Edison Investment Research - Standard Life Investments Property Income Fund Limited (SLI) Initiation: Diversified UK commercial property REIT

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Edison Investment Research

Initiation: Diversified UK commercial property REIT

Standard Life Investments Property Income Trust (SLI) is an actively managed closed-ended company investing directly in UK commercial property. The trust has grown substantially since mid-2014 using share issues to fund asset purchases and the proposed acquisition of a c Â£165m portfolio provides the opportunity to make a step change in scale without materially altering the portfolio profile. Maintaining gearing at c 30% LTV, SLI has outperformed the IPD UK Monthly index over five years. The shares trade at a c 10% premium to NAV and yield an above average 5.4%.

19/10/2015 12 EN

Underlying

Standard Life Investments Property Income Fund Limited

Standard Life Investments Property Income Trust is a closed ended property investment company. Co. carries on the business of property investment through a portfolio of freehold and leasehold investment properties located in the U.K. The majority of the portfolio will be invested in direct holdings within the three main commercial property sectors of retail, office and industrial although Co. may also invest in other commercial property such as hotels, nursing homes and student housing. Co. is also engaged in the investment in property development and investment in co-investment vehicles.

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GB0033875286 London Stock Exchange United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Initiation: Diversified UK commercial property REIT

Form 8.3 - The Vanguard Group, Inc.: abrdn Property Income Trust Limited

Form 8.3 - The Vanguard Group, Inc.: abrdn Property Income Trust Limited

Form 8.3 - The Vanguard Group, Inc.: abrdn Property Income Trust Limited

AGBA - A transformational deal

Biodexa Pharmaceuticals - In a period of transition

Norcros - Sale of Johnson Tiles UK agreed

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