Acquisition

Standard Life Invs Property Inc Tst
30 November 2004


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST

ACQUISITION AND LETTINGS

The Standard Life Investments Property Income Trust on 26 November 2004 acquired
a multi-let industrial estate for £4.0 million producing a net initial yield of
8.78%.

The property comprises 6 modern purpose built units and is fully let to
Mansfield District Council, W J Linney Limited, Ion Bond Limited and Denbur
Foods Limited on leases expiring between 2007 and 2015. The current rent roll is
£356,886 per annum.

The property has been valued at £4.0 million by DTZ Debenham Tie Leung on an
open market basis in accordance with the RICS appraisal and valuations
standards.

The Company has also completed two lettings. The first is at Wellington House,
London, where Tesco Stores Limited have signed a new 15 year lease at £158,000
per annum incorporating fixed uplift rent reviews to 2.5% per annum compound,
every 5 years.

The second letting is at Eurolink, Normanton, where Approved Car Finance Limited
have signed a new 5 year lease on Unit B at £49,000 per annum.

This was the last remaining vacant unit in the Company's property portfolio. All
properties in the portfolio are now let or subject to income guarantees.


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



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