Standard Life Invs Property Inc Tst SLIPIT Purchase (0598K)
June 19 2014 - 8:44AM
UK Regulatory
TIDMSLI
RNS Number : 0598K
Standard Life Invs Property Inc Tst
19 June 2014
To: Company Announcements
Date: 19 June 2014
Company: Standard Life Investments Property Income Trust Limited
Subject: SLIPIT Purchase
Standard Life Investments Property Income Trust is pleased to
confirm it has completed the purchase of Chester House in
Farnborough for GBP14.9m, which reflects a yield of 8.1% to the
Company. The 49,376 sqft Grade A office is located on the
Farnborough Aerospace Centre and is let to BAE Systems Ltd on an
FRI lease expiring in December 2023.
Jason Baggaley, Fund Manager of SLIPIT, commented "The purchase
reinvests the proceeds from the recent sale of a logistics unit in
Bolton. The investment provides a very attractive income return
secured against a strong covenant for a further 9 and a half years.
The property offers Grade A accommodation on an excellent business
park with good amenities. We acquired the investment by purchasing
an SPV, thus reducing the transaction costs. We are delighted to
have completed this purchase so soon after the sale of Bolton, and
have several other investments under offer that we believe will be
accretive to the Company."
All enquiries:
Jason Baggaley
Standard Life Investments Limited
Tel: 0131 245 2833
This information is provided by RNS
The company news service from the London Stock Exchange
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