SLI.L Regulatory News (SLI)

Standard Life Investments Property Income Trust - SLIPIT Investment Transactions

PR Newswire

London, January 6

To: Company AnnouncementsDate: 7 January 2020 Company: Standard Life Investments Property Income Trust LimitedLEI: 549300HHFBWZRKC7RW84 

SLIPIT INVESTMENT TRANSACTIONS

Standard Life Investments Property Income Trust (SLIPIT) has completed the sale of a single let office building in Staines. The 26,300sqft building was sold for a net price of £10.7m after deducting the value of the outstanding rent free, reflecting an equivalent yield of 5.7%. The property had recently been relet after SLIPIT took a surrender of the previous tenant’s lease, and let the whole property for ten years at a rent of £715,000pa. Prior to the asset management there was only two years remaining on the lease and the tenant wanted to downsize.

Jason Baggaley, fund manager of SLIPIT commented "We decided to dispose of the asset after completing the successful asset management which maximised the return on the asset. We will look to reinvest the sales proceeds into a higher yielding asset that offers better future performance prospects for the Company." 

All enquiries to:Aberdeen Standard Investments1 George StreetEdinburghEH2 2LLJason Baggaley - Fund Manager Tel: 0131 245 2833E-mail: jason.baggaley@aberdeenstandard.com Oli Lord - Deputy Fund ManagerTel: 0131 245 6077E-mail: oli.lord@aberdeenstandard.comThe Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedPO Box 255, Trafalgar CourtLes Banques, St Peter PortGuernsey GY1 3QLTel: 01481 745385Fax: 01481 745085