Sale of Property

Standard Life Investments Property Income Trust - Sale of Property

PR Newswire

London, March 22

To: Company Announcements

Date: 23 March 2017

Company: Standard Life Investments Property Income Trust Limited

Subject: SLIPIT Sale

Standard Life Investments Property Income Trust (SLIPIT) has completed the sale of its largest asset, White Bear Yard, an office located in Farringdon, London. The sale price of £19m reflects an initial yield of 4.96%, and is just above the last valuation figure.

The asset was acquired by the Company in 2004 for £6.75m, and since then has benefitted from a minor refurbishment and reletting / lease regears. The proceeds of the sale will be used to repay the outstanding drawn amount under the RCF (£7.5m), and the remaining funds will be used to invest into new investment opportunities that better meet the Company’s current investment requirements.

Jason Baggaley, Fund Manager of SLIPIT said “White Bear Yard has been a wonderful investment for the Company, but it was time to sell as it had increased downside risk given its location and lease profile. As a result of the sale the Company has no exposure to City of London offices, and will be reinvesting into assets that offer a stronger income return with less volatile capital expectations”.All enquiries to:Jason BaggaleyFund ManagerReal Estate InvestmentsStandard Life Investments1 George Street, Edinburgh, EH2 2LLTel: +44 (0)131 245 2833[email protected]The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedPO Box 255Trafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QLSharon Ann WilliamsTel: 01481 745436Fax: 01481 745085