Holding(s) in Company

Standard Life Invs Property Inc Tst
29 September 2004


29 September 2004

Standard Life Investments Property Income Trust Limited
Re: Sale of Shares by ING Real Estate Investment Management (UK Funds) Limited

ING Real Estate Investment Management (UK Funds) Limited has informed us that on
behalf of its clients it has sold a total of 595,420 Standard Life Investments
Property Income Trust Limited Ordinary Shares, 500,000 on Tuesday 7 September
2004 and 95,420 on Friday 24 September 2004 and it now holds 18,919,886 Ordinary
Shares which represents 18.92% of the issued capital.


All Enquiries:

The Company Secretary
Guernsey International Fund Managers Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]
Fax: [phone]

END



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