Final Exercise of Warrants

TR Property Investment Trust PLC
07 August 2002



TR PROPERTY INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

7 AUGUST 2002


                        TR PROPERTY INVESTMENT TRUST PLC
 
                            Final Exercise of Warrants


TR Property Investment Trust PLC announces that, as a result of the final
exercise of its warrants held on 31 July 2002, 11,880,627 warrants have been
subscribed for the same number of shares. 5,545,072 warrants remain unexercised
by their holders. These will be taken up by the appointed Trustees - The Law
Debenture Trust Corporation p.l.c. - who will convert the warrants on behalf of
the holders, sell the resulting shares in the open market and return the
proceeds (less any costs) to the holders.

Applications for these shares to be listed on the Stock Exchange will be made
and allotments made accordingly.


                                    - 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]




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