At a time when many property company shares are trading at a 40% discount to net asset value, the City & General offer shows a discount of just 8%. Chairman Kenneth Rubens said: "Shareholders who took shares in the June 1995 re-listing and placingof Compco shares will have seen a compound annual return of over 20%."

And Rubens said the offer came against a deteriorating market backdrop. "The Central London office market, which remains our principal sphere ofactivity, continues to experience weakness, with an increasing supply ofavailable space and falling rent levels," he said.

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