Sign In
8 Feb 2010 07:00
To: Company Announcements
Date: 8 February 2010
Company: Standard Life Investments Property Income Trust Limited
Subject: Acquisition
Standard Life Investments Property Income Trust has exchanged contracts for the development funding of a pre let office and industrial unit in Aberdeen.
The total cost of the development funding will be £11.5m, including a site purchase price of £2.18m. The Company will fund the developer through the construction period which is due to complete in January 2011. During the construction period the Company will receive a notional interest roll up of 6.75% on all expenditure.
The property has been pre let on a 20 year lease at an initial rent of £1m pa subject to 5 yearly upward only rent reviews fixed to 3% pa. The purchase price shows the Company a yield of 8% on the completion.
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
Follow the stocks
