Change of Investment Manager

TR Property Investment Trust PLC
19 July 2004


TR PROPERTY INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

19 JULY 2004


                 TR PROPERTY ANNOUNCES NEW MANAGEMENT CONTRACT


On 28 April 2004, TR Property Investment Trust plc ('TR Property') announced
that it had given notice of termination of its investment management contract
with Henderson Global Investors, following the resignation from Henderson of
Chris Turner and Marcus Phayre-Mudge, the Trust's Fund Manager and his deputy.
The Board of TR Property has now completed a review of prospective fund managers
and has decided, subject to contract and to satisfactory completion of due
diligence, to engage Thames River Capital (UK) Ltd as manager of the Trust.

Chris Turner and Marcus Phayre-Mudge will be joining Thames River Capital (UK)
Ltd and will continue to manage the Trust.

The Trust's current management contract with Henderson expires at the end of
September 2004. The Board of TR Property intends that all necessary transition
and contractual arrangements will be completed by that date and Henderson has
agreed to retain the services of the current team until 30 September 2004 in
order to ensure that shareholder value is protected by continuity of fund
management and a smooth transition.


                                    - ends -

Enquiries:


Alastair Ross Goobey

Chairman

TR Property Investment Trust plc

Telephone:     [phone]


Stephen Westwood

Head of Investment Trusts

Henderson Global Investors

Telephone:      [phone]


Charlie Porter/Jonathan Hughes-Morgan

Thames River Capital (UK) Ltd

Telephone:     [phone]


Chris Lunn/Will Rogers

UBS Investment Bank

Telephone:     [phone]


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