Listing Rule 21

TR Property Investment Trust PLC
02 July 2004

TR PROPERTY INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

2 JULY 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 30 June
2004:

Company
Land Securities*
British Land*
Hammerson*
Unibail
198-202 Piccadilly, London W1
Rodamco Europe
Slough Estates
Liberty International
St Modwen Props
Big Yellow Group

* All investments with a value greater than 5% of its gross assets


                                    - 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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