SLIPIT Purchase

To: Company Announcements

Date:    12 August 2014

Company: Standard Life Investments Property Income Trust Limited

Subject: SLIPIT Purchase

Standard Life Investments Property Income Trust is pleased to confirm it has
completed the purchase of three logistics units for a total sum of £28.65m,
reflecting an initial yield of 7%.

The three units are Tetron 93 in Swadlincote, let at £431,000pa until 2021,
Tetron 141 Swadlincote, let at £670,500pa until 2022 (but with tenant break in
2018), and Denby 242, let at £1,032,000pa until 2025 (with a tenant break in
2020). All three units were built in 2008 / 2009 and provide good quality
modern accommodation.

The purchase follows the recent equity raise and increases the Company's
exposure to the industrial sector to 30% and follows the investment rationale
of buying good quality real estate that is well let.

Jason Baggaley, Fund Manager of SLIPIT commented "I am delighted we have been
able to secure these investments off market and invest some of the recent
equity raised. The three modern units were all let at the bottom of the cycle
and, with a shortage of available stock in the Midlands logistics market, we
expect them to perform well. We are actively working on several other
investment opportunities to invest the remainder of the funds available.

All enquiries:

Jason Baggaley
Standard Life Investments Limited
Tel: [phone]