SAR - Eurocity Properties

Panther Securities PLC
5 June 2001

                                                                    FORM SAR 3

Lodge with Company Announcements Office (which will publicise and copy to the
Panel).  A copy must also be sent to the company the shares of which are
acquired.


                 Date of disclosure            5th June, 2001


                DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING

                 SUBSTANTIAL ACQUISITIONS OF SHARES ('SARs')




Date of acquisition        4th June, 2001

Acquisition in             Eurocity Properties PLC      (name of company)


(1)  Class of    Number of shares If rights over shares acquired, as opposed to
voting shares    /rights over     the shares themselves, specify nature of
(eg)             shares acquired  rights
ordinary shares)
      Ordinary   100,000  shares
      Shares

                          rights


(2)  Resultant total holding of     Resultant total holding of       Total
voting shares (and % of total       rights over shares (and % of     percentage
voting shares in issue)             total voting shares in issue)
      1,137,563     (  21.77 %)           (              %)          1,137,563 
                                                                     (21.77%) 


(3)  Party making disclosure                 Panther Securities PLC


(4)  (a)  Name of person acquiring shares or        Panther Securites PLC
          rights over shares
          and, if different, beneficial owner

     (b)  Names of any other persons acting by
          agreement or understanding (see SAR 5)


Signed, for and on behalf of the party named in (3) above


(Also print name of signatory)  David Worlidge - Director of John East &
                                Partners Ltd


Telephone and extension number               020 7278 8011



                     ___________________________________



Note.  Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person.  Note 3 on SAR 5 requires persons who must
aggregate holdings to disclose certain disposals.



For full details of the SARs disclosure requirements, see Rule 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, Tel No: 0171
382 9026.



16.12.96