Purchase of Own Securities

TR Property Investment Trust PLC
16 May 2002

TR PROPERTY INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

16 MAY 2002


                        TR PROPERTY INVESTMENT TRUST PLC

                   Market Purchase of Company's Own Warrants


Notification is given that a purchase by the Company of 2,600,000 warrants (in
two tranches: one of 2,500,000 and one of 100,000) was made today at a price of
24.00p per warrant. Following this re-purchase, the aggregate number of warrants
that have been purchased by the Company to date is 62,060,838 or 66.18% of the
number of warrants that were in issue at 27 January 2000 when Board approval was
given for the Company to be able to re-purchase its own warrants.

Subsequent to the re-purchase and cancellation there will be 30,851,103 warrants
in issue.

                                    - ENDS -



For further information please contact:

C M Turner

Fund Manager, TR Property Investment Trust PLC

Telephone: [phone]

Stephen Westwood

Henderson Global Investors

Telephone: [phone]

Vicki Staveacre

Corporate Affairs, Henderson Global Investors

Telephone: [phone]



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