Quarterly Update

Medical Property Investment Fd Ltd
14 April 2004


14 April 2004

Enquiries:       Richard Burrell/Peter Dickson              Tel: [phone]
                 Berrington Fund Management Limited         www.berringtonfm.com

                 Chris Steele/Tarquin Edwards               Tel: [phone]
                 Holborn Public Relations


         The Medical Property Investment Fund Limited (the 'Company')
                                Quarterly Update


The Medical Property Fund which was launched on 20th November 2003, to become
the leading long term owner and manager of primary care property assets, today
announces its first quarterly update.

Following its flotation, the fund has acquired a total of 28 completed income
producing primary health care centres with a capital value of £45.6m purchased
on an average net initial yield of 6.82%.  In addition, we have committed to a
£1.5m investment in a LIFT consortium company yielding 12.0% and we have a
further 8 properties in solicitor's hands with an aggregate capital value of
£20.2m to be acquired on an average net initial yield in excess of 7%.

The Company is on target to meet its flotation assumptions of purchasing or
committing to at least £80m of primary care properties by the end of June 2004.



Properties purchased by the Company comprise a mixture of newly constructed
income producing primary care resource centres, sale and leasebacks of existing
GP owned premises and the forward funding of a number of new primary care
developments.

The Company is intending to pay a 4 pence dividend in respect of the period
ending 31st December 2004 and as at 31st March 2004 the Company's net asset
value was 94p per share.



Government policy continues to be committed to the renewal of primary care
infrastructure and significant procurement activity is taking place both from
the private development sector and within the Local Improvement Finance Trusts
('LIFT') which were set up by the government as part of an initiative with the
private sector to improve primary care facilities throughout the country.  The
benefits of practicing from modern premises are clearly recognised by GPs and
health professionals across the sector and the demand for new facilities
continues to grow.




Opportunities for the Company are emerging from a number of different sources:
e.g. partnering with PCTs and GPs in facilitating the move to modern sites;
working with local developers in the acquisition of new schemes; as well as the
selective purchasing of existing investments from GPs and other investors.  The
Company is particularly well positioned to invest in the larger schemes where
there is an opportunity to attract complementary medical providers and other
users alongside GP practices.  The Company is involved in a number of
exploratory projects with regard to its owned assets and announcements will be
made in due course regarding the Company's strategic tie-ups with other
complementary operators of primary care assets (e.g. pharmacies).



A number of opportunities are also presenting themselves within those LIFT
companies, which are close to reaching financial completion.  The Company has
made one such investment to date and expects to make further announcements in
the coming months regarding investments in other LIFT companies or other PCT
sponsored joint venture companies.  The Company's strategy is to be supportive
of these initiatives and provide resources where needed to assist those PCTs
charged with carrying out the Government's objectives under LIFT and primary
care procurement generally.



Richard Burrell, Chief Executive of Berrington Fund Management, commented:



'I am pleased with the encouraging progress we have seen to date, which supports
our vision of being the leading long term owner of primary care property whilst
offering leading edge premises management for GPs and other complementary
operators.'



For the remainder of 2004, the key objective of the Company is to purchase or
commit to new investment in line with its business plan.  The Company is
currently reviewing a considerable number of acquisitions and is encouraged by
the level of potential new business resulting from an increasing awareness of
its activities within the sector.







Ends


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