Offer Update

RNS Number:1032H
Eurocity Properties PLC
05 February 2003

                         EMBARGOED FOR RELEASE AT 4.00 PM

                                                                 5 February 2003


                            EUROCITY PROPERTIES plc

               Recommended Offer by John East & Partners Limited
                            ("John East & Partners")
             on behalf of Panther Securities P.L.C. ("Panther") for
                      Eurocity Properties plc ("Eurocity")


       Cancellation of Admission of Eurocity Shares and Eurocity Warrants
                                to trading on AIM


On 8th November 2002, the boards of Panther and Eurocity announced the terms of
a recommended offer to be made by Panther for the whole of the issued ordinary
share capital of Eurocity not already owned by Panther. The Offer Document was
posted on 26th November 2002 and on 18th December 2002 the Offer was declared
unconditional in all respects.

John East & Partners and Panther have today announced that Panther has become
entitled, and intends to exercise its rights, pursuant to Sections 428 to 430F
of the Act to acquire compulsorily the remaining Eurocity Shares.

Accordingly, the Board of Eurocity has given notice to the London Stock Exchange
of its intention to cancel the admission of Eurocity Shares and Eurocity
Warrants to trading on AIM and such cancellation will have effect on 6th March
2003.

Terms defined in the Offer Document dated 26th November 2002 have the same
meaning in this announcement, save where the context requires otherwise.


Enquiries to:

Andrew Perloff                                         Tel: [phone]

Robert Lo/Keith Smith                                  Tel: [phone]
Nabarro Wells & Co. Limited  - Nominated Adviser



                      This information is provided by RNS
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