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Pin to quick picksStandard Life Share News (SLI)

Share Price Information for Standard Life (SLI)

London Stock Exchange
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Share Price: 88.00
Bid: 87.90
Ask: 88.40
Change: 0.00 (0.00%)
Spread: 0.50 (0.57%)
Open: 88.30
High: 88.90
Low: 87.80
Yest. Close: 88.30
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Standard Life Investments Property Income Sells Milton Keynes Unit

Thu, 19th Sep 2019 15:38

(Alliance News) - Standard Life Investments Property Income Trust Ltd on Thursday said it has sold an industrial unit in Milton Keynes, as well as buying properties in Manchester and Edinburgh.

The trust sold the Milton Keynes unit for GBP9.3 million, just under its June valuation. The property was let to a company which manufactures envelopes and the goal of the sale was "to reduce tenant covenant risk".

SLIPIT also bought a small industrial unit for GBP3.5 million, located in Manchester's Trafford Park and near one of the firm's existing holdings. The new unit is let for another 9 years and its 5.7% initial yield is expected to reach 6.9% at the next rent review.

In addition, the trust also purchased a mixed use office for GBP8.7 million. Located in Edinburgh, the property's ground floor is currently let to a pharmacy and a Tesco store. There are another four floors of offices, with one vacant fourth floor suite.

SLIPIT said the Edinburgh purchase prices gives an initial 3.2% yield, set to rise "to 7.7% on expiry of rent frees and letting of the vacant suite".

Fund Manager Jason Baggaley said: " "We are pleased to have completed the sale of the industrial unit in Milton Keynes as we believed it was one of the greatest income risks to the company. The sale proceeds have been invested into two buildings which we believe have good opportunities to grow rental income. We will be undertaking a small refurbishment of the vacant office suite in Edinburgh, to ensure it is attractive to occupiers."

Shares in SLIPIT were up 1.0% at 88.40 pence in London on Thursday afternoon.

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Standard Life Investments Property Declares 1.19 Pence Dividend

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Standard Life Investments Property Holds Dividend, Net Asset Value Up

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(Sharecast News) - Standard Life Investments Property Income Trust has completed the letting of its largest vacancy, it announced on Friday - a logistics unit in Swadlincote.

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