RNS Number:8568N
Standard Life Invs Property Inc Tst
12 February 2008


Issued on behalf of Standard Life Investments Property Income Trust Plc.

February 12 2008

 STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST SELLS WELLINGTON HOUSE, LONDON

Standard Life Investments Property Income Trust has sold its long leasehold
interest in Wellington House, 125 The Strand, London to the freeholder, the
Duchy of Lancaster.

The mixed use office and retail property extends to approximately 42,470sqft and
is let to Shell UK Ltd, Maplin Electronics, Tup, Vodafone and Tesco Stores. The
property was sold for �17.65m, reflecting an initial yield of 6.8% and
equivalent yield of 6.2%. The head leasehold interest from Duchy of Lancaster
had 78 years unexpired with a rent of 18.23% of the rents received payable to
the Duchy.

Jason Baggaley, Fund Manager of the Standard Life Investments Property Income
Trust said "Wellington House was the largest asset in our portfolio and its sale
was undertaken following a strategic review of the portfolio. In the short term
we intend to hold the proceeds as cash, which at just over �50m stands at 32% of
the fund value, however the investment manager and board continue to look at the
best use of the money for shareholder returns. Following the sale of this asset
our Loan to Value ratio is reduced to just over 20% using the cash offset."

Farebrother acted for Standard Life Investments and Jones Lang LaSalle for the
Duchy of Lancaster.


Ends

                      This information is provided by RNS
            The company news service from the London Stock Exchange
END
DISGUUAPPUPRGQP
Abrdn Property Income (LSE:API)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Abrdn Property Income Charts.
Abrdn Property Income (LSE:API)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Abrdn Property Income Charts.