Listing Rule 21

TR Property Investment Trust PLC
05 January 2005

TR PROPERTY INVESTMENT TRUST PLC



HENDERSON GLOBAL INVESTORS



5 JANUARY 2005


                        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
2004:


Company
Land Securities*
British Land*
Hammerson*
Slough Estates
Unibail
Rodamco Europe
Liberty International
Castellum
Big Yellow Group
St Modwen



*  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]



Marcus Phayre-Mudge

TR Property Investment Trust PLC

Telephone: [phone]




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