Fixing of Cornerstone Rate

UK COMMERCIAL PROPERTY TRUST LIMITED

2 APRIL 2015

CORNERSTONE FACILITY AGREEMENT UPDATE

Further to the announcement on 31 March 2015 by the Board of UK Commercial
Property Trust Limited (the "Company"), UK Commercial Property Finance
Holdings Limited (a wholly owned subsidiary of the Company) ("FinanceCo") has
now executed a conditional 12 year fixed rate term loan facility agreement with
Cornerstone Real Estate Advisers Europe LLP, a member of the MassMutual
Financial Group, on the terms set out in the Circular dated 4 March 2015.Under
this facility FinanceCo will be entitled, subject to the satisfaction of
certain minor conditions precedent, to draw down £100 million to finance the
repayment of the £80 million term loan facility provided by Lloyds Bank plc,
which was due for repayment on 19 June 2015. The remaining £20 million will be
used for working capital purposes.

The Board further confirms that FinanceCo has today fixed the interest rate
that will be payable over the term of the loan at the all-in rate of 3.03 per
cent. per annum (including a margin of 125 basis points over the yield on the
relevant 12 year UK Gilt). It is the Company's intention that the debt will be
drawn down on or around 8 April 2015. A further announcement will be made
around that time which will include an update on the facility agreement with
Barclays and the Company's hedging arrangements.

For further information please contact:

Robert Boag/Will Fulton/Graeme McDonald, Standard Life Investments
Tel: [phone] 245 2799/0131 245 3151

Edward Gibson-Watt /Oliver Kenyon, J.P. Morgan Cazenove
Tel: [phone]

Richard Sunderland /Claire Turvey/Clare Glynn, FTI Consulting
Tel: [phone]