Further Re Offer

Property & Capital Group PLC
8 December 1999

                         PROPERTY & CAPITAL GROUP PLC
                                       
                                NORCITY IV PLC
                                       
Property & Capital Group plc has today announced that its Recommended Cash
Offer with Share Alternative to acquire the whole issued share capital of
Norcity IV PLC is unconditional as to acceptances, acceptances having been
received to the level of 90.10%.  The Offers for Norcity III and Norcity IV
PLC remain open to 14 December 1999.