BRL Blackthorn

RNS No 7663r
BRIERLEY INVESTMENTS LIMITED
23rd July 1998


To: Company Announcements Office


                        BIL Sells Austotel

Brierley Investments Limited (BIL) today announced the sale of subsidiary
Austotel Trust to Fosters Brewing Group Limited.

The consideration for Austotel was A$300 million and after paying down debt, BIL
will receive A$160 million for the equity component of the investment, BIL's
book value at 30 June 1998 was A$182.7 million which included earnings for the
1997/98 year of A$22.7 million.

Settlement is scheduled for 31 August 1998.

BIL Executive Chairman, Sir Roger Douglas said, "We are pleased to have achieved
an excellent sale price for Austotel of A$300 million.

"This is an asset BIL acquired as a result of the rationalisation of its New
Zealand brewing interests.  At the time of the acquisition, Austotel had
virtually no earnings and a portfolio of property assets that could not be
regarded as particularly desirable.

"The Australian management team has done a great job in restoring value to
Austotel and realising a price close to our book value."

BIL also announced that it had sold the Beverly Prescott hotel in Los Angeles
for US$29 million which was equal to book value.  The transaction was completed
on 16 July 1998.

From: M B Horton, Company Secretary



END



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