Acquisition

Standard Life Invs Property Inc Tst
29 September 2005


29 September 2005

Standard Life Investments Property Income Trust Limited

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST
ACQUIRES 31/32 QUEEN SQUARE, BRISTOL AND DHL EXPRESS UNIT, STOCKTON.

The Standard Life Investments Property Income Trust has acquired a further two
investments.

The first, an office building in Queen Square Bristol, was acquired on the 27th
September for £4.165m representing a net initial yield of 5.72% .The second, an
industrial unit on Portrack Interchange Business Park, Stockton, was acquired on
the 28th September for £1.75m, representing a net initial yield of 6.63%.

31/32 Queen Square comprises a mid terrace office building extending 13,124 sq.
ft. The Ground and 1st Floors are let to Toshiba Research Europe Ltd until 2014
(with an upwards only rent review in 2009) and the 2nd and 3rd floors are let to
Premier Lease and Loans Services Ltd (guaranteed by Allianz Cornhill Insurance
Plc) until 2009. The passing rent is £251,750 per annum (£19.31 per sq ft
overall.)

The DHL Express industrial unit, Stockton extends 32,211 sq. ft. and is let on a
full repairing and insuring basis for a term of 15 years from September 1999 at
a rent of £122,702 per annum (£3.80 per sq ft.), incorporating 5 yearly upwards
only rent reviews.

Both properties have been valued by DTZ Debenham Tie Leung on an open market
basis in accordance with the RICS appraisal and valuation standards as follows;

30/31 Queen Square £ 4.166M
DHL Express Unit   £ 1.75M

Press enquiries:

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

All Other Enquiries:

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court, Les Banques
St Peter Port, Guernsey, GY1 3QL

Tel: [phone]
Fax: [phone]

END




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