Result of Strategic Review

BPT PLC
4 December 2000

                               BPT plc ('BPT')
                                      
                   BPT PLC CONFIRMS EXCLUSIVE NEGOTIATIONS

On 3 August 2000, the Board of BPT announced that as a result of its
strategic review, it had decided to investigate with a number of parties
whether the interests of its existing shareholders would be best served by a
cash offer being made for all of the share capital of BPT.

The Independent Committee of the Board, comprising the non-executive
directors, confirms that BPT has now entered into a period of exclusive
negotiations, expiring on 31 January 2001, with a third party consortium with
a view to agreeing a cash offer for the entire issued share capital of BPT.
The proposals made by this consortium (the 'Proposals') enjoy the full
support of the executive directors of BPT, who would continue to lead the
business in the event of the Proposals resulting in a successful offer being
made for BPT. This consortium is led by Deutsche Bank Real Estate Private
Equity Group ('Deutsche Bank REPEG') and includes Grainger Trust plc
('Grainger').  The consortium is working with BPT's financial advisers to
agree measures, to be incorporated into any offer, to mitigate capital gains
tax for BPT's shareholders, including the provision of a partial loan note
alternative.

Tim Watts, Managing Director of BPT, said, 'I am delighted that we are able
to announce that we have entered into exclusive negotiations.  My team and I
look forward to continuing to develop the business in the private arena with
the support of Deutsche Bank REPEG and Grainger, both of whom understand the
business and its long term nature.'

Alistair Dixon, Managing Director of Deutsche Bank REPEG, said, 'We are
excited that the independent directors of BPT have agreed to take forward our
proposals on an exclusive basis.  We and our partners very much look forward
to the opportunity to work with Tim and his experienced team to develop the
business outside the constraints of public ownership.'

A further announcement will be made in due course as appropriate.

Enquiries:                   
                             
BPT plc                      
Philip Warner, Chairman      020 7487 3312
Tim Watts, Managing Director 01372 743113
                             
Schroder Salomon Smith       
Barney
James Brent                  020 7986 6000
Iain Robertson               
                             
                             
Deutsche Bank REPEG          
Alistair Dixon               020 7545 8000
                             
Deutsche Bank                
Debbie Robertson-Bond        020 7545 8000
David Church                 


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.

Deutsche Bank AG London, which is regulated in the United Kingdom by The
Securities and Futures Authority Limited, is acting exclusively for Deutsche
Bank Real Estate Private Equity Group and Grainger Trust plc and no one else
in connection with the Proposals and will not be responsible to anyone other
than Deutsche Bank Real Estate Private Equity Group and Grainger Trust plc
for providing the protections afforded to customers of Deutsche Bank AG
London or for giving advice in relation to the Proposals.


Salomon Brothers International Limited (trading as Schroder Salomon Smith
Barney) is regulated in the United Kingdom by the Securities and Futures
Authority Limited.  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.