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30 May 2012 07:00
To: Company Announcements
Date: 30 May 2012
Company: Standard Life Investments Property Income Trust Limited
Subject: Acquisition
Standard Life Investments Property Income Trust is pleased to announce that it has completed the purchase of a grade A city centre office in Glasgow for £4m.
140 West George Street extends to c23,000 sqft over 7 floors and was comprehensively refurbished in 2009 to a Grade A specification. The building is let to 6 tenants including Cyril Sweet, Anderson Fyfe LLP, Gerald Eve LLP, AWD Group plc and Central Insurance Services Ltd., with one vacant floor currently under offer (the purchase assumes 2 years rental cover on this space). The building is let off low rents of £17psf, with lease breaks / expiries in 2015 to 2020. The purchase price reflects a capital value of £170psf, and an income yield of 9.5%.
Jason Baggaley, Fund Manager of the Standard Life Investments Property Income Trust commented, "This new purchase continues our approach of investing into good quality buildings in strong locations at attractive yields. This building provides top quality accommodation on small floor plates, at an attractive rent, and is occupied by a number of good quality tenants. Following the purchase the Company is effectively fully invested, and the high income return is accretive to our revenue account".
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
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