Portfolio Update

Insight Foundation Property Tst Ltd
17 September 2004



Insight Foundation Property Trust Limited

Acquisition of property portfolio

The Insight Foundation Property Trust Limited ('IFPT') announces that it has
today exchanged unconditional contracts to acquire a portfolio of nine
properties (the 'additional portfolio') at a price of approximately £50 million
from Property Income and Growth Fund Limited. The additional portfolio currently
produces an estimated net annual rent receivable of approximately £3.6 million
reflecting a yield in the region of 7%. The portfolio complements the existing
Trust assets and offers opportunities to add value to achieve the Trust's stated
objectives. Completion is anticipated on the 29th September, when a further
announcement will be made.

Enquiries:

Duncan Owen (Insight Investment Management) 0207 321 1676

Paul Smith/ Jeff Lanyon (RBSI) 01481 740 820




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