Acquisition

Standard Life Invs Property Inc Tst
28 November 2006


28 November 2006


Standard Life Investments Property Income Trust Limited
Re: New Acquisition for Standard Life Investments Property Income Trust


Standard Life Investments Property Income Trust, (SLIPIT) has purchased the
virtual freehold interest in Unit R1 Foxhills Industrial Estate, Scunthorpe from
Matrix Securities.


The 64,122 sqft cold store is let to Innov@te Logistics on a lease with 15 years
remaining to the first break at a rent of £423,347pa with fixed uplifts every
five years to 3%pa compound. The purchase price of £5.72m reflects a net initial
yield of 7%. The property was valued at purchase by DTZ at £6.14m


Jason Baggaley, Fund Manager of Standard Life Investments Property Income Trust
said 'The purchase provides the Trust with a high level of secure income which
is in line with our strategy of providing a high income return with some capital
growth. The fixed increases in rent will also aid our ability to increase
dividends going forward'.


Drivers Jonas acted for Matrix. Standard Life Investments was unrepresented.



All 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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