Re: Munich Acquisition

Grainger Trust PLC
01 November 2006

1 November 2006


                   Grainger Trust plc ('Grainger'/'Company')


 GRAINGER TRUST ACQUIRES 308-UNIT GERMAN RESIDENTIAL PORTFOLIO FOR €32 MILLION
                          AND OPENS GERMAN HEAD OFFICE


Grainger Trust, the UK's largest quoted residential property owner, has
announced today that is has acquired a 308-unit residential portfolio in Munich,
Germany for €32 million.

The 19,200 sq.m portfolio also provides 12 commercial units and 147 car parking
spaces.  The property attracts a gross rent of €1.95 million per year.

This latest announcement boosts Grainger's holdings in Germany to over 3,000
units, which represents an investment of over €200 million.

At the same time, Grainger is also pleased to announce the opening of its first
German office, in Mannheim, marking the latest step in the Company's growth in
Germany.

Commenting on the deal, Cameron Spry, Head of European operations for Grainger
said:

'This signals an important step forward for Grainger.  We see a significant
portion of our future growth in continental Europe and this latest acquisition
underpins our strategy in a key German market.'

Commenting on the opening, Rupert Dickinson, Chief Executive of Grainger, said:

'We're delighted to have opened our latest office in Mannheim.  Physically
positioning ourselves within the German market will open up many more
opportunities for us to expand our operations and build our brand in the
country.  We look forward to future growth and furthering our relationships with
local partners to deliver shareholder value.'

Grainger Trust will announce its preliminary results for the year to 30
September 2006 on 28 November 2006.


                                     -ENDS-


For further information:

Grainger Trust:
Rupert Dickinson/Cameron Spry                        Tel: [phone]

Financial Dynamics:
Stephanie Highett/Dido Laurimore                     Tel: [phone]


                      This information is provided by RNS
            The company news service from the London Stock Exchange