Re Joint Venture

Grainger Trust PLC
19 July 2002



FOR IMMEDIATE RELEASE

19th July 2002



    GRAINGER TRUST AND DEUTSCHE BANK REFINANCE BPT BRIDGEWATER LIFE TENANCY
                               PORTFOLIO


Grainger Trust plc ('Grainger') and Deutsche Bank Real Estate Private Equity
Group ('Deutsche Bank'), through their Bromley Property Holdings Limited 
('Bromley') joint venture company, today announce the refinancing of the BPT
Limited ('BPT') Bridgewater Life Tenancy Portfolio. The portfolio is valued at
approximately £50m.

Bromley was the joint venture vehicle formed to complete the acquisition of the
then leading quoted residential property investor, BPT plc.

Bromley will continue to own the portfolio of 807 residential units within a new
corporate structure while BPT will continue to manage the properties. Bromley is
raising an initial £45.21m non-recourse loan which will be used to repay
existing borrowings.

Following last week's sale of a £70m Assured Shorthold Tenancy portfolio to
Schroder's Residential Property Unit Trust, and on completion of this latest
transaction, Bromley's acquisition debt will fall to £440m, down from £640m at
the time of the BPT acquisition.

Rupert Dickinson, Deputy Managing Director of Grainger and Chief Executive of
BPT, commented: 'This latest transaction is in line with Bromley's stated
objectives of crystallising value in the BPT portfolio, but also enables the
Group to share in the future growth of our life tenancy holdings. At the same
time this innovative financing structure will allow us to continue in the Life
Tenancy business with the established Bridgewater brand.'

Structured Risks Products created the financing and have an interest in the
future performance of the portfolio, while Lloyds TSB is providing the debt.
Bromley was advised by Savills Finance Limited.

                                     Ends.



Contact:

            Grainger Trust plc                                    020 7795 4700
            Rupert Dickinson, Deputy Managing Director

            Deutsche Bank Real Estate Private Equity Group        020 7545 8000
            Alistair Dixon, Managing Director

            Baron Phillips Associates                             020 7397 8932
            Baron Phillips



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