Land Acquisition

Grainger Trust PLC
06 April 2005





FOR IMMEDIATE RELEASE

6th April 2005


                              GRAINGER TRUST plc:

                        ACQUISITION OF 520 ACRES OF LAND


Grainger Trust plc ('Grainger'), the UK's largest quoted residential property
investor, today announces that it has acquired some 520 acres of land near West
Waterlooville, Hampshire, from a private individual. The land was previously
subject to an option agreement between Grainger and the vendor whereby land that
had received outline planning permission could be acquired by Grainger in return
for a lump sum payment and a share of future operating cashflows. The option
agreement was due to expire in 2011.


The land is included in the West of Waterlooville Major Development Area and has
been provisionally allocated 1,550 dwellings with a further 1,000 in reserve.
Grainger feels it is important to acquire the freehold at this stage so that it
can take a long term development view of this significant strategic site.


Initial consideration for the land is £12m cash and two further payments of £4m
each, payable in 2009 and 2013. The vendor may also be entitled to contingent
deferred consideration in the form of certain fixed payments, triggered if
certain land valuation hurdles are met, and a profit share entitlement that is
reduced by the amount of fixed payments received.


                                     Ends.

Contact:

Grainger Trust plc

Rupert Dickinson, Chief Executive                 Tel: [phone]

Marie Glanville, Company Secretary                Tel: [phone]

Baron Phillips Associates

Baron Phillips
                                                  Tel: [phone]

                                                       07050 124119








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