RNS Number:1651T
BFS Managed Properties Ltd
11 December 2003



BFS MANAGED PROPERTIES LIMITED (the "Parent")

BFS MANAGED PROPERTIES SECURITIES LIMITED (the "Subsidiary")

(together the "Group")



NET ASSET VALUES ("NAVs")

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

ORDINARY SHARES 21.04 PENCE

ZERO DIVIDEND PREFERENCE ("ZDP") SHARES 121.84 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 October 2003 the Group's gross assets less current liabilities
(excluding current period revenue and unaudited revenue for the year ended 30
September 2003) were #105.19 million, comprising #3.65m for the Income
Portfolio, #99.51m for the Property Portfolio and #2.03m 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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