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13 Apr 2010 09:42
To: Company Announcements
Date: 13 April 2010
Company: Standard Life Investments Property Income Trust Limited
Subject: Acquisition
Standard Life Investments Property Income Trust is pleased to announce that it has exchanged contracts for the purchase of a retail warehouse in Bury, Greater Manchester , with completion due on 14th April 2010.
The 41,280sqft unit is let to B&Q on a lease expiring in June 2022 at a current rent of £9.50psf and benefits from an open A1 non food planning consent.
The purchase price of £5.3m represents a net initial yield of 7%.
Jason Baggaley, Fund Manager, commented; "The purchase provides further diversification for the Company with exposure to a first class tenant on a property with prospects for rental growth in the future. It continues our policy of investing in quality assets where the income will enhance the revenue account, and represented a good opportunity to gain exposure to the retail warehouse sector."
All Enquiries:
Jason Baggaley
Fund Manager
Standard Life Investments
Tel 0131 2452 833
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481 745324
Fax: 01481 745085
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