Acquisition

Grainger Trust PLC
22 October 2004


FOR IMMEDIATE RELEASE
22 October 2004

             GRAINGER TRUST ACQUIRES £10.2m LIFE TENANCY PORTFOLIO


Grainger Trust plc ('Grainger'), the UK's largest quoted residential investor,
today announces it has completed the purchase of a £10.2m Life Tenancy portfolio
from NPI Limited. The purchase has been funded from existing resources.

The acquisition enhances Grainger's involvement in the life tenancy market which
it believes has excellent growth prospects.

The portfolio comprises 226 tenancies that are all partial reversions in houses
where the occupier retains an interest of between 10% and 85%. Although it
produces no income Grainger will receive full vacant possession of the
properties over time. The current vacant possession value of Grainger's interest
in the portfolio is estimated to be £20.2m.

The portfolio is located throughout the UK, with the exception of Scotland, with
approximately 22% in London and the South East.

Contracts were exchanged to acquire the portfolio just before Grainger's year
end and, consequently, the properties will be included in the Group's balance
sheet as at 30th September 2004.
                                     Ends.

Contact: Grainger Trust plc. Tel: [phone]

Andrew Cunningham, Deputy Chief Executive,

Baron Phillips Associates Tel:    [phone]

Baron Phillips



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