Intention to issue equity

To:      Company Announcements

Date:     12 February 2015

Company:  Standard Life Investments Property Income Trust Limited

Subject:  Intention to issue equity

The Board of Standard Life Investments Property Income Trust Limited (the
"Company") announces that, pursuant to the Placing Programme announced on 6
June 2014 and the Company's ability to issue shares under its existing
disapplication of pre-emption rights authority, the Company is seeking to raise
in excess of £16 million through a cash placing to institutional investors of
new ordinary shares of 1 pence each in the Company (the "New Shares") (the
"Placing").

The Company has entered into an agreement that provides it with exclusivity to
purchase a modern freehold retail warehouse property, located in Preston, for 
£16m (excluding costs) subject to an equity fund raise. This retail warehouse
offers a yield of 7 per cent. with 16 years remaining on the lease and is
located adjacent to a major foodstore and next to the dominant retail warehouse
park in Preston. The tenant is DSG and the lease is subject to fixed increases
every 5 years.

The Placing is expected to close at 2.00 p.m. (London time) on 19th February
2015 butmay close earlier or later at the absolute discretion of the Company.
The issue price per New Share will be 78.1 pence, representing a 5 per cent.
premium to the Company's unaudited net asset value per share as at 31 December
2014 (adjusted for the dividend payable on 20 February 2015 to which the New
Shares will not be entitled).

The Placing will be made to Qualified Investors (as defined in section 86(7) of
the Financial Services and Markets Act 2000 (as amended)) through Winterflood
Securities Limited ("Winterflood").The decision to allot New Shares to any
Qualified Investor and the actual issue size shall be at the absolute
discretion of the Company and Winterflood.

Application will be made for the New Shares to be admitted to the premium
segment of the Official List and to trading on the Main Market of the London
Stock Exchange. It is expected that dealings in the New Shares will commence at
8.00 a.m. on 25 February 2015.

The New Shares will, when issued, be credited as fully paid and rank pari passu
with the existing ordinary shares of 1 pence each in the capital of the
Company, including the right to receive all future dividends and distributions
declared, made or paid save for the dividend payable on 20 February 2015 to
shareholders on the register on 6 February 2015.

Any remaining net proceeds of the issue after the proposed acquisition will be
invested in accordance with the Company's investment policy.

Enquiries:

Standard Life Investments                         [phone]         
Gordon Humphries, Head of Investment Companies                                 
                                                                               
Winterflood Investment Trusts                     [phone]         
Graeme Caton                                      [phone]         
Darren Willis