Standard LifeInvProp Results of Capital Raising & Portfolio Acquisition

 
TIDMSLI 
 
To:          RNS 
From:     Standard Life Investments Property Income Trust Limited 
Date:      18 December 2015 
 
    STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED (the "Company") 
 
              Results of capital raising & portfolio acquisition 
 
The Board is pleased to announce that the Company has raised gross proceeds of 
GBP75.7 million pursuant to its Initial Placing and Offer for Subscription of 
Ordinary Shares at a price of 82.0p per Ordinary Share.  The Board has today 
allotted 92,303,259 Ordinary Shares to subscribers (subject to Admission, as 
defined below), of which 66,303,441 Ordinary Shares will be issued pursuant to 
the Initial Placing and 25,999,818 Ordinary Shares will be issued pursuant to 
the Offer for Subscription. 
 
As announced earlier today, the Company has also completed the sale of the 
property situated at St James House, Cheltenham for GBP13.95 million, which is at 
a premium to the most recent valuation. In addition, the Property Subsidiary 
has completed all the material conditions precedent in relation the additional 
debt facility of up to GBP=70.6 million of which it is expected that 
approximately GBP55 million will be drawn down. 
 
Accordingly, all the conditions to the Proposals, including the Acquisition of 
the portfolio of 22 UK real estate properties, have been satisfied and the 
Acquisition is expected to complete shortly after Admission. 
 
Application has been made for these Ordinary Shares to be admitted to trading 
on the Main Market of the London Stock Exchange plc and to listing on the 
premium segment of the Official List of the UK Listing Authority ("Admission"), 
in each case with effect from 8.00 a.m. on 21 December 2015. 
 
The Chairman, Dick Barfield commented as follows: 
 
"The Board of the Company is delighted with level of support for the Company 
and the Acquisition shown by existing and new investors.  The acquisition of 
this portfolio presents an excellent opportunity to diversify further the 
Company's existing property portfolio with properties which are complementary 
to the existing assets and which introduce a number of asset management 
initiatives to enhance portfolio returns.  The acquisition will also strengthen 
the Company's dividend cover." 
 
Total voting rights 
 
Following this issue of Ordinary Shares the Company will have 380,690,419 
Ordinary Shares in issue.  Therefore the total number of shares with voting 
rights in the Company is 380,690,419 Ordinary Shares.  This figure may be used 
by shareholders as the denominator for the calculations by which they will 
determine if they are required to notify their interest in, or a change to 
their interest in, the Company under the FCA's Disclosure and Transparency 
Rules. 
 
For further information please contact: 
 
Jason Baggaley/Gordon Humphries, Standard Life Investments 
Tel: 0131 245 2833/0131 245 2735 
 
Graeme Caton, Winterflood Investment Trusts 
Tel: 020 3100 0268 
 
Douglas Armstrong, Dickson Minto W.S. 
Tel: 020 7649 6823 
 
*Neither the NSM website nor the Company's website nor the content of any 
website accessible from hyperlinks on those websites (or any other website) is 
(or is deemed to be) incorporated into, or forms (or is deemed to form) part 
of, this announcement. 
 
Important notices 
 
Winterflood Securities Limited is authorised and regulated in the UK by the 
Financial Conduct Authority, is acting exclusively  for the Company and for 
no-one else in connection with the contents of this announcement and will not 
be responsible to anyone other than the Company for providing the protections 
afforded to the respective clients of Winterflood Securities Limited., or for 
affording advice in relation to the contents of this announcement or any 
matters referred to herein. 
 
No person has been authorised to give any information or to make any 
representations other than those contained in this announcement and, if given 
or made, such information or representations must not be relied on as having 
been authorised by any member of the Company's group, Winterflood Securities 
Limited or any of its respective directors, officers, employees or agents. 
Subject to the Listing Rules and/or the Prospectus Rules and/or the Disclosure 
and Transparency Rules and/or the Takeover Code and/or FSMA, neither the 
delivery of this announcement nor any subscription or acquisition made under it 
shall, in any circumstances, create any implication that there has been no 
change in the affairs of the Company group since the date of this announcement 
or that the information in it is correct as of any subsequent date. 
 
This announcement is for information only and does not constitute or form part 
of any offer or invitation to issue, acquire or dispose of any securities or 
investment advice in any jurisdiction. 
 
 
 
END
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