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28 Nov 2011 14:15
To: Company Announcements
Date: 28 November 2011
Company: Standard Life Investment Property Income Trust Limited
Standard Life Investments Property Income Trust has exchanged on the sale of Northern and Shell Tower in the Docklands, with completion due on 15th December.
The property was bought in November 2009 for £10m, and the sale price is £12.2m (end Sept valuation £12.0m), showing a total return of just over 15%pa since purchase. The property is let to Northern & Shell plc until 2022 at a rent of £909,000pa.
Jason Baggaley, fund manager of SLIPIT said "We bought this asset before the recovery in Central London offices had taken place, utilising the forecasts from the Standard Life Investments research team. We will seek to reinvest the sale proceeds in Q1 2012, when we believe there will be more attractive purchase opportunities."
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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