Closing of Placing and Offer

Insight Foundation Property Tst Ltd
19 July 2005

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,
CANADA, AUSTRALIA OR JAPAN.

Insight Foundation Property Trust Limited

19 July 2005

Closing of placing and offer of up 100 million C shares

This announcement appears as a matter of record only.



In connection with the placing and offer (the 'Placing') of up to 100 million C
shares in Insight Foundation Property Trust Limited (the 'Company' or 'IFPT') by
JPMorgan Cazenove Limited ('JPMorgan Cazenove'), the bookbuilding process in
connection with the placing closed at 3.00 p.m. on 14 July 2005 and the offer
for subscription closed at 5.00 p.m. on 15 July 2005.



An aggregate of 100,000,000 million C shares in IFPT will be issued at a price
of 100p per C share and will be settled on 27 July 2005.  An aggregate of 8.2
million shares were issued in the offer and 91.8 million in the placing.
Cheques in respect of unsatisfied allocations within the offer will be
despatched to investors in the week beginning 25 July 2005.



Duncan Owen, Managing Director, Property, at Insight Investment, IFPT's
Investment Manager, commented:



'The success of the placing will enable us to accelerate our plans to grow and
diversify the Company's portfolio, most specifically by enabling us to increase
our exposure to the Central London and South East office markets.  This, in
turn, should enhance shareholder returns.



'We are delighted with the interest both existing and new investors have shown
in the C Share issue, as a result of which the number of investors in the
Company has substantially increased.'



Enquiries:

Duncan Owen  (Insight Investment Management)                   020 7321 1677

Richard Cotton / Angus Gordon Lennox (JPMorgan Cazenove)       020 7588 2828

Stephanie Highett / Dido Laurimore (Financial Dynamics)        020 7831 3113



This announcement is for information purposes only and does not constitute an
offer or an invitation to acquire or dispose of any securities.  This
announcement is not for distribution directly or indirectly in or into the
United States, Canada, Australia or Japan. This announcement does not constitute
an offer to sell or issue or the solicitation of an offer to buy or acquire
ordinary shares in the capital of IFPT in the United States, Canada, Australia
or Japan or any jurisdiction in which such an offer or solicitation is unlawful.
The C shares in IFPT referred to in this announcement have not been and will not
be registered under the Securities Act and may not be offered or sold within the
United States absent registration or an exemption from registration. No public
offering of securities will be made in the United Kingdom, the United States,
Canada, Australia, Japan or elsewhere.



This announcement has been communicated by JPMorgan Cazenove who are regulated
in the United Kingdom by the Financial Services Authority and does not
constitute an offer to sell or a solicitation of an offer to purchase any
securities. JPMorgan Cazenove are acting exclusively for IFPT and no one else in
connection with the Placing and will not be responsible to anyone other than
IFPT for providing the protections afforded to clients of JPMorgan Cazenove nor
for providing any advice in relation to the Placing or any other matters
referred to in this press announcement.

END


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