Acquisition

Grainger Trust PLC
22 November 2001


FOR IMMEDIATE RELEASE

22 November 2001


GRAINGER TO ACQUIRE £30m RESIDENTIAL PORTFOLIO

Grainger Trust plc today announces it has exchanged contracts for the
acquisition of a portfolio of tenanted residential properties in Solihull and
Moseley from The Ideal Benefit Society for a total consideration of
approximately £30m.

Completion is scheduled for mid December.  This high quality portfolio
comprises of 286 houses and 65 flats of which 159 of the total are subject to
regulated tenancies.  Gross rental income from the portfolio amounts to
approximately £1.4m a year.


                                    ENDS.


Contact:            Grainger Trust Plc                       Tel: [phone]
                    Stephen Dickinson, Managing Director
                    Andrew Cunningham. Finance Director

                    Baron Philips Associates                 Tel: [phone]
                    Baron Phillips