11 Jan 2011 10:20
To: Company Announcements
Date: 11 January 2011
Company: Standard Life Investment Property Income Trust Limited
Subject: Acquisition
Standard Life Investments Property Holdings Ltd has completed the purchase of an office investment in Staines for £8.375m.
The 25,650sq ft office was built in 1991 and is let to UB Group Ltd on a FRI lease expiring in 2016 at a current rent of £816,000pa. The purchase price reflects an initial yield of 9.2%.
The purchase enhances the revenue account with the Company expecting a covered dividend in 2011, and provides exposure to a key South East office market. The property has been modernised by the tenant and provides modern good quality accommodation on the Causewayside.
All enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Renee McIver
Tel: 01481 745324
Fax: 01481 745085