RNS Number:7418K
BC Property Securities Limited
06 May 2003


Property Income & Growth Fund Limited (the "Company") &
BC Property Securities Limited (the "Subsidiary")


Approach from ING Real Estate


The directors (the "Board" or "Directors") of Property Income & Growth Fund
Limited and BC Property Securities Limited (together the "Group") note the
announcement earlier today by ING Barings on behalf of ING Real Estate
Investment Management (UK) Limited ("ING Real Estate") that ING Real Estate is
contemplating making the following inter-conditional offers, for which they
would seek the recommendation of the Directors of the Group:


*  17.5p per ordinary share, plus the 0.5p Special Dividend declared in
connection with the Land Race Limited ("Land Race") offer; and

*  100p in cash for each zero dividend preference ("ZDP") share of the
Subsidiary.


It should be noted that the announcement by ING Real Estate does not constitute
an announcement of a firm intention to make an offer for the Company, as defined
under Rule 2.5 of The City Code on Takeovers and Mergers, and that it is not
certain that a firm offer from ING Real Estate will be forthcoming.


The making of any offer by ING Real Estate is subject to a number of
pre-conditions including the satisfactory outcome of their further due diligence
into the Group.


ING Real Estate has also indicated that any offers, if made, would, inter alia,
be conditional on receiving valid acceptances in respect of both 75% of the
ordinary shares of the Company and 75% of the ZDP shares of the Subsidiary.  The
Directors have also been informed by ING Real Estate that a condition of the
offers will be the amendment at separate meetings of the Subsidiary's ordinary
shareholders and ZDP shareholders of the Articles of Association of the
Subsidiary to enable ING Real Estate to acquire, compulsorily, all the remaining
ZDP shares in issue if acceptances have been received in respect of 75% of the
ZDP shares of the Subsidiary.


The offer for the ordinary shares of the Company on behalf of Land Race is the
only formal offer that has been received to date by the Company.  The Land Race
offer is subject to certain conditions, including a minimum acceptance condition
of 75%, which may be waived.  The Board notes the announcement by Land Race on
24 April 2003 that valid acceptances had been received (by 3.00pm on that date)
in respect of 61.2 per cent. of the Company's ordinary shares and that the Land
Race offer has been extended until 3.00 p.m. on Thursday, 8 May 2003.  Ordinary
shareholders should note that there is no obligation for Land Race to extend its
offer beyond that time should the acceptance condition not have been satisfied,
or waived, by then.  Ordinary shareholders who have already accepted the Land
Race offer may not withdraw their acceptance of that offer before 3.00pm on 15
May 2003.


The Directors of the Group and our advisers are actively considering the revised
terms and conditions of the approach announced this morning by ING Real Estate
and working with the advisers of ING Real Estate to establish, if possible, the
terms and conditions for offers for the Company's ordinary shares and the ZDP
shares of the Subsidiary which could be recommended to shareholders.  The
Directors of the Group will communicate further with shareholders as soon as is
practicable.


Enquiries:


Hugh Field                                                         020 7678 8000

Hoare Govett Limited


The Directors accept responsibility for the information contained in this
announcement. To the best of their knowledge and belief (having taken all
reasonable care to ensure that such is the case) the information contained in
this announcement is in accordance with the facts and does not omit anything
likely to affect the import of such information.

Hoare Govett Limited, which is regulated in the United Kingdom by The Financial
Services Authority, is acting exclusively for the Group and for no-one else in
connection with the unsolicited approach and will not be responsible to anyone
other than the Group for providing the protections afforded to customers of
Hoare Govett Limited or for providing advice in relation to the unsolicited
approach.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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