Future Directorate Change

TR Property Investment Trust PLC
27 November 2003

TR PROPERTY INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

27 NOVEMBER 2003

                        TR PROPERTY INVESTMENT TRUST PLC

                            Appointment of Chairman


TR Property Investment Trust PLC is pleased to announce that Mr Peter Salsbury
has been elected Chairman with effect from the close of the Annual General
Meeting to be held on 26 July 2004. He will succeed Mr Alastair Ross Goobey who
will retire from the Board at that time.


Alastair Ross Goobey was appointed to the Board in May 1994 and has served as
Chairman since 1 January 2002. In his Chairman's Statement in the recent Annual
Report he indicated his intention to retire following the 2004 AGM.


Peter Salsbury has been a non-executive director of TR Property Investment Trust
since May 1997. Previously Chief Executive Officer of Marks & Spencer p.l.c., he
now acts as a consultant to Whitehead Mann and other organisations.


Announcing the change, Mr Ross Goobey said: 'I am delighted that Peter Salsbury
has agreed to succeed me as Chairman. His knowledge and understanding of
business has proved enormously valuable to this Board, and I am confident the
Company will go from strength to strength under his leadership.'


                                    - ENDS -

For further information please call:


Chris Turner                                          Stephen Westwood

Fund Manager                                          Head of Investment Trusts

TR Property Investment Trust PLC                      Henderson Global Investors

Tel: [phone]                                    Tel: [phone]

Stephen Phillips                                      Vicki Staveacre

Associate Director                                    Henderson Press Office

Henderson Global Investors                            Henderson Global Investors

Tel: [phone]                                    Tel: [phone]


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