Acquisition

Standard Life Invs Property Inc Tst
05 July 2004


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST
ACQUIRES 144a CLERKENWELL ROAD AND 9 BACKHILL, LONDON EC1


The Standard Life Investments Property Income Trust on 2 July 2004 acquired a
Central London freehold office building for £6.75 million representing a net
initial yield of 7.69%.

The investment comprises office accommodation in a converted warehouse
refurbished in 1999 to include a new triple height entrance reception and raised
floors.

The property is multi let to three tenants on leases expiring in June 2009 at
rents of between £18.90 and £35 psf. Current income is £528,009 with an
outstanding rent review on the 1st-3rd floors.

The property has been valued at £6.75 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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