Final Exercise of Warrants

TR Property Investment Trust PLC
14 August 2002

TR PROPERTY INVESTMENT TRUST PLC


HENDERSON GLOBAL INVESTORS


14 AUGUST 2002




                        TR PROPERTY INVESTMENT TRUST PLC


                           Final Exercise of Warrants




TR Property Investment Trust PLC advises that, further to its announcements on 7
August 2002 regarding the final exercise of its warrants on 31 July 2002 and the
market purchase by the Company of its own shares for cancellation, the total
number of shares in issue following the cancellation will equal 433,265,300.




                                    - ENDS -






For further information, please call:


Chris Turner

Fund Manager, TR Property Investment Trust PLC

Telephone: [phone]


Christopher Lunn

Executive Director, Investment Funds Team, UBS Warburg

Telephone: [phone]


Stephen Westwood

Head of Investment Trusts, Henderson Global Investors

Tel: [phone]


Stephen Phillips

Investor Relations Manager, Henderson Global Investors

Telephone: [phone]




                      This information is provided by RNS
            The company news service from the London Stock Exchange