Holding(s) in Company

Standard Life Invs Property Inc Tst
24 December 2003





      STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED ('Company')





Standard Life Investments Property Income Trust Limited has today been advised
that ING Real Estate Investment Management (UK) Limited has control of
16,454,082 shares on behalf of clients.  This represents 16.45% of the issued
share capital of the Company.





Enquiries:          John Marren
                    Guernsey International Fund Managers Limited
                    Company Secretary
                    01481 745660





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