BPT PLC - Re Joint Venture

RNS Number:8054F
BPT PLC
18 February 2000

               BPT PLC AND WARNER ESTATE HOLDINGS PLC
                BPT ACQUIRES BALANCE OF JOINT VENTURE

The  Boards  of BPT plc (BPT) and Warner Estate Holdings  PLC  (WEH)
announce  that  BPT  has  acquired WEH's 50%  interest  in  a  joint
venture, Leyton Properties Limited (LP).

LP  was originally formed in 1991 as a joint venture between BPT and
WEH  to  acquire a portfolio of tenanted residential  property  from
WEH.  Since then, LP's properties have been managed by BPT.

The  consideration  for the 50% of LP bought by  BPT  from  WEH  was
#0.9m,  which was paid in cash on completion, equivalent to  50%  of
the currently valued pro-forma net assets of LP.

The  residential  portfolio of LP, which  had  an  agreed  value  of
#3.952m, comprises 79 tenanted units (78 being regulated and 1 being
Statutory  Assured)  and a freehold ground interest  in  322  units.
Currently  LP  generates gross rental income (incl. freehold  ground
rents)  of  #192,000.   All the residential  properties,  which  are
predominantly  maisonettes, are located in Leyton,  London  E10  and
E17.

Commenting,  Tim  Watts, Managing Director of BPT,  stated  "BPT  is
pleased  to take full ownership of LP, having managed the  portfolio
since  1991.   Fair value for the residential portfolio  in  LP  was
agreed with WEH, and showed good value growth over the past year  or
so.  LP represented the last significant commercial relationship BPT
has with WEH."

Andrew  Batty,  Property  Director of WEH  stated  "Completing  this
transaction suited both WEH and BPT, and allowed WEH to realise  its
passive investment in LP".

For further information
BPT PLC                               WARNER ESTATE HOLDINGS PLC
Tim  Watts,  Managing Director               Andrew Batty,  Property
Director
Tel: 01372 743 113                         Tel: 0171 487 3312
Nigel  Denby,  Finance Director              Peter Collins,  Finance
Director
Tel: 01274 723 181                         Tel: 0171 487 3312

CITIGATE DEWE ROGERSON                CITY PROFILE
Keeley Middleton                           Simon Courtenay
Tel: 0113 297 9899                         Tel: 0207 726 8588


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