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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