Re Directorate

TR Property Investment Trust PLC
2 October 2001

TR PROPERTY INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

2 October 2001



                       TR PROPERTY INVESTMENT TRUST PLC

                           Appointment of Chairman

 TR Property Investment Trust PLC is pleased to announce that Mr Alastair Ross
Goobey has been elected Chairman with effect from 1 January 2002. He will
succeed Mr Grant Cochrane who will retire from the Board on the same date.

Grant Cochrane was appointed to the board in 1989 and has served as Chairman
since July 1997. In his Chairman's Statement in the recent Annual Report he
indicated his intention to retire during the current financial year.

Alastair Ross Goobey has been a non-executive director of TR Property
Investment Trust since May 1994. He is currently Chief Executive Officer of
Hermes Pensions Management Limited from which he is due to retire at the end
of December 2001.

Announcing the change, Mr Cochrane said: 'I am absolutely delighted that
Alastair Ross Goobey has accepted the Board's invitation to become the next
Chairman and feel totally confident that I am leaving the Company in safe
hands.'

Mr Ross Goobey added: 'I am very happy to have been asked by my colleagues to
succeed Grant, despite my no longer representing the largest institutional
shareholders in the Company. I look forward to working closely with Chris
Turner to build on the Trust's recent excellent record.'



For further information please call:

Alastair Ross Goobey

TR Property Investment Trust PLC

Tel: [phone]


Chris Turner

Fund Manager

TR Property Investment Trust PLC

Tel: [phone]



Vicki Staveacre

Head of Corporate Affairs

Henderson Global Investors

Tel: [phone]



Stephen Westwood

Head of Investment Trusts

Henderson Global Investors

Tel: [phone]