19 Jun 2014 13:44
To: Company Announcements
Date: 19 June 2014
Company: Standard Life Investments Property Income Trust Limited
Subject: SLIPIT Purchase
Standard Life Investments Property Income Trust is pleased to confirm it has completed the purchase of Chester House in Farnborough for £14.9m, which reflects a yield of 8.1% to the Company. The 49,376 sqft Grade A office is located on the Farnborough Aerospace Centre and is let to BAE Systems Ltd on an FRI lease expiring in December 2023.
Jason Baggaley, Fund Manager of SLIPIT, commented "The purchase reinvests the proceeds from the recent sale of a logistics unit in Bolton. The investment provides a very attractive income return secured against a strong covenant for a further 9 and a half years. The property offers Grade A accommodation on an excellent business park with good amenities. We acquired the investment by purchasing an SPV, thus reducing the transaction costs. We are delighted to have completed this purchase so soon after the sale of Bolton, and have several other investments under offer that we believe will be accretive to the Company."
All enquiries:
Jason Baggaley
Standard Life Investments Limited
Tel: 0131 245 2833