To:
Company Announcements
Date:
7 January 2020
Company:
Standard Life Investments Property Income Trust Limited
LEI:
549300HHFBWZRKC7RW84
SLIPIT INVESTMENT
TRANSACTIONS
Standard Life Investments Property Income Trust (SLIPIT) has
completed the sale of a single let office building in Staines. The
26,300sqft building was sold for a net price of £10.7m after
deducting the value of the outstanding rent free, reflecting an
equivalent yield of 5.7%. The property had recently been relet
after SLIPIT took a surrender of the previous tenant’s lease, and
let the whole property for ten years at a rent of £715,000pa. Prior
to the asset management there was only two years remaining on the
lease and the tenant wanted to downsize.
Jason Baggaley, fund manager of
SLIPIT commented "We decided to dispose of the asset after
completing the successful asset management which maximised the
return on the asset. We will look to reinvest the sales proceeds
into a higher yielding asset that offers better future performance
prospects for the Company."
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 745385
Fax: 01481 745085