The new industrial unit is 46,800sqft in size and located close to another property the company owns in Birmingham.
Standard Life said the purchase price of £4.58m reflects an initial yield of 5.75 per cent, and the property was let on a new 15 year lease with no breaks, earlier in 2017.
The property it sold was a 25,600sqft office on York Science Park for £4.35m, just ahead of the June 2017 valuation figure of £4.3m.
Jason Baggaley, manager of the trust, said: “Having recently completed the purchase of town centre offices in Reading and Manchester we are pleased to have further reduced our out of town office exposure with the sale of the York office.
"The industrial unit in Birmingham is let to a good covenant on a 15-year lease with no breaks and, although the lease was only granted earlier this year, the rent already looks reversionary following the letting we completed recently on our adjacent unit. We are delighted to build our investment in this strong location and sector.”
The Standard Life Investment Property Income trust has returned 38 per cent over the last three years, against a sector return of 33.8 per cent.
It has a dividend yield of 5.4 per cent, according to its latest factsheet.
Among its largest holdings are Elstree Tower in Borehamwood, Denby 242 in Denby, and Symphony in Rotherham.