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30 Oct 2009 16:13
To: Company Announcements
Date: 30 October 2009
Company: Standard Life Investment Property Income Trust Limited
Subject: Acquisition
Standard Life Investments Property Income Trust has exchanged contracts for the purchase of Northern & Shell Tower, Selsdon Way, Docklands, London for £10m.
The 54,000 sqft office building is let to Northern & Shell Ltd for a further 13 years at an annual rent of £909,000pa, subject to an upwards only rent review in December 2012. The purchase price reflects a net initial yield of 8.6%.
The purchase is being funded out of cash resources, and is due to complete on 12th November.
All Enquiries:
Jason Baggaley
Fund Manager, Standard Life Investments
Tel: 0131 245 2833
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL
Tel: 01481 745324
Fax: 01481 745085
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