Acquisition

Standard Life Invs Property Inc Tst
30 July 2004


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST

ACQUIRES INTERFLEET HOUSE, PRIDE PARK, DERBY

The Standard Life Investments Property Income Trust on 23 July 2004 acquired a
freehold office building from Interfleet Technology Limited on a sale and
leaseback basis for £5.445 million representing a net initial yield of 7.0%.

The property comprises a modern 2 storey office building constructed in 2000
extending to 28,735 sq ft together with 120 car spaces. It is let in its
entirety to Interfleet Technology Limited for a term of 15 years at a rent of
£388,000 pa (£13.50 psf), on a Full Repairing and Insuring lease with 5 yearly
rent reviews.

The property has been valued at £5.445 million by DTZ Debenham Tie Leung on an
open market basis in accordance with the RICS appraisal and valuation standards.

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



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