Acquisition

Standard Life Invs Property Inc Tst
24 December 2004


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST

ACQUIRES THE AXYS, NANTGARW, SOUTH WALES

The Standard Life Investments Property Income Trust on 22 December 2004 acquired
The Axys, an office investment at Nantgarw, South Wales, for £7.4 million
representing a net initial yield of 7.16%.

The entire building is let to the Secretary of State for Trade and Industry for
15 years from the 12 May 2004, subject to a tenant's break at the 10th year, at
a rent of £560,000 per annum (£12.44 psf).

The property has been valued at £7.5 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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