Change of Investment Manager

TR Property Investment Trust PLC
30 September 2004


TR PROPERTY INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

30 SEPTEMBER 2004

                        TR PROPERTY INVESTMENT TRUST PLC

                          Change of Investment Manager


On 19 July 2004 TR Property Investment Trust plc announced that the Board
intended to engage Thames River Capital (UK) Limited as Investment Manager of
the Trust with effect from 1 October 2004, subject to contract and due
diligence.

The Board is pleased to report that the agreement with Thames River Capital (UK)
Limited has now been successfully concluded. BNP Paribas will continue in the
role as the Trust's administrators, and JP Morgan as Custodians. Henderson
Secretarial Services Limited has been retained as Corporate Company Secretary.

                                    - ENDS -


Enquiries:

Chris Turner
TR Property Investment Trust plc
Telephone:
020 7818 4348 (to close of business 30 September 2004)
020 7360 1332 (from 1 October 2004)

Marcus Phayre-Mudge
TR Property Investment Trust plc
Telephone:
020 7360 1331 (effective immediately)



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