Acquisition

Standard Life Invs Property Inc Tst
12 May 2005


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST

ACQUIRES GEMINI COURT, PORT TALBOT, WALES

The Standard Life Investments Property Income Trust on 11 May 2005 acquired a
long leasehold industrial unit for £2.92 m representing a net initial yield of
6.8%.

Gemini Court is a modern industrial unit of 55,440 sq ft constructed in 2002 to
a high specification. The property is held on 125 year lease from March 2003 at
a peppercorn rental and is let to Remploy Limited on a full repairing and
insuring lease for 15 years from 2 September 2004 with 5 yearly upwards only
rent reviews. The current rent is £210,000 per annum and at the first rent
review is in September 2009 the rent will be higher of the open market value or
£221,760 per annum.

The property has been valued at £2.92m 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]



                      This information is provided by RNS
            The company news service from the London Stock Exchange