To
Company Announcements
Date
12 May 2021
Company
Standard Life Investments Property Income Trust Limited
LEI
549300HHFBWZRKC7RW84
SLIPIT Investment
Transactions
Standard Life Investments Property Income Trust Limited (SLIPIT)
has completed a further sale as part of its portfolio review.
The most recent sale was an out of town office building in
Farnborough let to BAE. Following a detailed review of the
offices in the portfolio it was felt this asset would not meet
future occupier requirements, even with significant capex.
The other office sale (announced in the recent NAV statement) was
located on a business park in Dartford. The combined sale price of
£12.4m was 5.5% below the end Dec valuations (driven by
Farnborough). Both offices were over rented and the tenant was not
in occupation (but had sublet some of the accommodation).
The third sale was of a small retail warehouse in Bradford let
to Halfords and Cubico. The property was over rented, and the sale
price of £2.65m was in line with the end December valuation.
Jason Baggaley, fund manager of
SLIPIT, commented: “COVID 19 has accelerated trends in real estate,
and in particular for offices. We completed a thorough review of
our portfolio last year and as result decided to sell these three
assets in addition to the sales undertaken in December 2020 to align the portfolio with
increased ESG integration containing future fit assets. We look
forward to reinvesting the proceeds into assets that will better
meet the Company’s needs”.
All enquiries to:
Jason Baggaley - Fund Manager
Tel: 07801039463
E-mail:
jason.baggaley@aberdeenstandard.com