4 Jun 2014 07:00
To: Company Announcements
Date: 4 June 2014
Company: Standard Life Investments Property Income Trust Limited
Subject: Sale of Asset by SLIPIT
Standard Life Investments Property Income Trust is pleased to confirm it has completed the sale of its largest asset for £16m, reflecting a yield of 7.25%. The logistics unit in Bolton is let to Tesco until September 2016 at a rent of £1.2m pa. A purchase is currently in solicitors hands to reinvest the sale proceeds.
Jason Baggaley, fund manager of SLIPIT commented: 'This sale was undertaken to control lease expiry risk in line with the active management strategy for the fund. Most of the sale proceeds will go towards the purchase of an office in the South East providing longer secure income at a yield of 8.1%.'
All enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Claire Cooke
Tel: 01481 745417
Fax: 01481 745085