RNS No 7175w
BARCLAYS BANK PLC
19th March 1998



                    BARCLAYS PROPERTY INDEX CERTIFICATES
                        LISTED ISSUES - 1997 and 1998
                                   "PICs"
                     Notification of Monthly Proxy Index
                   and Monthly Proxy Capital Growth Index


                                        IPD Annual Capital   IPD Annual
                                        Growth Index (1)     Index (1)

December 1996                           155.25076            436.25708
(As restated by IPD March 1998)
December 1997                           169.18833            509.57986
(As certified by IPD March 1998)

                                        Monthly Proxy        Monthly
                                        Capital Growth       Proxy
                                        Index (2)            Index (2)

January 1998
(restated estimate by IPD March 1998)   169.8                514.5
(the Proxy Index for February will be published during the week commencing
23rd March 1998)

                                        Capital              Total
                                        Growth               Return

In month of January 1998                0.4%                 1.0%

In 1998 to end January                  0.4%                 1.0%

Actual IPD Annual Index Income Return for 1997
(certified by IPD March 1998)                                7.83%
Forecast IPD Annual Index Income Return for 1998
(estimated by IPD March 1998)                                7.1%

Source: Investment Property Databank Limited ("IPD")


Notes

1.   The index referred to as the IPD "Annual Index" is the Investment
Property Databank All Property (Standing Investments excluding Active
Management) Annual Total Return Index.  The IPD Annual Capital Growth Index
is a component of the Annual Index and both are calculated by IPD from
information held in its annual database which at 31st December 1997 contained
information relating to individual properties having an aggregate value of
approximately #65.4 billion.

2.   IPD compiles monthly indices as proxies for the Annual Index (the
"Monthly Proxy Index") and for the Annual Capital Growth Index (the "Monthly
Proxy Capital Growth Index") for the preceding month.  The Monthly Proxy
Index and the Monthly Proxy Capital Growth Index are estimated by reference
to information contained in the monthly database, which at the end of January
1998 contained information relating to individual properties having an
aggregate value of approximately #6.8bn.  As these indices are intended to be
proxies for the Annual Index and the Annual Capital Growth Index, the
constituent information is reweighted by sector, property type and region to
reflect the portfolio of properties used in the calculation of the Annual
Index and the Annual Capital Growth Index.

3.   The initial Redemption Amount on the 1997 PICs was paid on 16th February
1998 and per Clause 3b of the Listing Particulars, no transfer may be
effected on or after that date.

Investment Property Databank Limited ("IPD") will not be liable to any holder
of Barclays Property Index Certificates for any loss or damage as a result of
any error in any of the above mentioned indices.  This information has been
prepared by IPD. Whilst it is deemed to be reliable, neither Barclays Bank
PLC nor Barclays Global Investors Limited represents that such information is
accurate or complete and it should not be relied upon as such.  The prices of
investments which trade in limited markets may go up or down.  No part of
this publication may be reproduced in any manner without the written
permission of Barclays Global Investors Limited.

Seal House, 1 Swan Lane            Barclays Global Investors Limited
London EC4R 3UD                    Registered in London England,
Telephone: 0171-668 8000           No. 796793
Fax: 0171-668 4970                 Registered Office: 54 Lombard
Contact: Iain A Reid FRICS         Street, London EC3P 3AH
or Andrew P R Thomson ARICS        This publication has been
                                   approved by Barclays Global
19 March 1998                      Investors Limited regulated by IMRO
                                   (c) 1998 Barclays Global Investors Limited
                                   All rights reserved.
                                      
                                      
END

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