Acquisition

Standard Life Invs Property Inc Tst
05 July 2004


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST

ACQUIRES CENTURY PLAZA, STATION ROAD, EDGEWARE

The Standard Life Investments Property Income Trust on 29 June 2004 acquired a
recently developed predominantly retail property for £6.7 million representing a
net initial yield of 6.1%.

The property comprises 5 retail units together with a health and fitness centre.
Two of the retail units are let on 15 year leases to Peacocks and Cafe Nero. A
twelve month rental guarantee has been secured on the remaining vacant units,
one of which is under offer. The health and fitness centre has been let to LA
Leisure Ltd (guarantee by LA Fitness plc) for 35 years with fixed uplifts in
years 5 and 10 with open market reviews every 5 years thereafter.

The property has been valued at £6.765 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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