19 Sep 2017 07:00
Standard Life Investments Property Income Trust - SaleStandard Life Investments Property Income Trust - Sale
PR Newswire
London, September 18
To: Company AnnouncementsDate: 19th September 2017Company: Standard Life Investments Property Income Trust LimitedLEI: 549300HHFBWZRKC7RW84
Subject: SLIPIT Sale- Elstree Tower Borehamwood
Standard Life Investments Property Income Trust (SLIPIT) is pleased to announce it has exchanged contracts to sell Elstree Tower in Borehamwood for £20m. The 80,700sqft office was valued at the end of June at £18m and is the second largest asset in the fund, and had the largest rent roll (£1,320,000pa) which was secured on a lease subject to a tenant only break in 2020. The sale is due to complete in February 2018.
Jason Baggaley, fund manager of SLIPIT, said “The sale continues our strategy of disposing of assets at a profit where it also reduces risk to the Company. Although the asset is let to a strong covenant, there is uncertainty around the break clause in 2020, and the building would require substantial capex on expiry. The delayed completion, which is unconditional, provides the Company with additional income, and reduces cash drag while opportunities to reinvest the proceeds are being investigated”.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