Re Joint Venture

Grainger Trust PLC
13 December 2002


Bromley JV announces refinancing package

Bromley Property Holdings Limited ('BPHL'), the joint venture between Deutsche
Bank Real Estate Opportunities Group ('DBREOG') and Grainger Trust plc which was
established to acquire BPT plc, announces that it has successfully renegotiated
its debt arrangements.

The original debt was raised on acquisition finance terms and was due for
repayment in May 2003. It has now been replaced with a seven year facility
totalling £460m on more favourable terms that are appropriate to a medium term
loan. The debt remains non recourse to the shareholders of BPHL. This fund
raising has enabled a further cash distribution of £52m to be made to each of
the joint venture partners. 


For further information contact:

Cameron Spry             DBREOG                             020 7547 5377 
Andrew Cunningham        Grainger Trust                     0191 261 1819 
Marie Glanville          Bromley Property Holdings Limited  0191 261 1819 
Baron Phillips           Baron Phillips Associates          020 7397 8932


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