SAR - BPP Holding PLC

Schroders PLC
21 September 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:     21/09/01


  DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING SUBSTANTIAL ACQUISITIONS OF
                               SHARES ('SARs')

Date of acquisition     19/09/01

Acquisition in          BPP Holdings PLC

                      
1) Class of       Number of shares/         If rights over shares acquired, as
voting shares     rights over shares        opposed to the shares themselves,
(e.g. ordinary    acquired                  specify nature of rights
shares)           

10p ordinary shares       278,190 shares

                                  rights


                                                        
2)  Resultant total            Resultant total holding of     Total percentage
holding of voting shares       rights over shares (and % of 
% of total voting shares in   (and total voting shares in issue)
issue)

5,157,418 ( 17.954%)                                                 (17.954%)



(3)     Party making disclosure     Schroders plc

                                          Schroders plc on behalf of
(4) (a) Name of person                    institutional clients on a
   acquiring shares or rights over        non-beneficial basis
   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)     Brenda Versteeg

Telephone and extension number     020 7658 2962 (Direct line)

                         ___________________________

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 Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Tel. No.: 020
7638 0129