were #67.5m.

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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