Acquisition

Standard Life Invs Property Inc Tst
13 September 2006


Standard Life Investments Property Income Trust Limited ('SLIPIT')


To: Company Announcements
Date: 13 September 2006


Subject: Property Acquisition


SLIPIT has exchanged contracts for the purchase of an industrial estate at Minto
Avenue, Altens Industrial Estate, Aberdeen for £8.1m, representing an initial
yield of 6.38%.


The investment comprises two self contained blocks of 25 industrial units built
in the early 1980s and is multi let to 12 tenants on full repairing and insuring
leases. There are two void units with rental guarantees. The passing rent is
£553,130 per annum.


The property was valued at £8.115m by DTZ Debenham Tie Leung on an open market
basis in accordance with the RICS appraisal and valuation standards.



All enquiries:

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]
Fax: [phone]

Gordon Humphries
Head of Investment Companies
Standard Life Investment Companies

0131 245 2735




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