Acquisition

Standard Life Invs Property Inc Tst
18 October 2004


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST

ACQUIRES A FURTHER 2 PROPERTIES

The Standard Life Investments Property Income Trust on 1 October 2004 acquired a
freehold retail warehouse investment in Clough Road, Hull for £2.4 million
representing a net initial yield of 7.36%.

The investment is adjacent to the Trust's existing Clough Road Retail Park and
is let to John Peters (Furnishings) Limited for a term of 20 years on a full
repairing and insuring lease.

Rent reviews are 5 yearly throughout the term incorporating fixed uplifts of 2%
per annum compound.

The second acquisition was Lister House, Horsforth, Leeds, which was acquired on
the 7 October 2004 for the sum of £2,175,000 representing a net initial yield of
7.75%. The property is multi-let to Alba Life Limited, the M&E Network Limited
and Pilot Limited. 74% of the income is let on leases expiring between 2015 and
2016 with the remaining 26% secured on a lease expiring on 23/11/2013
incorporating a tenant's break on 24/11/2008.

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



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