Result of EGM re Scheme of Reconstruction

French Property Trust PLC
17 January 2000

FRENCH PROPERTY TRUST PLC ('FPT')
RESULTS OF SHAREHOLDER MEETING RELATING TO SCHEME OF
RECONSTRUCTION

An Extraordinary General Meeting of FPT (the
'EGM') was held today to approve the liquidation
of FPT and related matters.  Both of the
resolutions proposed at the EGM were passed and
the scheme of reconstruction and liquidation of
FPT (the 'Scheme') as described in Part 3 of the
circular to shareholders dated 14 December 1999
became effective.

FPT shareholders will receive 9.096 shares in the
European Asset Value Fund (a Luxembourg open-ended
investment company) ('EAVF'), each with a net asset
value of US$22.8917 (as at the close of business on 12
January 2000), in exchange for every 100 FPT shares
under the Scheme (and so in proportion for any other
number of FPT shares held but rounded down to the
nearest 1/1000th of an EAVF share).  Written
confirmation of the number of EAVF shares allocated to
FPT shareholders under the Scheme will be sent out in
the next few days.  EAVF shares may be redeemed on
request to EAVF via Banque Pictet (Luxembourg) S.A.

Dealings in FPT shares on the London Stock Exchange
will be suspended from tomorrow, Tuesday 18 January
2000.

Prior to the EGM, the board of directors of FPT
declared a second interim dividend of 4.3p per share,
in respect of the period 1 January 1999 to 17 January
2000, which will be paid today to those FPT
shareholders who were on the register of members at the
close of business on 10 January 2000.

FPT is entitled to refunds of French and UK tax of, in
aggregate, approximately £660,000 (based on current
rates of exchange) which form part of the liquidation
fund provided for by FPT's liquidators.  In addition,
FPT's liquidators have made a provision in the
liquidation fund of £100,000 for contingencies over and
above FPT's known liabilities.

Subject to no unforeseen circumstances occurring, FPT's
liquidators expect to make capital distributions, in
cash, out of the liquidation fund to FPT shareholders
on the register as at the close of business today
shortly after receipt of the UK and French tax refunds.
If no contingencies arise, it is expected that the
total amount of such capital distributions will be
approximately £760,000 or 3.1p per FPT share.  The
final capital distribution will not be made until all
tax refunds have been received.  It is anticipated that
it may take up to two years to recover the final French
tax refund.

ENQUIRIES:

French Property Trust PLC:       
William Fossick                  Tel:  [phone]
                                 
Ivory & Sime Asset Management:   
John Walton/Mark Townsend        Tel:  [phone]
                                 
Intelli Corporate Finance:       
Gordon Neilly                    Tel:  [phone]


NOTE TO EDITORS:

EAVF shares are issued and redeemed on a weekly basis
through Banque Pictet (Luxembourg) S.A. at prices,
denominated in US dollars, based on their underlying
asset value.  The asset value figure of EAVF may be
found in the FT Managed Funds Service section of the
Financial Times under the heading 'Luxembourg
(regulated)'.  The listing is in alphabetical order and
the US dollar denominated value is shown daily with the
up-date appearing in the Friday edition.

In relation to the Scheme, the preparation and
distribution of this announcement and all other matters
relating to the Scheme, Intelli Corporate Finance
Limited, which is regulated by The Securities and
Futures Authority Limited, is acting for French
Property Trust PLC and is not acting for any other
persons and will not be responsible to any persons
other than French Property Trust PLC for providing the
protections afforded to customers of Intelli Corporate
Finance Limited or for providing advice on the Scheme,
the contents of this announcement or any other matters
relating to the Scheme.