RNS Number:5270L
Property Income & Growth Fund Ld
23 May 2003


Property Income & Growth Fund Limited and BC Property Securities Limited

Offer Update


NOT FOR RELEASE, PUBLICATION, OR DISTRIBUTION IN OR INTO THE UNITED STATES, 
CANADA, AUSTRALIA OR JAPAN.

FOR IMMEDIATE RELEASE



OFFER FOR PROPERTY INCOME & GROWTH FUND Limited

PAYMENT OF CASH CONSIDERATION TO ACCEPTING SHAREHOLDERS


On 16 May 2003, the Board of Directors of Land Race Limited announced that its
Offer for Property Income & Growth Fund Limited had been declared unconditional
in all respects.

Payment of the cash consideration due under the Offer is being made today to
those ordinary shareholders from whom valid acceptances had been received as at
the close of business on 15 May, 2003.



Enquiries:

Land Race Limited
David Bruce                                                       01202 305 900

Teather & Greenwood (Financial Adviser to Land Race)
Jonathan Becher                                                   020 7426 9000
Paul Fincham                                                      020 7426 9000



Definitions used in the Offer Document dated 3rd April 2003 have the same
meaning when used in this announcement except where the context requires
otherwise.

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

Teather & Greenwood Limited, a company authorised and regulated by the Financial
Services Authority, is acting exclusively for Land Race Limited and no-one else
in connection with the Offer and will not be responsible to anyone other than
Land Race Limited for providing the protections afforded to clients of Teather &
Greenwood Limited nor for giving advice in relation to the Offer or any other
matter referred to herein.

The Investment Manager manages on a discretionary basis the investments of,
inter alia, Yeoman Investment Trust plc and US Growth & Income Fund Limited
which hold 5,500,000 Ordinary Shares and 2,860,000 Ordinary Shares respectively.
In addition, BC Income & Growth Fund Limited which was managed by the Investment
Manager on a discretionary basis until 13 August 2002 when it was put into
liquidation, owns 1,500,000 Ordinary Shares. Valid acceptances have been
received in respect of the Ordinary Shares held by Yeoman Investment Trust plc
and BC Income & Growth Fund Limited which are included in the total of valid
acceptances received as at 3.00pm on 15thth May 2003. No irrevocable
undertakings or letters of intention had been sought from clients of the
Investment Manager or any other Ordinary Shareholders.

As at the close of business on 10th December 2002, the day prior to the
commencement of the Offer Period, and except as set out above, neither Land Race
nor any person deemed to be acting in concert with Land Race, owned or
controlled any Ordinary Shares (or rights over Ordinary Shares). Since that
date, neither Land Race nor any person acting in concert with Land Race for the
purpose of the Offer has acquired or agreed to acquire any Ordinary Shares (or
rights over Ordinary Shares) other than pursuant to the Offer.

The availability of the Offer to Property Income & Growth Shareholders who are
not resident in the United Kingdom may be affected by the laws of the relevant
jurisdiction. Ordinary Shareholders who are not resident in the United Kingdom
should inform themselves about and observe any applicable requirements.

The Offer is not being made, directly or indirectly, in or into the United
States, or by use of the mail, or by any means or instrumentality (including,
without limitation, facsimile or other electronic transmission, telex or
telephone) of interstate or foreign commerce of, or any facility of a national
securities exchange of, the United States nor is it being made directly or
indirectly in or into Canada, Australia or Japan and the Offer cannot be
accepted by any such use, means, instrumentality or facility or from or within
the United States, Canada, Australia or Japan subject to certain exceptions.
Accordingly, copies of the Form of Acceptance are not being and must not be
mailed or otherwise forwarded, distributed or sent in, into or from the United
States, Canada, Australia or Japan.

END



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

OUPNKNKNOBKDOPB