Property Purchase Completion

TR Property Investment Trust PLC
16 May 2005



TR PROPERTY INVESTMENT TRUST PLC


THAMES RIVER CAPITAL (UK) LIMITED


16 MAY 2005




                        TR PROPERTY INVESTMENT TRUST PLC

  TR Property Investment Trust buys vacant Slough Town Centre Office Building



TR Property Investment Trust Plc, managed by Thames River Capital, has today
completed the purchase of the freehold of New Century House, The Grove, Slough
for £10.56 million. Including stamp duty and fees the total cost will be £11.2m.



New Century House, which was completed in 2002, is an eight-storey,
highly-specified office building of 64,000 sq ft, with wall climbing lifts, air
conditioning and 228 car parking spaces in the basement (car parking ratio of 1:
280 sq ft). The location is in the centre of Slough, some five minutes walk from
the station, and the main retail area. The building is vacant, and has been
available to let as a whole since 2002 at an asking rent of £24 per ft (£1.5m
pa).



After allowing for purchase costs the price paid by the Trust equates to £175
per square foot, which is estimated to be below the cost of rebuilding the
property today.



Chris Turner, Fund Manager, commented 'The Slough office market has experienced
a severe downturn over the last three years but shows signs of being at or close
to the bottom of the cycle. The Trust will embark on a fresh marketing campaign
based on either single or multiple occupation.'



'This is the third vacant or part vacant office property we have bought in
London and the South East over the last year and continues a theme of buying
properties with some vacancy at prices below the build cost.  Whilst we do not
expect a dramatic recovery in occupational markets in the short term, we believe
that these investments offer excellent medium to long term potential.'





For further information:



Chris Turner

TR Property Investment Trust plc

Thames River Capital (UK) Limited

Tel: [phone]



James Wilkinson

TR Property Investment Trust plc

Thames River Capital (UK) Limited

Tel: [phone]


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