Interest rate swap

ISIS Property Trust 2 Limited
01 June 2004







ISIS PROPERTY TRUST 2 LIMITED



ISIS Property Trust 2 Limited (the 'Company') announces that, shortly following
Admission to the Official List of the UK Listing Authority and to trading on the
main market operated by The London Stock Exchange plc this morning, the Company
entered into an interest rate swap transaction with The Royal Bank of Scotland
plc ('RBoS') under which it fixed the interest rate payable on all of the
£70,662,000 term loan intended to be drawn down shortly under the credit
facility entered into between the Company and RBoS dated 12 May 2004.  Under
this swap transaction and the terms of the credit facility, the rate of
interest, inclusive of margin but exclusive of mandatory lending costs, which
the Company will pay to RBoS in respect of the term loan, was fixed at 6.355 per
cent. until 31 May 2007 and at 6.265 per cent. from 1 June 2007 until 31 May
2014.



All enquiries:



Jason Hollands

ISIS Asset Management plc

Tel: [phone]



Graham Reaves

G&N Collective Funds Services Limited

Tel: [phone]






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