Acquisition

RNS Number:9465Y
Eurocity Properties PLC
15 February 2001

                              PRESS ANNOUNCEMENT


            Eurocity Properties PLC ("Eurocity" or "the Company")


The Board of Eurocity wishes to announce that on 14 February 2001 the Company
agreed to acquire the whole issued share capital of Manx (Crawley) Limited
from Netcentric Systems PLC ("Netcentric").


The agreed consideration is #700,000, of which #400,000 is payable in cash
with the balance to be satisfied by the issue of 600,000 new ordinary Eurocity
shares of 50p each at par. #300,000 of the cash consideration is deferred (#
150,000 for 12 months and #150,000 for 18 months).


The assets of Manx (Crawley) Limited comprise a portfolio of freehold retail
and office properties in Crawley town centre. These properties are mortgaged
to West Bromwich Building Society in the sum of approximately #2,100,000, on
which interest is payable at 1.75% over the 5-year SWAP rate per annum. The
portfolio produces a current annual rent roll in excess of #285,000. The cash
element of the purchase price will be paid from the Company's cash resources.


Desmond Bloom, a non-executive director of Eurocity, was Chairman of
Netcentric, formerly known as Manx & Overseas PLC, until its acquisition of
Netcentric Systems Limited, which was completed in July 2000. He holds
warrants and options in Netcentric but otherwise has no connection with that
company.


Commenting on the acquisition, Baron Bloom, Managing Director of Eurocity,
said: "I am delighted to have purchased a portfolio of well let and centrally
located properties in a town which has shown strong rental growth over recent
years. Eurocity has now completed the acquisition of property valued at around
#6,000,000 in the last two months."


Enquiries to:


Baron Bloom, Managing Director                 Tel: [phone]

Robert Lo/Keith Smith                          Tel: [phone]

Nabarro Wells & Co. Limited - Nominated Adviser