Standard Life Invs Property Inc Tst SLIPIT Purchase (2806V)
December 11 2013 - 6:32AM
UK Regulatory
TIDMSLI
RNS Number : 2806V
Standard Life Invs Property Inc Tst
11 December 2013
To: Company Announcements
Date: 11 December 2013
Company: Standard Life Investments Property Income Trust Limited
Subject: SLIPIT Purchase
Standard Life Investments Property Income Trust has completed
the purchase of three retail warehouse investments for a total of
GBP12.7m, reflecting a yield of 8%.
The three assets are:
Olympian Way, Leyland - two units adjacent to a Morrisons food
store and let to Homebase and Argos with an average unexpired term
of 11 years, at a total rent of GBP380,000pa. Both units benefit
from open A1 planning consent.
Black Friars Rd Kings Lynn - a single unit adjacent to a
Morrisons food store and let to Matalan for a further 13.5 years at
a rent of GBP378,500pa and benefitting from open A1 use.
Mayo Avenue Bradford - a single unit let to Matalan and adjacent
to a Morrisons food store for a further 15 years at a rent of
GBP318,278pa and benefiting from an open A1 consent.
Jason Baggaley, fund manager of SLIPIT said "I am delighted to
have completed these purchases. Retail warehousing has been out of
favour, however with improved consumer confidence and retail sales
it is becoming more attractive again, especially with the continued
planning constraints. All these units trade well and were purpose
built in the last ten to twelve years and provide good quality
accommodation next to established food stores and benefitting from
an open A1 planning consent. The income yield of 8% is attractive
to the Company, and provides scope for capital growth.
All enquiries:
The Company Secretary
Northern Trust International Fund Administration Services
(Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Claire Cooke
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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