(Alliance News) - Standard Life Investments Property Income Trust Ltd on Tuesday said it has sold Denby, a logistics property close to Derby, England, for GBP19.1 million.
The investment company said the property was let until 2025 and the rental income represented 4.4% of its income. Denby was its second largest investment.
The sale price was at the September valuation, Standard Life Investments said, and reflected a total return of 13% per annum since purchase in 2014.
"The sale realises the strong performance from the asset since purchase, and reduces the income concentration risk to the company," explained Fund Manager Jason Baggaley.
Standard Life Investments said it has agreed terms to acquire a new industrial investment for GBP13.9 million, without naming it, and is looking at a "number of other opportunities" to reinvest the sale proceeds in "good quality" assets with an attractive income profile.
Standard Life Investments shares were trading 0.5% higher in London on Tuesday at 89.30 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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