SAR - BPP Holdings plc

Schroders PLC
24 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:     24/09/01

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

Date of acquisition     21/09/01

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     25,000 shares
shares                  rights


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

5,182,418 (18.04%)                                              (18.04%)
                                                                        

(3) Party making disclosure     Schroders plc

                                              
(4) (a) Name of person                      Schroders plc on behalf of
        acquiring shares or rights          institutional clients on a
        over shares and, if different,      non-beneficial basis
        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)     Alison Dunn

Telephone and extension number     020 7658 2959 (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