Disposal (8983S)
November 28 2011 - 9:15AM
UK Regulatory
TIDMSLI
RNS Number : 8983S
Standard Life Invs Property Inc Tst
28 November 2011
To: Company Announcements
Date: 28 November 2011
Company: Standard Life Investment Property Income Trust Limited
Standard Life Investments Property Income Trust has exchanged on
the sale of Northern and Shell Tower in the Docklands, with
completion due on 15(th) December.
The property was bought in November 2009 for GBP10m, and the
sale price is GBP12.2m (end Sept valuation GBP12.0m), showing a
total return of just over 15%pa since purchase. The property is let
to Northern & Shell plc until 2022 at a rent of
GBP909,000pa.
Jason Baggaley, fund manager of SLIPIT said "We bought this
asset before the recovery in Central London offices had taken
place, utilising the forecasts from the Standard Life Investments
research team. We will seek to reinvest the sale proceeds in Q1
2012, when we believe there will be more attractive purchase
opportunities."
All enquiries:
The Company Secretary
Northern Trust International Fund Administration Services
(Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Renee McIver
Tel: 01481 745324
Fax: 01481 745085
This information is provided by RNS
The company news service from the London Stock Exchange
END
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