Standard Life Investments Property Income Trust - Disposal of Denby
November 19 2019 - 2:00AM
PR Newswire (US)
To:
Company Announcements
Date:
19 November 2019
Company:
Standard Life Investments Property Income Trust Limited
LEI:
549300HHFBWZRKC7RW84
Disposal of
Denby
Standard Life Investments Property Income Trust (SLIPIT) has
disposed of its second largest investment, a logistics unit close
to Derby, for £19.1m. The property was let until 2025 and the
rental income represented 4.4% of the Company’s income. The sale
price was at the September valuation, and reflected a total return
of 12.6%pa since purchase in 2014.
Jason Baggaley, fund manager of
SLIPIT commented “The sale realises the strong performance from the
asset since purchase, and reduces the income concentration risk to
the Company. We have agreed terms to acquire a new industrial
investment for £13.9m, and are looking at a number of other
opportunities to reinvest the sale proceeds in good quality assets
with an attractive income profile.”
Enquiries:
Northern Trust International Fund Administration Services
(Guernsey) Limited
Tel: 01481 745001
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