Share Buy Back

TR Property Investment Trust PLC
29 October 2003


TR PROPERTY INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

29 OCTOBER 2003



                        TR Property Investment Trust PLC

                                 Share Buy Back


TR Property Investment Trust PLC announces its intention to use the authority
granted by shareholders at its last Annual General Meeting, on 25 July 2003, to
purchase for cancellation up to 60,638,055 of its ordinary 25p shares (being the
total number remaining under that authority). In the event that indications of
interest to sell shares under the buy back exceed the maximum number of shares
for which the Company currently has authority, such indications of interest will
be scaled back pro rata.

Purchases will be executed on Friday 31 October 2003 and will be at or around
the prevailing discount level of the Company's shares. If a substantial
proportion of the maximum number of shares available under the existing
authority to buy back shares is exhausted, the Directors will seek shareholder
approval to renew the buy back authority for up to fifteen per cent of the
Company's then outstanding share capital.

This process will provide liquidity for shareholders who wish to sell their
shares in the Company while adjusting the Trust's size relative to its benchmark
and enhancing net asset value per share for remaining shareholders. Finance for
the buy back will be met, in the short term, from the Company's existing banking
arrangements. The Directors have satisfied themselves that if the maximum number
of shares under the current authority are purchased by the Company, gearing will
not exceed 30% of total assets.

The Company will be announcing its interim results for the period ending 30
September 2003 on Friday 28 November 2003.

                                    - ENDS-

Enquiries:

Alastair Ross Goobey, Chairman, TR Property Investment Trust PLC

Telephone: [phone]

Stephen Westwood, Head of Investment Trusts, Henderson Global Investors

Telephone [phone]

Chris Lunn, UBS Limited

Telephone [phone]

Stephen Phillips, Associate Director, Henderson Global Investors

Telephone [phone]


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