20 Mar 2018 07:00
Standard Life Investments Property Income Trust - SLIPIT SaleStandard Life Investments Property Income Trust - SLIPIT Sale
PR Newswire
London, March 20
To: Company AnnouncementsDate: 20 March 2018Company: Standard Life Investments Property Income Trust LimitedLEI: 549300HHFBWZRKC7RW84
Subject: SLIPIT Sale- Elstree Tower Borehamwood
Further to the RNS released in September 2017 the Board of Standard Life Investments Property Income Trust Limited (SLIPIT) confirms that the sale of Elstree Tower in Borehamwood has completed for £20m.
The property was last valued as at 30 December 2017 at this level. The Investment Manager will seek to reinvest the sale proceeds into new investments. Elstree Tower represented 5% of the total annual rent to the Company, and in reinvesting the sale proceeds the manager will seek to diversify this further, although there will be a small but temporary impact on dividend cover until the funds are reinvested.
Jason Baggaley, fund manager of SLIPIT commented: Elstree Tower was the Company’s largest asset, and had a lease break option in just under two years-time. The sale realised a profit on original cost and reduces specific risk. We will seek to reinvest in more secure and diversified income on a more modern asset.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 3QLMike NokesTel: 07883 078002Fax: 01481 745085