Disposal

Grainger Trust PLC
29 January 2004


FOR IMMEDIATE RELEASE
29th January 2003


   GRAINGER SELLS £20m COMMERCIAL INVESTMENT PORTFOLIO AS PART OF REFOCUSING
               DEVELOPMENT AND TRADING ACTIVITIES


Grainger Trust plc ('Grainger'), the UK's largest quoted residential property
investor, today announces it has completed the sale of a commercial property
investment portfolio to a private trust for £19.45m cash as part of its strategy
to refocus its development and trading activities.

The portfolio comprising six properties, including a 27,000 sq ft Clerkenwell
office building and a 25,000 sq ft retail warehouse in Worcester, produced an
annual rental income of £1.4m.

Grainger Director, Sean Slade commented: 'This sale is in line with our stated
strategy of refocusing resources on investment opportunities which offer
residential and mixed use development potential.

'With the growth in mixed-use urban regeneration opportunities and the
increasing requirement for inclusion of both private and affordable residential
elements, we are well placed to leverage our experience and strong skill set
within both the residential and commercial sectors.'

Southern Property Group represented the purchaser.

Ends.

Contact:

Grainger Trust plc
Tel: [phone]
Rupert Dickinson, Chief Executive
Sean Slade, Development Director

Baron Phillips Associates
Tel: [phone]
Baron Phillips


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