26 Oct 2018 07:00
Standard Life Investments Property Income Trust - Investment TransactionsStandard Life Investments Property Income Trust - Investment Transactions
PR Newswire
London, October 25
5o: Company Announcements
Date: 26 October 2018
Company: Standard Life Investments Property Income Trust Limited
LEI: 549300HHFBWZRKC7RW84
Subject: Investment Transactions
Standard Life Investments Property Income Trust (SLIPIT) has completed two investment transactions:
The Company has acquired a 61,000sqft industrial unit in Cambuslang Glasgow for £5.03m, reflecting a yield of 7% on settlement of an outstanding rent review. The property is let for a further 5 years to Speedyhire and benefits from a strong location close to Junction 2 of the M74, just 8 miles to the South East of Glasgow City Centre.
The Company has also sold a vacant industrial unit in Oldham for £6.3m. The 100,000sqft unit had been vacant for nearly two years and had been the Company’s largest void, representing 1.7% of ERV. The sale price was just under 13% above the valuation as at 30 June 2018.
Jason Baggaley, fund manager of SLIPIT commented “Oldham was our largest void in the portfolio and had remained so for nearly two years, so we are pleased to have exited ahead of valuation and to have recycled the proceeds into a unit with an attractive income profile”.All enquiries to:Jason BaggaleyFund ManagerReal Estate InvestmentsStandard Life Investments1 George Street, Edinburgh, EH2 2LLTel: +44 (0)131 245 2833jason_baggaley@standardlife.comThe Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedPO Box 255Trafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QLMike NokesTel: 07883 078002Fax: 01481 745085