Standard Life Investments Property Buys Office For GBP8.375 Million
January 11 2011 - 5:56AM
Dow Jones News
Standard Life Investments Property Holdings Ltd (SLI.LN), a
closed ended investment company announced Tuesday it has completed
the purchase of an office investment in Staines for GBP8.375
million.
MAIN FACTS:
-The 25,650 square foot office was built in 1991 and is let to
UB Group Ltd on a FRI lease expiring in 2016 at a current rent of
GBP816,000 per annum.
-The purchase price reflects an initial yield of 9.2%.
-The purchase enhances the revenue account with the company
expecting a covered dividend in 2011, and provides exposure to a
key South East office market.
-The property has been modernized by the tenant and provides
modern good quality accommodation on the Causewayside.
-Shares at 1024 GMT stood at 62.50 pence.
-By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411;
zechariah.hemans@dowjones.com
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