Acquisition

Standard Life Invs Property Inc Tst
21 July 2004


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST

ACQUIRES 2 INDUSTRIAL UNITS, COAL ROAD, LEEDS

The Standard Life Investments Property Income Trust on 16 July 2004 acquired 2
industrial units in Seacroft, Leeds, for £3.28 million representing a net
initial yield of 7.25%.

The investment comprises of 2 detached, well specified modern warehouse units
totalling 58,000 sq ft with self contained yards, constructed in 2000/2001 and a
total site area of 3.5 acres.

The properties are let to 2 tenants on Full Repairing and Insuring leases with
break options in 2011 and 2012. Current income is £251,475.

The property has been valued at £3.28 million 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]



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