Disposal

Grainger Trust PLC
12 July 2002



FOR IMMEDIATE RELEASE
12th July 2002


THE SCHRODERS RESIDENTIAL PROPERTY UNIT TRUST ACQUIRES £70M BPT PORTFOLIO

            GRAINGER INVESTS IN TRUST AND BECOMES ITS ASSET ADVISOR


Grainger Trust plc ('Grainger'), the UK's largest quoted specialist residential
property investor, today announces that its joint venture company BPT Limited
has sold a £70m portfolio of Assured Shorthold Tenancy properties to The
Residential Property Unit Trust ('ResPUT' or 'the Trust') managed by Schroders.

BPT, which Grainger acquired in joint venture with Deutsche Bank Real Estate
Private Equity Group in May 2001, will continue to provide property management
services for the portfolio. At the same time Grainger is investing £7m in
ResPUT, equivalent to an 8% interest in the Trust. Grainger will become an asset
advisor to ResPUT involving strategic advice on acquisitions and disposals.

Proceeds of the sale to ResPUT will be used to further reduce the joint venture
company's borrowings and following completion of the sale debt will be £461m,
down from approximately £640m at the time of the BPT acquisition.

Rupert Dickinson, Grainger's Deputy Managing Director, said: 'The sale of the
Assured Shorthold Tenancy portfolio is in line with our stated BPT disposal
strategy. However the exciting aspect of the transaction is that not only does
BPT continue to undertake the property management of this excellent portfolio
but it allows Grainger to share its expertise in the residential property sector
with a leading institutional investment manager.'

The portfolio comprises a total of 756 flats in modern apartment blocks spread
throughout the major UK cities where there is proven demand for quality rented
residential property. As a result of the BPT acquisition assets under management
at ResPUT have increased to more than £115m.

Bill Hughes, Executive Director of Schroders, commented: 'The acquisition
reflects Schroders commitment to specialist property unit trusts where the
property skills of market leaders like Grainger can be deployed.

This deal brings together a fund manager that is committed to investing in the
residential private rented sector with the best provider of residential asset
management. With an open ended property unit trust structure, a strong
performance record and Grainger's property asset management skills, the
intention is to continue to expand ResPUT through selective acquisitions and
targeted development.'

Jones Lang LaSalle Corporate Finance Limited acted for BPT in the transaction.


Ends.



Contact:

Grainger Trust plc:
Rupert Dickinson, Deputy Managing Director.             Tel: [phone]
Andrew Cunningham, Finance Director                     Tel: [phone]
Baron Phillips Associates:
Baron Phillips                                          Tel: [phone]
Schroder Property Investment Management:
Bill Hughes, Executive Director                         Tel: [phone]
The Maitland Consultancy:
Fiona Piper                                             Tel: [phone]



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