Acquisition

ISIS Property Trust 2 Limited
04 June 2004


ISIS PROPERTY TRUST 2 LIMITED
Drawdown of debt and acquisition of initial property portfolio
4 June 2004

ISIS Property Trust 2 Limited (the 'Company') announces that today it drew down
£70.662 million under the term loan facility made available to it by The Royal
Bank of Scotland plc. As previously announced, the Company has fixed the
interest payable on such amount for a period of 10 years from the date of draw
down at 6.355 per cent. plus mandatory costs up to 31 May 2007 and at 6.265 per
cent. plus mandatory costs from 1 June 2007 to 31 May 2014.

Following the drawdown under the bank facility, the Company today completed the
purchase of 37 of the properties comprised in the Initial Property Portfolio for
the agreed consideration of £172,535,000, adjusted for accruals of rental income
and charges, as described in the prospectus issued by the Company dated 19 May
2004. It is expected that the remaining property will be acquired during the
week commencing 7 June 2004 for the agreed consideration of £4,160,000, adjusted
for accruals of rental income and charges.

All enquiries:

The Company Secretary
Guernsey International Fund Managers Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey GY1 3QL

Tel: [phone]
Fax: [phone]




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