30 Oct 2012 11:30
To: Company Announcements
Date: 30 October 2012
Company: Standard Life Investment Property Income Trust Limited
"Standard Life Investments is pleased to confirm that is has completed the sale of a Virgin Active Health and Fitness club in Chislehurst Kent for £3.925m.The property was valued at 30 June 2012 at £3.75m. The sale price reflected an initial yield of 6.15%. The lease to Virgin Active had rent reviews every five years fixed to a 2.5% pa increase, however the first review is not until 2018.Jason Baggaley, Fund Manager of SLIPIT said " The sale, ahead of valuation, continued our policy of selling low yielding assets after asset management. We will reinvest the proceeds, along with some of our current cash, into higher yielding assets that will further enhance 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