Standard Life Invs Property Inc Tst Significant Letting (1041L)
August 07 2013 - 2:00AM
UK Regulatory
TIDMSLI
RNS Number : 1041L
Standard Life Invs Property Inc Tst
07 August 2013
To: Company Announcements
Date: 7 August 2013
Company: Standard Life Investments Property Income Trust Limited
Subject: Significant Letting for Standard Life Investments
Property Income Trust
Standard Life Investments Property Income Trust is pleased to
confirm it has completed the letting of a 26,000 sqft retail
warehouse in Wymondham, Norwich to Poundstretcher on a new 10 year
lease at a rent of GBP250,000pa. The property is subject to an
outstanding planning dispute for a super market use, and the terms
of the letting enable the Company to gain vacant possession if a
change of use becomes possible in the future. The new lease
contains a tenant break option (subject to penalties) in years 2
and 5 and a market rent free. The letting increases the occupancy
rate to 92.7%, and reduces void property costs of circa
GBP175,000pa.
Jason Baggaley, fund manager of the Standard Life Investments
Property Income Trust said "The letting benefits the Company as it
protects downside risk by increasing occupancy rates and reducing
our void costs, whilst protecting the Company's ability to gain a
valuation and income uplift if it can resolve the planning issues
and obtain a food consent for the site".
All enquiries:
The Company Secretary
Northern Trust International Fund Administration Services
(Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Claire Martin
Tel: 01481 745417
Fax: 01481 745085
This information is provided by RNS
The company news service from the London Stock Exchange
END
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