Acquisition

Standard Life Invs Property Inc Tst
18 August 2005

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST
ACQUIRES A FURTHER TWO PROPERTIES TO COMPLEMENT ITS EXISTING UK PROPERTY
PORTFOLIO


The Standard Life Investments Property Income Trust on 17 August 2005 invested a
further £6.72m by acquiring two properties in separate transactions.

The first investment comprises a distribution unit at Interlink Park, Bardon
which was acquired for £2m representing a net initial yield of 6.2%. The 32,775
sq.ft. property was constructed in 1995 and is let to Nissan Motor GB Limited on
a full repairing and insuring lease for a term of 25 years from 30 June 1995.
The tenant has an option to break the lease every 5 years on giving not less
than 1 year and 1 days' notice and a six-month rental penalty. There is an
outstanding rent review at 30 June 2005. The property has been valued at £2m by
DTZ Debenham Tie Leung on an open market basis in accordance with the RICS
appraisal and valuation standards.

The second deal was the acquisition of a distribution unit at Pit Hey Place,
Skelmersdale for £4.72m representing a net initial yield of 6.5%. The 86,521
sq.ft. unit was constructed in 2001 and is let to King (UK) Limited (with a 4
year rent guarantee from Autobar Group) on a full repairing and insuring lease
(subject to a schedule of condition) for a term of 15 years at £324,400 p.a. The
lease provides for annual increases in the rent in line with the prevailing RPI.
The property has been valued at £4.91m by DTZ Debenham Tie Leung 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]


#1002996



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