Issue of Debt

British Assets Trust PLC
10 August 2001



British Assets Trust plc (the 'Company') announces an issue of £60,000,000
Secured Bonds due 2031 (the 'Secured Bonds').

The Board believes that the current conditions in the UK fixed interest market
offer the Company the opportunity to raise long term fixed rate borrowings at
attractive rates.  The proceeds will principally be used to invest in equities
in due course and to repay the Company's Equities Index Unsecured Loan Stock
2005.

The Secured Bonds will be secured by a floating charge over the whole of the
Company's assets, which will rank pari passu with all the Company's
outstanding debt.

The manager of the issue is UBS Warburg.

The issue price of the Secured Bonds is £99.343 per £100 nominal of Secured
Bonds and at the issue price, the new issue yield on the Secured Bonds is
6.299 per cent semi-annual.

The Secured Bonds will bear interest at a rate of 6.25 per cent per annum from
10 September 2001 payable semi-annually in equal instalments on 10 March and
10 September in each year.  The closing date is 10 September 2001 and the
maturity date is 10 September 2031.

Application will be made to the UK Listing Authority and London Stock Exchange
to list and trade the bonds.


For further information, please contact:

Gordon J Humphries
Company Secretary, British Assets Trust PLC              0131 465 1000

Tim Lindley                                              0207 568 8468
Ed Arden                                                 0207 567 2477
UBS Warburg