Portfolio Update

Standard Life Invs Property Inc Tst
16 March 2006


16 March 2006



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 1,400,000 Standard Life Investments
Property Income Trust Limited Ordinary Shares, for settlement on 17 and 20 March
2006 and it now holds 16,969,887 Ordinary Shares which represents 16.97% of the
issued capital.



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]


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