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First, with the car running, crank the heat to full hot. This will help the thermostat to open and circulate coolant through the block. If possible lift the car a few inches. Air ailways travels to the highest point. The bleed screw is next to the expansion tank cap. Undo the bleed screw a bit and wait until you dont see any more bubbles.
Its the exact same procedure as the E36. Their are a few writeups on it if you Google "E36 coolant bleeding"