Acquisition

Standard Life Invs Property Inc Tst
26 February 2004

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST

ACQUIRES INDUSTRIAL ESTATE IN WITHAM, ESSEX



The Standard Life Investments Property Income Trust (SLIPIT) on 24th February
2004 acquired a freehold industrial estate from Quintain Estates and Development
plc for £4.39 million representing a net initial yield of 7.75%.



The property comprises an industrial estate totalling 7.7 acres located in
immediate proximity to the A12 in Witham, Essex and provides access to the M25
and the ports of Harwich and Felixstowe.  The majority of the income (97%)
derives from a 56,500 sq. ft. modern 3 bay warehouse let to Farah Manufacturing
(UK) Limited with 12.5 years remaining unexpired on the lease.



The property has been valued at £4.4 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 second acquisition in less than a week.  It complements
the existing diverse portfolio of properties and is in-line with the company's
investment objectives.



Press Enquiries:

Richard England

Standard Life Investments Press Office

Telephone: [phone]










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