Investment Transactions

Standard Life Investments Property Income Trust - Investment Transactions

PR Newswire

London, September 18

To: Company Announcements

Date: 19 September 2019

Company: Standard Life Investments Property Income Trust Limited

LEI: 549300HHFBWZRKC7RW84

Subject: SLIPIT INVESTMENT TRANSACTIONS

SLIPIT INVESTMENT TRANSACTIONS

Standard Life Investments Property Income Trust (SLIPIT) has completed three investment transactions. It sold an industrial unit in Milton Keynes for £9.3m, which was slightly below the end June valuation. The property was let to an envelope manufacturing company and the sale was undertaken to reduce tenant covenant risk. At the same time the Company completed the purchase of a small industrial unit at Trafford Park Manchester for £3.5m which is adjacent to an existing holding, and provides greater opportunity for future redevelopment. The unit is let for a further 9 years so the initial yield of 5.65% is expected to grow to 6.9% at the next rent review. The Company has also completed the purchase of a mixed use office in Edinburgh for £8.7m. The property is let to Tesco and a pharmacy on the ground floor, and has four floors of offices above, with one vacant suite on the fourth floor. The purchase price reflects an initial yield of 3.2% which is expected to grow to 7.7% on expiry of rent frees and letting of the vacant suite of 4,500sqft.

Jason Baggaley, Fund Manager of SLIPIT commented ”We are pleased to have completed the sale of the industrial unit in Milton Keynes as we believed it was one of the greatest income risks to the Company. The sale proceeds have been invested into two buildings which we believe have good opportunities to grow rental income. We will be undertaking a small refurbishment of the vacant office suite in Edinburgh, to ensure it is attractive to occupiers”.

All enquiries to:Aberdeen Standard Investments1 George StreetEdinburghEH2 2LLJason Baggaley - Fund Manager Tel: 0131 245 2833 E-mail: [email protected] Oli Lord - Deputy Fund ManagerTel: 0131 245 6077E-mail: [email protected]The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedPO Box 255, Trafalgar CourtLes Banques, St Peter PortGuernsey GY1 3QLTel: 01481 745436Fax: 01481 745085