Acquisition (3622E)
May 30 2012 - 2:00AM
UK Regulatory
TIDMSLI
RNS Number : 3622E
Standard Life Invs Property Inc Tst
30 May 2012
To: Company Announcements
Date: 30 May 2012
Company: Standard Life Investments Property Income Trust Limited
Subject: Acquisition
Standard Life Investments Property Income Trust is pleased to
announce that it has completed the purchase of a grade A city
centre office in Glasgow for GBP4m.
140 West George Street extends to c23,000 sqft over 7 floors and
was comprehensively refurbished in 2009 to a Grade A specification.
The building is let to 6 tenants including Cyril Sweet, Anderson
Fyfe LLP, Gerald Eve LLP, AWD Group plc and Central Insurance
Services Ltd., with one vacant floor currently under offer (the
purchase assumes 2 years rental cover on this space). The building
is let off low rents of GBP17psf, with lease breaks / expiries in
2015 to 2020. The purchase price reflects a capital value of
GBP170psf, and an income yield of 9.5%.
Jason Baggaley, Fund Manager of the Standard Life Investments
Property Income Trust commented, "This new purchase continues our
approach of investing into good quality buildings in strong
locations at attractive yields. This building provides top quality
accommodation on small floor plates, at an attractive rent, and is
occupied by a number of good quality tenants. Following the
purchase the Company is effectively fully invested, and the high
income return is accretive to our revenue account".
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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