To:
Company Announcements
Date:
19 September 2019
Company:
Standard Life Investments Property Income Trust Limited
LEI:
549300HHFBWZRKC7RW84
Subject:
SLIPIT INVESTMENT TRANSACTIONS
SLIPIT INVESTMENT TRANSACTIONS
Standard Life Investments Property Income Trust (SLIPIT) has
completed three investment transactions. It sold an industrial unit
in Milton Keynes for £9.3m, which
was slightly below the end June valuation. The property was let to
an envelope manufacturing company and the sale was undertaken to
reduce tenant covenant risk. At the same time the Company completed
the purchase of a small industrial unit at Trafford Park Manchester
for £3.5m which is adjacent to an existing holding, and provides
greater opportunity for future redevelopment. The unit is let for a
further 9 years so the initial yield of 5.65% is expected to grow
to 6.9% at the next rent review. The Company has also completed the
purchase of a mixed use office in Edinburgh for £8.7m. The property is let to
Tesco and a pharmacy on the ground floor, and has four floors of
offices above, with one vacant suite on the fourth floor. The
purchase price reflects an initial yield of 3.2% which is expected
to grow to 7.7% on expiry of rent frees and letting of the vacant
suite of 4,500sqft.
Jason Baggaley, Fund Manager of
SLIPIT commented ”We are pleased to have completed the sale of the
industrial unit in Milton Keynes
as we believed it was one of the greatest income risks to the
Company. The sale proceeds have been invested into two buildings
which we believe have good opportunities to grow rental income. We
will be undertaking a small refurbishment of the vacant office
suite in Edinburgh, to ensure it
is attractive to occupiers”.
All enquiries to:
Aberdeen Standard Investments
1 George Street
Edinburgh
EH2 2LL
Jason Baggaley - Fund
Manager
Tel: 0131 245 2833
E-mail:
jason.baggaley@aberdeenstandard.com
Oli Lord - Deputy Fund Manager
Tel: 0131 245 6077
E-mail: oli.lord@aberdeenstandard.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
Tel: 01481 745436
Fax: 01481 745085