Reduction of Gearing

Property & Capital Group PLC
17 April 2000


Property & Capital Group Plc ('the Group')

Reduction of Gearing

Following the receipt of proceeds from the sale of property announced on
2,8,10 and 17 March 2000 which was conducted to reduce gearing and fund
further investments, the Group has:

a)  repaid £0.60 million, being the balance of Loan Stock 2001-2006, to the
Adair Trusts in advance of the required date;

b)  repaid £2.00 million towards loans which the Adair Trusts had made to PCG
Residential Lettings Holdings PLC prior to the acquisition of that company by
the Group on 8 February 2000;

c)  repaid £12.55 million of Bank loans.