Acquisition

Standard Life Invs Property Inc Tst
01 August 2006


1 August 2006

Standard Life Investments Property Income Trust
Re: Acquisition of Turin Court, Cheadle Heath, South Manchester.

The Standard Life Investments Property Income Trust ('SLIPIT') on 25 July 2006
purchased an office investment at Bird Hall Lane, Cheadle Heath for £4.298m,
representing an equivalent yield of 6.59%.

The investment comprises a four storey office extending to 23,346 sq.ft. The
property was purchased as a sale and lease back and is let to Emcor (UK) plc for
15 years on a full repairing and insuring lease at a rent of £307,000 per annum
commencing on the 14th February 2007. The Lease is subject to 5 yearly upwards
only rent reviews and there is a tenant's only break option after 10 years.

The property was valued at £4.298m by DTZ 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]

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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