RNS Number:4325R
Scottish Widows Inv.Partnership Ltd
29 October 2003

                                                                      FORM SAR 3



Lodge with a RIS or Newstrack if appropriate and the Takeover Panel.
A copy must also be sent to the company the shares of which are acquired.

Date of disclosure

29th October 2003


DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING
SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")


Date of acquisition

28th October 2003


Acquisition in (name of company)

ISIS Property Trust

1. Class of voting shares (eg ordinary shares)

Ordinary GBP0.01


Number of shares/rights over shares acquired

   14,851,485                          Shares                      Rights


If rights over shares acquired, as opposed to the shares themselves, specify
nature of rights



2. Resultant total holding of voting shares (and % of total voting shares in
issue)


14,851,485                                           19.631  %



Resultant total holding of rights over shares (and % of total voting shares in
issue)

                                                         %


Total percentage

  19.631 %


3. Party making disclosure

Scottish Widows Investment Partnership Ltd

4. (a) Name of person acquiring shares or rights over shares


Scottish Widows Investment Partnership Ltd


and, if different, beneficial owner


(b) Names of any other persons acting by agreement or understanding (see SAR 5)



Signed, for and on behalf of the party named in (3) above



(Also print name of signatory)


George Stephen Brice



Telephone and extension number


020 7718 4253



Note.   Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.



For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section.  Tel. No: 020 7638 0129.

Email:monitoring@disclosure.org.uk




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