SLI.L Regulatory News (SLI)

12 Feb 2008 16:27

Standard Life Invs Property Inc Tst12 February 2008 Issued on behalf of Standard Life Investments Property Income Trust Plc. February 12 2008 STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST SELLS WELLINGTON HOUSE, LONDON Standard Life Investments Property Income Trust has sold its long leaseholdinterest in Wellington House, 125 The Strand, London to the freeholder, theDuchy of Lancaster. The mixed use office and retail property extends to approximately 42,470sqft andis let to Shell UK Ltd, Maplin Electronics, Tup, Vodafone and Tesco Stores. Theproperty was sold for £17.65m, reflecting an initial yield of 6.8% andequivalent yield of 6.2%. The head leasehold interest from Duchy of Lancasterhad 78 years unexpired with a rent of 18.23% of the rents received payable tothe Duchy. Jason Baggaley, Fund Manager of the Standard Life Investments Property IncomeTrust said "Wellington House was the largest asset in our portfolio and its salewas undertaken following a strategic review of the portfolio. In the short termwe intend to hold the proceeds as cash, which at just over £50m stands at 32% ofthe fund value, however the investment manager and board continue to look at thebest use of the money for shareholder returns. Following the sale of this assetour Loan to Value ratio is reduced to just over 20% using the cash offset." Farebrother acted for Standard Life Investments and Jones Lang LaSalle for theDuchy of Lancaster. Ends This information is provided by RNS The company news service from the London Stock Exchange