Acquisition

Standard Life Invs Property Inc Tst
07 April 2004


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED
ACQUIRES ESPORTA HEALTH & FITNESS CLUB
CHISELHURST, LONDON BOROUGH OF BROMLEY

On 1st April 2004 the Standard Life Investments Property Income Trust acquired
the Esporta Health and Fitness Club, Chiselhurst, London Borough of Bromley for
£3,456,000 representing a net initial yield of 7.0%. The freehold property
comprises a purpose-built 2 storey building on a site extending to 11.43 acres.
The property was acquired as a sale and lease back transaction to Esporta Group
Limited for 35 years subject to a tenant only break in the 25th year. Rent
reviews are 5 yearly upward only with fixed uplifts in the 5th, 10th and 15th
years to the higher of 2.5% per annum or RPI.

CBRE have valued the property at £3,456,000 on an open market basis in
accordance with the RICS appraisal and valuation standards.



Press enquiries

Richard England
Standard Life Investments Ltd.
Press Office
Tel. No. 0131 245 2750




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