Sale of Shares

Insight Foundation Property Tst Ltd
24 February 2005

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

Insight Foundation Property Trust Limited

24 February 2005

SALE OF SHARES

Cazenove & Co. Ltd announces an offering on behalf of Clerical Medical
Investment Group Limited ('CMIG') of up to 40,000,000 shares at 108p per share
('Offering Shares') in Insight Foundation Property Trust Limited ('IFPT')
representing approximately 15 per cent of IFPT's issued share capital, as
described below (the 'Offering').

The Offering Shares are being offered by way of an international institutional
bookbuilding including into the United States to 'Qualified Institutional 
Buyers' (as defined in Rule 144A of the United States Securities Act of 1933) in
reliance on exemptions from the registration requirements of the Securities Act.
Cazenove is acting as sole bookrunner and lead manager to the Offering.

The Offering is expected to close on or before the close of business on 24
February 2005.  The exact number of Offering Shares to be sold in the Offering
will be announced thereafter.  Cazenove reserves the right to close the book at
any earlier date.  Settlement is expected to be on 2 March 2005.  Investors
wishing to participate should contact the sales desk at Cazenove.

The sale reflects a desire to reduce the proportion of CMIG's portfolio that is
invested in a single investment company. CMIG has been, and continues to be,
satisfied with the strategy and performance of IFPT and the balance of the
investment in IFPT remains an important part of CMIG's portfolio. CMIG has
confirmed it has no intention of further reducing its shareholding for a period
of at least six months from the date of this announcement.

Enquiries:

Duncan Owen       (Insight Investment Management)   0207 321 1677

Richard Cotton    (Cazenove & Co. Ltd)              020 7588 2828

This announcement is issued on behalf of the CMIG by Cazenove & Co. Ltd who are
regulated by the Financial Services Authority Limited and does not constitute
any offer to sell or any solicitation of any offer to purchase any securities.
Cazenove & Co. Ltd are acting for CMIG in connection with the sale and for no
one else and will not be responsible to anyone other than CMIG for providing the
protections offered to prospective customers of Cazenove & Co. Ltd nor for
providing advice in relation to the sale.


Neither this document nor any copy of it may be transmitted into the United
States of America, its territories and possessions, any state of the United
States or the District of Columbia (the 'United States') or distributed,
directly or indirectly to any US person as defined in Regulation S under the
Securities Act of 1933, as amended, (the 'Securities Act').  Any failure to
comply with this restriction may constitute a violation of US securities laws.
The Offering Shares are not being registered under the Securities Act and may
not be offered or sold in the United States or to or for the account of any US
person unless registered under the Securities Act or pursuant to an exemption
from such registration.  No public offer is being made in the United States.


Neither this document nor any copy of it may be distributed in Canada or in
Japan or to any resident thereof or in any other jurisdiction where such
distribution would be unlawful under the laws of such jurisdiction.

END


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