Acquisition

Standard Life Invs Property Inc Tst
19 May 2004

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST
ACQUIRES INDUSTRIAL WAREHOUSE INVESTMENT IN GREEN LANE, WALSALL


The Standard Life Investments Property Income Trust (SLIPIT) on 18 May 2004
acquired a freehold industrial warehouse investment from GE Capital Corporation
and Opus Land for £7.665 million (£7.773 million including acquisition costs)
representing a net initial yield of 7.5%.



The property comprises 2 portal frame warehouse units of 110,000 sqft and 53,000
sqft respectively.  Both units are let to Powerhouse Retail Ltd (guaranteed by
Pacific Retail Group) on full repairing and insuring leases subject to 5 yearly
upwards only rent reviews expiring on 31 March 2018.  No stamp duty was payable
on the purchase as the property is located in a disadvantaged area.



The property has been valued at £7.67 million by DTZ Debenham Tie Leung on an
open market basis in accordance with the RICS appraisal and valuation standards.



This is the company's fourth acquisition since launch and is in-line with its
investment objectives.





Press enquiries:

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






                      This information is provided by RNS
            The company news service from the London Stock Exchange