LONDON (Alliance News) - Standard Life Investments Property Income Trust Ltd Friday said that it has invested in three industrial units in Rotherham for GBP14.6 million.
The company said the investment reflects a net initial yield of 7%.
It said the new investment comprises three units totalling 360,000 square feet, and has been let to Symphony Group PLC on a new 20 year lease.
"Following the recent purchase of a portfolio of three logistics units for GBP28 million the company is close to being fully invested. We have found attractive assets that provide good quality income for the company, supporting our objective of offering an attractive dividend yield that is fully covered, and without experiencing prolonged cash drag. We are actively looking at a number of other opportunities as well," said Fund Manager Jason Baggaley in a statement.
Shares in the closed-ended investment company were trading 1% lower Friday afternoon at 78.25 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
Copyright 2014 Alliance News Limited. All Rights Reserved.