Director Shareholding

TR Property Investment Trust PLC
19 February 2004

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1. Name of company
 TR PROPERTY INVESTMENT TRUST PLC



2. Name of director
 MR P L SALSBURY



3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest
 AS IN 2 ABOVE



4. Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified)
 OAKMOON NOMINEES LIMITED



5. Please state whether notification relates to a person(s) connected with the
director named in 2 above and identify the connected person(s)
 AS IN 2 ABOVE



6. Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary
BENEFICIAL  SHARE PURCHASE



7. Number of shares / amount of stock acquired
 15,000



8. Percentage of issued class
 0.004%



9. Number of shares/amount of stock disposed
 -



10. Percentage of issued class
 -



11. Class of security
 ORDINARY SHARES



12. Price per share
 95.50P



13. Date of transaction
 12 FEBRUARY 2004



14. Date company informed
 19 FEBRUARY 2004



15. Total holding following this notification
 25,000



16. Total percentage holding of issued class following this notification
 0.007%



If a director has been granted options by the company please complete the
following boxes.

17. Date of grant




18. Period during which or date on which exercisable




19. Total amount paid (if any) for grant of the option




20. Description of shares or debentures involved: class, number




21. Exercise price (if fixed at time of grant) or indication that price is to be
fixed at time of exercise




22. Total number of shares or debentures over which options held following this
notification




23. Any additional information




24. Name of contact and telephone number for queries
 MR J S ELLMAN-BROWN - 020 7818 6816



25. Name and signature of authorised company official responsible for making
this notification
 MR J S ELLMAN-BROWN, FOR AND ON BEHALF OF HENDERSON SECRETARIAL SERVICES LIMITED, SECRETARY



Date of Notification
 19 FEBRUARY 2004



The FSA does not give any express or implied warranty as to the accuracy of this
document or material and does not accept any liability for error or omission.
The FSA is not liable for any damages (including, without limitation, damages
for loss of business or loss of profits) arising in contract, tort or otherwise
from the use of or inability to use this document, or any material contained in
it, or from any action or decision taken as a result of using this document or
any such material.


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