Quarterly Factsheet

Insight Foundation Property Tst Ltd
06 May 2005


                  Quarterly Factsheet - Number Four, May 2005

                   Insight Foundation Property Trust Limited

NAV                                         105.3 pence (31 March 2005)
Total Shares Issued                         260,000,000
Mid share price                             115.5 pence (31 March 2005)
Gross property Value                        £379.450 million (31 March 2005)
Number of properties                        74
Average lot size                            £5.13m
Average lease length                        8.4 years

Ex dividend dates                           27 July 2005
                                            27 October 2005
Next financial year end                     31 March 2006
Current Debt                                £152.5m
Gearing                                     40.2% loan to value
Currency                                    GBP
Registered Office                           Guernsey

Investment objective

To provide investors with an attractive level of income together with potential
for income and capital growth from investing in UK commercial property.

Company Share Overview

As at 31 March 2005 the Company's share price was 115.5 pence per share,
reflecting an 11.4% premium to net asset value ('NAV'). From inception to 31
March 2005, the Company's investors received an annualised total return of 26.9%
as compared with the peer group of 25.5%. The Company has declared its third
quarterly dividend of 1.6875 pence per share which will be paid on 19 May 2005.
As at 31 March 2005 and before payment of the dividend, the NAV of the Company
has increased to 105.3 pence per share, a 1.6% increase over December's NAV of
103.65 pence per share and an 8.1% uplift since inception.

Clerical Medical With Profits ('CMWP') placed 50 million shares in February.
This was 19% of the total share capital and is considered a positive development
by the Company. It broadens the 'free float' and the diversity of investors as
well as reducing CMWP's shareholding from 61% to 42%. The placement was
significantly oversubscribed with many new investors from across Europe. Since
the last Factsheet the Company has also joined the European Public Real Estate
Association ('EPRA').

Financing

In March 2005 the Company successfully closed its £152.5 million securitisation,
which refinanced its £98 million interim facility. This is a highly innovative
financing structure and is a first of its type for the Property Investment Trust
sector. Insight worked closely with the debt rating agencies resulting in over
90% of the debt being rated AAA with the balance AA. The total aggregate fixed
interest rate is 5.6% compared to the prospectus assumption of 6.3%, providing
an estimated additional value of 5 pence per share over the term of the loan.

Company Activity

There has been considerable property activity over the quarter, both in terms of
transactions and asset management. The Company has acquired property totaling
£21.83 million that has subsequently been revalued to £22.40 million, and is
under offer to acquire a further £10 million. The company has also completed on
the disposal of two lower yielding retail properties for £7.15 million
reflecting a premium to the aggregate price paid in July 2004 of £730,000 or
11.4%. The impact of these transactions increases the yield on book cost to
approximately 7.1%.

Portfolio structure

In accordance with the Trust's investment strategy, recent acquisitions have
increased the proportion of the Trust's assets held in the South East and in the
office sector.

Central London                                     4%
South Eastern                                     43%
Rest of South                                     11%
Midlands and Wales                                26%
North and Scotland                                16%

With 74 properties, the Trust remains well diversified with a balanced spread of
retail, office and industrial properties across the UK.

Retail                                            32%
Retail Warehouse                                   2%
Office                                            35%
Industrial                                        31%

Property market performance

The IPD Monthly UK Commercial Property Index recorded an annual total return of
18% up to the 31 March 2005 (source: Investment Property Databank). The
re-imposition of Stamp Duty Land Tax ('SDLT') across all areas of the commercial
property market reduced the valuation on many properties in the first quarter of
2005. The negative impact on returns for the average IPD portfolio was close to
1%. The Company only suffered an impact on returns of about half this figure due
to having less properties in the areas affected.

Asset management highlights

Disposals

The Company sold its retail unit in Chichester for £2.6 million, at a net
initial yield of 3.6%. This price reflected a premium to the purchase price in
July 2004 of £620,000 or 31%. The Company also sold its retail property in Hemel
Hempstead for £4.55 million, £110,000 above the purchase price.

