Disposal

TR Property Investment Trust PLC
09 July 2004

TR PROPERTY INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

9 JULY 2004



                        TR Property Investment Trust plc

                                   Disposals

TR Property Investment Trust plc ('TRPIT') has entered into a put and call
option with Standard Life Assurance Company ('SLAC') for the sale of its
partnership interest in the 30 year leasehold interest in 198 - 202 Piccadilly
and 33/34 Jermyn Street, London SW1. TRPIT had recently completed the s106
Agreement with Westminster City Council following the gaining of planning
consent for the redevelopment of this 0.3 acre site with an 83,000 sq. ft retail
and office scheme. SLAC has simultaneously entered into a building agreement
with the freeholder, the Crown Estate, to redevelop the property under a new 125
year lease. The initial consideration is £23.33m (subject to a minor retention)
together with the opportunity of development overage payments following
completion of the scheme in 2007.

In a separate transaction, TRPIT has conditionally sold a mixed-use development
site in Battersea Park Road, London SW11. TRPIT had gained planning permission
for 57 residential units (including 14 affordable units) and 23,000 sq. ft of
commercial space. This 0.9 acre site is currently a 48,000 sq. ft business
centre. Completion of the transaction is conditional on the provision of vacant
possession in January 2005. The initial consideration will be £7.018m together
with the opportunity of development overage payments.

Chris Turner, fund manager of TRPIT, comments:

'I am delighted to announce these two disposals, the culmination of much effort
over a number of years, particularly in gaining valuable permissions in hostile
planning environments. The sales have been structured to allow the Trust
potentially to participate in future value creation in both developments.'

                                    - end -



For further information, please contact:

Chris Turner                                               Stephen Westwood

Fund Manager                                               Head of Investment Trusts

TR Property Investment Trust plc                           Henderson Global Investors

Telephone: [phone]                                   Telephone: [phone]

Stephen Phillips

Associate Director

Henderson Global Investors

Telephone: [phone]




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