Prague Acquisition

Grainger Trust PLC
13 July 2005



FOR IMMEDIATE RELEASE
13th July 2005

                              GRAINGER TRUST plc:

                     ACQUISITION OF PRAGUE DEVELOPMENT

Grainger Trust plc ('Grainger'), the UK's largest quoted residential property
investor, today announces the formation of a joint venture with the Discovery
Group, a leading Czech development company.

The joint venture, in which Grainger has an 85% stake, has conditionally
acquired a company that owns a 4.2 hectare site in the Zizkov district of
Prague. The site will be developed into a mixed use retail/residential scheme on
a phased basis over the next five years.

Grainger's equity investment amounts to €6.7m with the remaining funding to be
provided by local banks.

Rupert Dickinson, Grainger's Chief Executive, commented: 'This is an opportunity
for us to work with an experienced local operator and continue our strategy of
investing in Central Europe alongside local partners.'

                                     Ends.

Contact:
Rupert Dickinson, Chief Executive, Grainger Trust. Tel: [phone]
Baron Phillips, Baron Phillips Associates. Tel: [phone]



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