Listing Rule 21.20

TR Property Investment Trust PLC
02 April 2004

TR PROPERTY INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

2 APRIL 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 March
2004:


Company

Land Securities*

British Land*

Hammerson*

Rodamco Europe

Unibail

Slough Estates

Liberty International

St Modwen Properties

198-202 Piccadilly, London W1

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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