Acquisition

Standard Life Invs Property Inc Tst
20 February 2004


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST
ACQUIRES 2 - 4 BUCKNALL STREET, LONDON WC2

The Standard Life Investments Property Income Trust (SLIPIT) acquired the
freehold of 2 - 4 Bucknall Street, WC2 on 18th February 2004 from Legal &
General for £6.5 million representing a net initial yield of 7.7%.

The building comprises a 16,800 sq.ft. former Victorian Warehouse which has been
fully refurbished to provide contemporary style offices arranged over lower
ground, ground and three upper floors. The property is let on a single fully
repairing and insuring lease to advertising agency, Mustoes Limited, for a term
of 15 years from 6 June 2003, incorporating a tenants break option on 5 June
2014.

The property has been valued at £6.5 million by DTZ Debenham Tie Leung on an
open market basis in accordance with the RICS Appraisal and Valuation Standards.

David Stewart, property fund manager for SLIPIT commented 'The investment at
Bucknall Street fits with the objectives of the Fund and we are pleased to have
secured the property shortly after launch.'

Andrew Jackson, Investment Director at Standard Life Investments, commented, 'I
am delighted that we have hit the ground running with the acquisition of
Bucknall Street so shortly after the fund started trading on the 19th December
2003. We are on track to investing the remaining undrawn monies from the debt
facility by the end of September 2004'.

Press Enquiries:
Richard England
Standard Life Investments Press Office
Telephone: [phone]











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