Acquisitions

The Company completed the acquisition of a single let office building, Victory
House in Brighton. The property comprises 81,361 sq ft and is let to a good
covenant for a further 4.5 years producing £1.3 million per annum. The purchase
price of £16.325 million reflects a net initial yield of 7.78% and the property
offers considerable scope to add value through asset management. Since the
quarter end, the Company has acquired a cash and carry warehouse unit in Acton,
West London for £5.5 million. The price reflects an initial yield of 6% with a
reversion to 8.5% assuming the current rental value is realised in 2007.

Active management

At the Gate Centre, Brentford the Company now has a detailed planning consent
for a change of use from industrial to car showroom. This initiative will
increase the rent from the subject units by 50% and extends the average length
of tenants leases from 4 to 11 years. This is a significant value enhancing
initiative and the Company is making two further planning applications for
change of use at two other properties.

At the Company's shopping centre in Ilkeston, we have focused on an increasingly
proactive asset management approach. As a result, a new letting approaching 10%
ahead of the previous valuation rental level has completed.

At Abington Street, Northampton, the Company has documented a rent review
settlement at £107,500, 14% ahead of the independent valuation rental value
at purchase last July.



Top Ten Properties                                 Value (£ m)         %

Reynard Business Park, Brentford                      17.300           4.56
Victory House, Trafalgar Place, Brighton              16.500           4.35
20/22,Tudor Street,London,EC4                         16.400           4.32
The Albion Centre, Ilkeston                           13.600           3.58
Union Park, Fifers Lane, Norwich                      12.510           3.30    
Olympic Office Centre, Wembley                        12.500           3.29
Rectical, Bluebell Close, Alfreton                    10.150           2.67
Victoria Plaza,Bolton                                  9.710           2.56
The Gate Centre, Brentford                             9.450           2.49
106 Oxford Road, Uxbridge                              9.250           2.44
Total gross value                                    127.370          33.56


Top Ten Tenancies                                  Value (£)           %

Mott MacDonald Ltd                                 1,307,148           5.19
Freshfields Services Company                       1,279,600           5.08
Grand Metropolitan Estates Ltd                       795,975           3.16
The British Broadcasting Corporation                 733,500           2.91
Jarvis Porter (Property Holdings) Ltd                700,000           2.78
Recticel SA                                          682,201           2.71
Concept Automotive Services Ltd                      515,970           2.05
Tucker, Crossland Darke (Irwin Mitchell)             506,638           2.01
Parametric Technology (UK) Ltd                       486,200           1.93
CRP Print & Packaging Ltd                            481,406           1.91    
Total income                                       7,488,638          29.73

Contacts

Broker
JPMorgan Cazenove
20 Moorgate
London
EC2R 6DA
Tel: [phone]
FAO Richard Cotton
(Managing Director, Corporate Finance)
Angus Gordon Lennox
(Managing Director, Corporate Finance)

Fund Administration
RBSI Fund Services (Guernsey) Limited
St Andrews House
Le Bordage
St Peter Port
Guernsey
GY11BR
Tel: [phone]
FAO Paul Smith
(Managing Director, RBSI Guernsey)

Investment Manager
Insight Investment Management (Global) Limited
33 Old Broad Street
London
EC2N 1HZ
Tel: [phone]
FAO Duncan Owen
(Managing Director, Property)

Issued in accordance with Section 21 of the Financial Services and Markets Act
2000 by Insight Investment Management (Global) Limited. The price of shares and
the income from them may go down as well as up and investors may not get back
the full amount invested on disposal of the shares. Investments in property are
relatively illiquid and more difficult to realise than equities or bonds. Yields
may vary, and are not guaranteed. The use of gearing is likely to lead to
volatility in the Net Asset Value (NAV), meaning that a relatively small
movement either down or up in value of the trust's total assets, will result in
a magnified movement in the same direction, of that NAV. There is no guarantee
that the market price of shares in Investment Trusts will fully reflect their
underlying NAV. This Investment Trust should be considered only as part of a
balanced portfolio, of which it should not form a disproportionate part. Under
no circumstances should this newsletter be considered as an offer, or
solicitation, to deal in the shares of the company.

All figures correct as at 31 March 2005. Past performance is not a guide to the
future.



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