Offer Update

RNS Number:8896K
Property Income & Growth Fund Ld
09 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.



EMBARGOED UNTIL 7.00AM 9TH MAY 2003



OFFER FOR PROPERTY INCOME & GROWTH



SECOND CLOSING DATE - OFFER EXTENDED TO 15TH MAY 2003







Land Race Limited ("Land Race") announces that by 3.00pm on 8th May 2003, being
the second closing date of the Offer, valid acceptances had been received for
58,338,324 Ordinary Shares, representing approximately 67.05 per cent. of the
existing issued ordinary share capital of Property Income & Growth Fund Limited
("Property Income & Growth"). Land Race has therefore decided to extend the
Offer until 3.00 pm on 15th May 2003.



Land Race notes the announcements released on 6th May 2003 in connection with an
approach from ING Real Estate concerning contemplated inter-conditional offers,
indicating that the contemplated offers, if made, would, inter alia, be
conditional on the satisfactory outcome of their further due diligence, on
receiving valid acceptances in respect of both 75% of the Ordinary Shares and
75% of the ZDP Shares, and on 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.



Land Race wishes to remind Shareholders that its offer is the only formal offer
which has been received by Property Income & Growth and the consideration under
the Offer, including the special dividend, cannot be despatched to Ordinary
Shareholders until the Offer is declared wholly unconditional.



Land Race therefore urges those Ordinary Shareholders who have not already done
so to accept its cash offer without further delay.







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 8th May 2003 as set out above. 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.





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