Results of Placing

13 November 2014

            Standard Life Investments Property Income Trust Limited            

                               Result of Placing                               

Further to the announcement earlier today, the Board of Standard Life
Investments Property Income Trust Limited (the "Company") is pleased to
announce that,it has raised £20 million through the issue of 26,506,928 new
ordinary shares of 1 penny each in the Company (the "New Shares") at a price of
75.5 pence per New Share (the "Issue").

The gross process of the Issue are significantly in excess of the initial £12m
target and provides greater scope to the management team to deliver on the
strong pipeline of near term opportunities available to the Company.

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 19 November 2014.

The New Shares will, when issued, be credited as fully paid and rank paripassu
with the existing ordinary shares of no par value 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 28 November 2014 to
shareholders on the register on 14 November 2014.

Richard Barfield, Chairman of the Company, said:

"We are delighted by the response from investors and would like to thank
existing shareholders for their support as well as to welcome several new
investors to the Company."

Enquiries:

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