RNS Number:9279I
Scottish Widows Inv.Partnership Ltd
19 March 2003




                                                         FORM SAR 3







Lodge with Company Announcements Office (which will publicise and copy to the
panel). A copy must also be sent to the company the shares of which are
acquired.




                                Date of disclosure:-  19 MARCH 2003



DISCLOSURE UNDER RULES 3 OF THE RULES GOVERNING

SUBSTANTIAL ACQUISITIONS OF SHARES ("SAR'S")



Date of acquisition :-  18 MARCH 2003



Acquisition in :-          UK BALANCED PROPERTY TRUST           (name of company)





(1) Class of voting shares.      Number of shares/rights over.    If rights over shares
    (eg ordinary shares)             shares acquired             acquired, as opposed to the
                                                                 shares themselves,specify
                                                                    nature of rights

Ord 25p                                  34,100,000
                                -------------------------shares


                                            Nil
                               -------------------------rights








(2) Resultant total holding of        Resultant total holding of              Total percentage
     voting shares (and % of total      rights over shares (and % of
     voting shares in issue)           total voting shares in issue)

     56,960,445
   ---------------------(30.298%)     ----------------------(     %)    -------------------------(30.298%)





(3) Party making disclosure            SCOTTISH WIDOWS INVESTMENT PARTNERSHIP LTD



(4) (a) Name of person acquiring shares or rights over shares SCOTTISH WIDOWS
INVESTMENT PARTNERSHIP



      and, if different, beneficial owner __________________________________On
behalf of discretionary clients



      (b) Names of any other persons acting by

            agreement or understanding (see SAR 5)
___________________________________________________



Signed, for and on behalf of the party named in (3)
above____________________________________________



(Also print name of signatory)     GEORGE STEPHEN BRICE



Telephone and extension number.       020 - 7718 - 4253









Note Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.



For full details of the SAR's disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt contact the Panel on Takeovers and Mergers, Tel No: 020 7382
9026..


                      This information is provided by RNS
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