TR Property Investment Trust plc is a UK-based investment company, listed on the FTSE 250 index, which invests in Pan European equities and UK direct property on behalf of its shareholders. The Trust was formed in 1905 and has been a dedicated property investor through the Ordinary share class since 1982. In July 2007 a second share class, the Sigma share class, was introduced. This was created mainly through the conversion of some of the existing Ordinary shares into Sigma shares. The Sigma share class was created to focus on smaller property companies and therefore held a portfolio invested in the shares of smaller property companies on an international basis, it did not invest in property directly. In December 2012 the Sigma shares were redesignated as Ordinary shares and the two portfolios merged.