(Alliance News) - Standard Life Investments Property Income Trust PLC said Tuesday it had secured an improved lease agreement at one property and sold another, meanwhile it has also extended its revolving credit facility by GBP20 million.
Standard Life Investments Property Income Trust - also known as SLIPIT - explained it replaced a tenant at its 26,300 square foot office at Bourne House in Staines, Surrey. The new ten year lease was secured at a passing rent higher than the previous tenant.
In addition, SLIPIT explained it had completed the sale of a "small" office in Milton Keynes in Buckinghamshire for GBP6 million.
The firm also entered into a new arrangement with Royal Bank of Scotland Group PLC to extend the revolving credit facilty of SLIPIT by GBP20 million, with an expiry of April 2023. The new facility has a interest of 160 basis points above the London Inter-bank Offered Rate.
SLIPIT currently has GBP18 million undrawn under its current facility with RBS.
Shares in SLIPIT were 0.1% higher at 94.70 pence in London on Tuesday.