Standard LifeInvProp Acquisition of Land as Part of Carbon Strategy

TIDMSLI 

To:                        Company Announcements 

Date:                    06 September 2021 

Company:            Standard Life Investments Property Income Trust Limited 

LEI:                        549300HHFBWZRKC7RW84 

                Acquisition of land as part of carbon strategy 

Standard Life Investments Property Income Trust (SLIPIT) is pleased to announce 
the acquisition of land that will be used as part of the Company's carbon 
strategy. 

The 1,447 hectares of upland rough grazing and open moorland in the Cairngorm 
national park has been purchased for £7.5m. The site supports 956 hectares for 
planting with natural broadleaf trees (about 1.5m trees in total) with 
approximately 115 hectares for peatland restoration, with the remainder open 
land to support bio diverse habitats. The site is expected to sequester 
approximately 195,630 tonnes of carbon up until 2060, representing 73% of the 
Company's residual embedded and operational carbon. 

SLIPIT takes ESG very seriously, and believes that strong ESG credentials will 
be a driver of performance, as well as an agent for good. The Company is not 
investing in commercial forestry, but is acquiring a gold standard carbon 
offset at a fixed price. The purchase forms part of a wider strategy to achieve 
carbon net zero, based primarily on reducing operational carbon at the 
investment property assets with offsets for residual carbon that cannot be 
eliminated. It is anticipated that the costs of planting will be met through 
grant funding. 

Jason Baggaley, fund manager of SLIPIT, commented "SLIPIT has acquired this 
significant opportunity for reforestation as part of its carbon strategy. We 
believe that being an early mover will give the Company an important advantage 
in future costs for offsetting as society moves to net zero by 2050. We 
anticipate making a couple of further acquisitions, on a smaller scale, to 
complete this element of the carbon strategy. Although the focus is on carbon 
offsetting the opportunities for wider ecological and net bio diversity gain 
are also being explored, which is important given changing legislation around 
development in the UK". 

All enquiries to: 

Jason Baggaley - Fund Manager 

Tel: 0131 245 2833 

E-mail: jason.baggaley@aberdeenstandard.com 

Mark Blyth - Deputy Fund Manager 
Tel: 07703 695 490 
E-mail: mark.blyth@aberdeenstandard.com 

END

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