Result of Open Offer

Medical Property Investment Fd Ltd
12 May 2006

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF
AMERICA, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN

             The Medical Property Investment Fund Limited ('MPIF')

                              RESULT OF OPEN OFFER

On 13 April 2006, MPIF announced a placing and open offer of 64,729,021 New
Ordinary Shares at 170 pence per share to raise approximately £110 million which
will be used to satisfy the cash elements of the consideration for the
Acquisitions and to fund MPIF's programme of investment in the primary
healthcare market in the UK.

The Board of MPIF announces that on 11 May 2005, being the latest date for
receipt of completed Application Forms and payment in full under the Open Offer
or settlement of the relevant CREST instruction, valid applications had been
received from Qualifying Shareholders in respect of 32,401,834 New Ordinary
Shares, representing approximately 50.06% per cent. of the New Ordinary Shares
available under the Open Offer.

32,327,187 New Ordinary Shares not applied for by Qualifying Shareholders under
the Open Offer will be taken up by placees under the terms of the Placing
Agreement.

The New Ordinary Shares will, on Admission, rank in full for all dividends and
other distributions declared, made or paid on the Existing Ordinary Shares after
Admission (save that they will not rank for the final dividend declared by MPIF
for the 12 months ended 31 December 2005) and will otherwise rank pari passu in
all respects with the Ordinary Shares in issue at the date of the Prospectus.

The Acquisitions and the Placing and Open Offer remain conditional upon, inter
alia, admission of the New Ordinary Shares to the Official List and to trading
on the London Stock Exchange's market for listed securities and the passing of
certain Resolutions by the Company's shareholders at the EGM to be held later
today. Application has been made to the UK Listing Authority for the New
Ordinary Shares to be admitted to the Official List and to the London Stock
Exchange for admission to trading on its market for listed securities. It is
expected that Admission will become effective and dealings in the New Ordinary
Shares will commence on 15 May 2006.

Terms used in this Announcement shall have the same meanings as in the
Prospectus which was sent to Shareholders on 13 April 2006.




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