Negotiations Extended

BPT PLC
1 February 2001

                                      
                               BPT plc ('BPT')
                                      

On  4 December 2000 the Independent Committee of the Board of BPT, comprising
the  non-executive directors, announced that it had entered into a period  of
exclusive  negotiations expiring on 31 January 2001 regarding  the  proposals
(the  'Proposals') made by the consortium led by Deutsche  Bank  Real  Estate
Private  Equity  Group  and including Grainger Trust  plc.   The  Independent
Committee  announces that discussions are well advanced and that this  period
of exclusive negotiations has been extended until 15 February 2001.

Enquiries

BPT plc
Philip Warner, Chairman                                     020 7487 3312

Schroder Salomon Smith Barney
James Brent
Iain Robertson                                              020 7986 6000


Salomon  Brothers  International Limited, trading as Schroder  Salomon  Smith
Barney  ('SSSB'), which is regulated in the United Kingdom by The  Securities
and  Futures Authority Limited, is acting exclusively for BPT and no one else
in  connection with the Proposals and will not be responsible to anyone other
than  BPT for providing the protections afforded to customers of SSSB or  for
giving  advice  in  relation to the Proposals.  Salomon  Smith  Barney  is  a
service  mark  of  Salomon Smith Barney Inc.  Schroders  is  a  trademark  of
Schroders Holdings PLC and is used under licence.