Acquisition of Property

Insight Foundation Property Tst Ltd
23 July 2004

Insight Foundation Property Trust Limited ('IFPT')

Acquisition of remaining property portfolio

23 July 2004

Insight Foundation Property Trust Limited (the 'Company') announces that it has
today completed the purchase of the remaining 13 properties comprised in the
initial Property Portfolio for the agreed consideration of £98,000,000, as
described in the prospectus issued by the Company dated 24 June 2004 (the
'prospectus').

At Admission N M Rothschild & Sons conditionally agreed to provide the Bank
Facility upon the terms of a Term Sheet as described in the prospectus. The
Company has now entered into an interim £45 million bank facility with N M
Rothschild & Sons which has been drawn down in full, pending finalisation of the
£150 million Bank Facility as described in the prospectus. Terms used in this
announcement bear the meanings given in the prospectus.

Enquiries:
Duncan Owen (Insight Investment Management)           0207 321 1676

END

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