SLIPIT Purchase

To:        Company Announcements
Date:      24 November 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 a portfolio of five industrial and logistics units
for a total of £23.75m, reflecting an initial yield of 7.25%. The purchase was
funded from the equity raised on 13th November, is accretive to the net asset
value as the equity was raised on a 5% premium, and the purchase was undertaken
by way of a corporate purchase of an SPV. The five assets are located in
Manchester, Birmingham, Cheltenham and two in Milton Keynes. All are single
let, and total 390,490sq ft. The units are let on leases from 1 year to 21
years term certain, and are considered reversionary, giving scope for further
asset management.

Jason Baggaley, fund manager for SLIPIT said "We are delighted to have
completed this purchase, 2014 has been a very busy year for the Company, as we
raised new equity and invested it for clients. This transaction continues our
strategy of raising money at a sufficient premium to protect existing
investors, and investing in good quality assets that are accretive to the
revenue account, and without undue cash drag to the Company."

All enquiries:

Jason Baggaley
Standard Life Investments Limited
Tel: [phone]