7 Aug 2017 07:00
Standard Life Investments Property Income Trust - Property Purchase and SaleStandard Life Investments Property Income Trust - Property Purchase and Sale
PR Newswire
London, August 4
To: Company AnnouncementsDate: 7 August 2017Company: Standard Life Investments Property Income Trust LimitedLEI: 549300HHFBWZRKC7RW84
Subject: SLIPIT Property Purchase and Sale
Standard Life Investments Property Income Trust (SLIPIT) has completed two investment transactions. The first is the purchase of a 46,800sqft industrial unit in Birmingham, close to an existing asset the Company owns. The purchase price of £4.58m reflects an initial yield of 5.75%, and the property was let on a new 15 year lease with no breaks, earlier in 2017. The second transaction was the sale of a 25,600sqft office on York Science Park for £4.35m, just ahead of the June 2017 valuation figure of £4.3m.
Jason Baggaley, fund manager of SLIPIT commented: Having recently completed the purchase of town centre offices in Reading and Manchester we are pleased to have further reduced our out of town office exposure with the sale of the York office. The industrial unit in Birmingham is let to a good covenant on a 15 year lease with no breaks, and although the lease was only granted earlier this year the rent already looks reversionary following the letting we completed recently on our adjacent unit. We are delighted to build our investment in this strong location and sector.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 3QLSharon Ann WilliamsTel: 01481 745436Fax: 01481 745085