Property Sale

TR Property Investment Trust PLC
22 April 2003



                                                                   22 April 2003


TR Property Investment Trust sells two properties in South East London.


TR Property Investment Trust Plc (TRPIT) has sold its interests in two
properties located in Swanley and at Tavern Quay, Docklands, SE16 for a total of
£3.465 million.


The site at Tavern Quay in Docklands formed an unused part of the car park to
the Tavern Quay Business Centre, which the Trust will continue to own. The
freehold of the 868-square metre (a fifth of an acre) site has been sold to a
specialist residential developer for £1.5m with full planning permission for the
construction of 12 flats obtained by the Trust in 2002. Knight Frank acted for
TRPIT.


At Swanley, TRPIT has sold the long leasehold interest in a warehouse located at
the intersection of the M25 and M20, for £1.965m to show a yield of 8.4 per
cent. The detached distribution unit stands on a 0.44-hectare site and is fully
let to Harvey's Furnishings Group Ltd, a major operator in the furniture, beds
and textiles market on a lease expiring in 2006. The property was sold to Falcon
Property Trust, a client of CB Hillier Parker Investors. TRPIT were represented
by ISG Occupancy.


Marcus Phayre-Mudge, deputy fund manager of TR Property, commented: 'We are very
pleased with these sales, both of which were at prices above last valuation. The
wide discounts to asset value and rising dividend yields now make it attractive
for us to switch some capital from direct property into equities. The sale of
Tavern Quay demonstrates our ability to extract value by taking sites through
the planning process and realising gains.'


The deals follow two sales for £10m in January of a car dealership in Staines
and the Kingston-upon-Thames Industrial Park.


                                     -ends-

Press Enquiries


Henderson Press Office          020 7818 4222 / [e-mail]


Notes to Editors


TR Property Investment Trust is one of the 16 investment trusts managed by
Henderson Global Investors, the investment management subsidiary of AMP, the
international financial services group. It manages £89 billion (as at 31
December 2002) in assets and employs more than 1,500 people around the world.
For more information visit www.trproperty.co.uk


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