GBP5.15m portfolio buy

Grainger Trust PLC
06 June 2005



FOR IMMEDIATE RELEASE
6th June 2005

               GRAINGER TRUST ACQUIRES £5.15m PORTFOLIO OF 
                     REVERSIONARY LEGAL CHARGES FROM
                       NATIONWIDE BUILDING SOCIETY

Grainger Trust plc ('Grainger'), the UK's largest quoted residential property
investor, today announces it has completed the acquisition of a portfolio of 159
legal charges from Nationwide Building Society ('Nationwide') for a total
consideration of £5.15m cash.

The Charges are held over a portfolio of predominantly retirement flats built in
the 1980's throughout the UK. The charges relate to a retained equity share in
each individual flat and enables the holder to redeem the equity share at a
fixed expiry date or if the flat is sold. The value of the equity share is the
greater of the original amount or the current market value of that share.

Rupert Dickinson, Chief Executive of Grainger, commented: 'This is an
opportunity to acquire a first rate portfolio to compliment our existing equity
release business.'

Grainger was advised by Dickinson Dees and Nationwide was advised by Burgess
Salmon.

                                     Ends.


Contact:

Grainger Trust plc
Rupert Dickinson, Chief Executive.             Tel: [phone]
Peter Couch, Director of Equity Release        Tel: [phone]

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






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