SLI.L Regulatory News (SLI)

To: Company Announcements

Date: 23 April 2012

Company: Standard Life Investment Property Income Trust Limited

Subject: Acquisition

Standard Life Investments Property Income Trust is pleased to announce it has exchanged contracts for the purchase of St James's House in Cheltenham with completion due on Wednesday 25th April.

The multi let office was built in 1982 but has had a major refurbishment in 2000 and again in 2010 including the provision of a new air conditioning system. The building is located close to the town centre giving easy access to shops and transport hubs. The building provides some of the best office accommodation in Cheltenham, and let through the downturn at an average rent of £12psf, giving scope for future growth. The property is let to 9 tenants, including Brewin Dolphin, Liberty Mutual, BPE Solicitors, Barnett Waddingham, Gloucestershire Media, Bank of Ireland and the Health and Safety Executive, with an average unexpired lease term of 8 years (6.3 years to lease break).

The purchase price of £8.45m provides an initial yield of 7.6%, rising to 8.6% by December 2012, and then just over 10% when the 4th floor is relet following a lease expiry and refurbishment.

Jason Baggaley, fund manager of the Standard Life Investments Property Income Trust said "This acquisition continues our strategy of buying good quality offices in good locations and let to good tenants, but with shorter leases to provide us with asset management opportunities. The income yield from this property is accretive to the revenue account, and the purchase utilises some of the funds from the sale of Northern and Shell Tower (sale yield 7%). We will continue to invest into this style of investment where we can add value through active asset management - we have already secured 78% of all income at risk over the next two years through lease expiry or break, and are excited by the opportunities this purchase offers."

Following the purchase the Company will have cash of circa £6m available to invest, and has had an offer accepted on a prime multi let office in a major city for £4m.

All enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Renee McIver

Tel: 01481 745324

Fax: 01481 745085