Standard Life Investments Property Income Trust - Property Purchase and Sale
August 07 2017 - 2:00AM
PR Newswire (US)
To:
Company Announcements
Date:
7 August 2017
Company:
Standard Life Investments Property Income Trust Limited
LEI:
549300HHFBWZRKC7RW84
Subject: SLIPIT
Property Purchase and Sale
Standard Life Investments Property Income Trust (SLIPIT) has
completed two investment transactions. The first is the
purchase of a 46,800sqft industrial unit in Birmingham, close to an existing asset the
Company owns. The purchase price of £4.58m reflects an initial
yield of 5.75%, and the property was let on a new 15 year
lease with no breaks, earlier in 2017. The second transaction was
the sale of a 25,600sqft office on York Science Park for £4.35m,
just ahead of the June 2017 valuation
figure of £4.3m.
Jason
Baggaley, fund manager of SLIPIT commented: Having recently
completed the purchase of town centre offices in Reading and
Manchester we are pleased to have
further reduced our out of town office exposure with the sale of
the York office. The industrial unit in Birmingham is let to a good covenant on a 15
year lease with no breaks, and although the lease was only granted
earlier this year the rent already looks reversionary following the
letting we completed recently on our adjacent unit. We are
delighted to build our investment in this strong location and
sector.
All enquiries to:
Jason Baggaley
Fund Manager
Real Estate Investments
Standard Life Investments
1 George Street, Edinburgh, EH2
2LL
Tel: +44 (0)131 245 2833
jason_baggaley@standardlife.com
The Company Secretary
Northern Trust International Fund Administration Services
(Guernsey) Limited
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Sharon Ann Williams
Tel: 01481 745436
Fax: 01481 745085
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