Notice on Management Contract

TR Property Investment Trust PLC
29 April 2004

TR PROPERTY SERVES NOTICE ON MANAGEMENT CONTRACT

The Board of TR Property Investment Trust plc announces that it has given notice
to terminate its investment management contract with Henderson Global Investors.
This follows the resignation from Henderson of Chris Turner and Marcus
Phayre-Mudge, the Trust's fund manager and deputy fund manager.

Alastair Ross Goobey, Chairman of TR Property commented: 'The Board of TR
Property will now undertake a selection process for a new management contract.
Henderson will be among those invited to submit a proposal. The Board intends to
take soundings from its major shareholders. Henderson has put an experienced
team in place to manage the Trust during the review period.'

'This is clearly not a consequence of performance, since TR Property has been
among the very best performing investment trusts over the past ten years. The
notice has been triggered by the resignation of the two senior members of the
Henderson team. We have agreed with Henderson that notice should be served to
expire on 30th September without compensation.'

Enquiries:

Stephen Westwood, Henderson Global Investors                     020 7818 5517

Alastair Ross Goobey, Chairman, TR Property Investment Trust plc 020 7425 5740

Chris Lunn/Will Rogers, UBS Investment Bank                      020 7567 8000

Notes to Editors:

TR Property Investment Trust (TRPIT), a listed investment trust, has gross
assets of about GBP 470 million, and invests in listed property stocks in the UK
and Europe and in direct property assets. Over the past ten years its shares
have risen from the equivalent of 40p a share to 100p.

The current Henderson management team has been led by Chris Turner since 1995
with his deputy Marcus Phayre-Mudge having joined in January 1997. These two
have given notice on their employment contracts with Henderson, and the Board of
TRPIT will explore alternatives for the Trust's management.


                      This information is provided by RNS
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