Revaluation of Properties

TR Property Investment Trust PLC
03 October 2005


TR PROPERTY INVESTMENT TRUST PLC
HENDERSON GLOBAL INVESTORS

3 OCTOBER 2005

                        TR PROPERTY INVESTMENT TRUST PLC

                           Revaluation of Properties


The Trust's direct property portfolio has been externally valued at 30th
September 2005 at £67.925 million.  This is a 5.5% (£3.76 million) increase in
value since March 2005.  The valuation surplus is included in the published
asset value as at 30th September.

On a like for like basis (excluding the vacant office property at Slough, which
was purchased in May 2005), the portfolio owned throughout the 6 month period
increased in value by 6.1%.  Slough was revalued at £11.75 million (£184 psf),
more than taking account of the costs of purchase and the subsequent
recommissioning exercise.  The Trust's letting agents have relaunched the
building and are in discussions with a number of potential occupiers.

The current portfolio represents approximately 10% of the gross assets of the
Trust.

                                    - ENDS -

For further information, please call:

Chris Turner
TR Property Investment Trust PLC
Telephone: [phone]

Marcus Phayre-Mudge
TR Property Investment Trust PLC
Telephone: [phone]



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