Re. Placing and Offer

Insight Foundation Property Tst Ltd
09 June 2005

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,
CANADA, AUSTRALIA OR JAPAN.

9 June 2005

                   Insight Foundation Property Trust Limited

        Placing and offer for subscription of up to 100,000,000 C shares
                              at 100p per C share

The Board of Insight Foundation Property Trust Limited (the 'Company' or 'IFPT')
announces that it intends to launch an issue to raise up to £100 million by
means of a placing and offer for subscription of C shares.

The proceeds of the C share issue will be used to take advantage of current
market conditions to acquire properties in order to re-weight the Company's
investment portfolio towards areas of the property market which the manager
believes will enhance returns for investors.

The Company has agreed to acquire two properties and actually exchanged
contracts on one at a price of circa £42m. It has a number of other properties
under active consideration.  These properties comprise central London and South
East office buildings where the Investment Manager (the 'Manager') believes that
there are attractive opportunities for growth in income.

Rationale for the issue

The Company's primary rationale for the fund raising is to grow the Company and
enhance long term returns for shareholders.

•        The current portfolio has performed well. The Manager wishes both to
retain the large majority of the current portfolio but expand the portion of it
that is allocated to central London and South East office markets, where it sees
the opportunity to improve returns through rental growth and NAV growth for
shareholders.

•        Broadening the spread of assets and tenants will further add diversity
to the portfolio.

•        The enlargement of the Company's investment portfolio will also be
partially financed through the additional tranche of the securitisation facility
at an attractive rate of borrowing.

•        It is expected that the acquisition of these properties will initially
have a neutral impact on earnings but subsequently lead to faster growth.

Benefits of the C share issue

•        The C shares will be issued at 100p per C share and will convert on a
net asset value to net asset value basis.  The see through yield to new C share
holders is estimated to be about 6.2% post issue.

•        The C share offer will be structured so as to avoid dilution for
existing shareholders who will not be disadvantaged by the costs of the fund
raising.

•        Enlarging the Company will mean the fixed costs of operating the
business are spread across a greater number of assets.

•        The C shares will convert into ordinary shares once the C share pool is
substantially invested. The conversion could take place almost immediately
(given the quantum of property under offer and with contracts exchanged).

•        Broadening the spread of investors within the Company should add
further diversification to the shareholder list and a larger free float.

The Board believes that the Manager's approach to transactional activity, the
intensive management of the Company's assets and innovative financing, will
continue to play a vital role in delivering positive results.

Timetable

The Company anticipates formally launching the C share issue and expects to post
formal documentation to shareholders to seek their approval for the issue in
early July 2005.

Andrew Sykes, Chairman of Insight Foundation Property Trust Limited said 'The
proposed C share placing will enable the Company to improve returns to investors
and re-focus the portfolio most cost effectively towards areas of the property
market where the manager believes there are attractive opportunities for added
value.'

Enquiries:

Duncan Owen

(Insight Investment Management)

Tel: [phone]



Richard Cotton  / Angus Gordon Lennox

(JPMorgan Cazenove)

Tel: [phone]



Stephanie Highett / Dido Laurimore

(Financial Dynamics)

Tel: [phone]



This announcement is not for distribution directly or indirectly in or into the
United States, Canada, Australia or Japan. This announcement does not constitute
an offer to sell or issue or the solicitation of an offer to buy or acquire C
shares in the capital of IFPT in the United States, Canada, Australia or Japan
or any jurisdiction in which such an offer or solicitation is unlawful. The C
shares in IFPT referred to in this announcement have not been and will not be
registered under the Securities Act and may not be offered or sold within the
United States absent registration or an exemption from registration. No public
offering of securities will be made in the United States, Canada, Australia, or
Japan.



This announcement has been communicated by JPMorgan Cazenove Limited which is
authorised and regulated in the United Kingdom by the Financial Services
Authority and does not constitute an offer to sell or a solicitation of an offer
to purchase any securities. 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.  There is no guarantee that the market price of shares in the fund
will fully reflect their underlying NAV.



JPMorgan Cazenove Limited is acting exclusively for IFPT and no one else in
connection with the placing and offer and will not be responsible to anyone
other than IFPT for providing the protections afforded to clients of JPMorgan
Cazenove Limited nor for providing any advice in relation to the placing and
offer or any other matters referred to in this press announcement.

END


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