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15 May 2008 17:07
STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED
15 May 2008
Re: Lease Restructure
The Standard Life Investments Property Income Trust has agreed a lease restructure on two retail warehouse units in Clough Road, Hull with DSG. In return for a capital payment the tenant-only break clause in the two leases has been removed, giving security of income until 2021. The park was valued at £15.6m at 30 March 2008 and the rent from DSG represents approximately 44% of the income from the property.
Jason Baggaley, Fund Manager of SLIPIT says "At a time of low levels of demand for bulky goods retail park units I am delighted to have secured this strong income stream until 2021. In the current economic cycle it is important for us to protect our future income stream. This transaction, along with the recent sale of Wellington House, London, has protected the Fund from a potential significant fall in income in 2011 and gives us continued confidence in maintaining a high dividend cover".
All Enquiries to
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter PortGuernsey
GY1 3QL
Tel: 01481 745529
Fax: 01481 745085
Jason Baggaley
Fund Manager, Standard Life Investments
DD 013102452833
M. 07801039463
END
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