Offer Update

RNS Number:4972R
ISIS Property Trust Limited
30 October 2003


                          ISIS PROPERTY TRUST LIMITED

30 October 2003

ISIS Property Trust Limited (the "Company") announces that 75,650,000 ordinary
shares of 1p each in the capital of the Company were issued and were admitted
("Admission") on 28 October 2003 to listing on the Official Lists of the UK
Listing Authority and the Channel Islands Stock Exchange, LBG (the "CISX") and
to trading on the main market of the London Stock Exchange plc and to trading on
the CISX.

Following Admission, the Company today drew down #48.42 million under the credit
facility made available to it by The Royal Bank of Scotland plc ("RBoS").  The
Company has fixed the interest payable on such amount for a period of 10 years
from the date of draw down at 6.035 per cent plus mandatory costs up to the
third anniversary of Admission and at 5.945 per cent. plus mandatory costs from
the third anniversary of Admission up to the tenth anniversary of Admission.

Following draw down under the bank facility, the Company, which is managed by
ISIS Asset Management plc, today completed the purchase of the Initial Property
Portfolio of 35 properties from FP Life Assurance Limited ("FPLAL") and Friends
Provident Life and Pensions Limited ("FPLP") for the agreed consideration of
#121,050,000, adjusted for accruals of rental income and charges already paid by
FPLAL and FPLP, as described in the prospectus issued by the Company dated 15
October 2003.  The acquisition of the Initial Property Portfolio was financed by
the issue of the ordinary shares and the draw down of debt under the bank
facility.

All enquiries:

The Company Secretary
Guernsey International Fund Managers Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey GY1 3QL

Tel: [phone]
Fax: [phone]


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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