Listing Rule 21

TR Property Investment Trust PLC
05 January 2004

TR PROPERTY INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

5 JANUARY 2004




                        TR PROPERTY INVESTMENT TRUST PLC

                                Listing Rule 21



In accordance with paragraph 21.20 (l) (ii) of the Listing Rules, TR Property
Investment Trust PLC announces its ten largest investments, including all
investments with a value greater than 5% of its gross assets, as at 31 December
2003:


Company                     % Total Assets

Land Securities                 8.56

British Land                    5.48

Hammerson                       4.69

Rodamco Europe                  4.53

Slough Estates                  4.20

Unibail                         4.11

198-202 Piccadilly, London W1   4.09

Castellum                       3.72

Liberty International           3.70

St Modwen Properties            3.35





                                    - ENDS -



For further information, please call:

Chris Turner

TR Property Investment Trust PLC

Telephone: [phone]

Stephen Westwood

Head of Investment Trusts

Henderson Global Investors

Telephone: [phone]

Stephen Phillips

Associate Director

Henderson Global Investors

Telephone: [phone]


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