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22 Feb 2010 09:11
To: Company Announcements
Date: 22 February 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 logistics warehouse in Bolton for £14.06m.
Completion is due on 26th February 2010.
The property was built in 2006, and is let to Tesco Stores for a further 6 years at an annual rent of £1.189m. The purchase price reflects an initial yield of 8%.
Jason Baggaley, Fund Manager, commented: "This property is a modern well specified and located logistics unit let to a superb tenant. The purchase further enhances the Company's revenue account, and reinvests some of the proceeds from our recent sales at a higher yield."
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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