Acquisition

Grainger Trust PLC
28 January 2005


FOR IMMEDIATE RELEASE

28th January 2005


GRAINGER FURTHER EXPANDS RESIDENTIAL INVESTMENT PORTFOLIO WITH £16M PROPERTY
SWAP

Grainger Trust plc ('Grainger'), the UK's largest residential property
investment and trading company, today announces that it has exchanged contracts
to acquire a £16.1m residential portfolio, comprising 195 units, from a private
client of Aston Rose.

The acquisition is being satisfied through the sale of a £14m commercial
property portfolio, comprising two central London office buildings, a business
centre in Twickenham and a retail warehouse in Accrington, and £2.1m in cash.

The property swap is in keeping with Grainger's stated corporate objective of
being a focused residential investment, trading and development business

Rupert Dickinson, Grainger Chief Executive, said: 'This deal enables us to
fulfil our commitment to dispose of our commercial property investments and
focus on the residential sector. It also underlines the fact that we are still
able to acquire large residential portfolios comprising a significant number of
regulated tenancies taking our total number of units to well over the 12,000
with a total vacant possession value of approximately £1.9bn.'

Almost half of the portfolio consists of regulated tenancies with the remainder
comprising Assured Shorthold Tenancies, life tenancies and ground rents.


Ends.


Contact:

            Rupert Dickinson, Grainger Trust.            Tel: [phone]

            Baron Phillips, Baron Phillips Associates.   Tel: [phone]



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