Acquisition

28 Nov 2006 15:29

Standard Life Invs Property Inc Tst28 November 2006 28 November 2006 Standard Life Investments Property Income Trust LimitedRe: New Acquisition for Standard Life Investments Property Income Trust Standard Life Investments Property Income Trust, (SLIPIT) has purchased thevirtual freehold interest in Unit R1 Foxhills Industrial Estate, Scunthorpe fromMatrix Securities. The 64,122 sqft cold store is let to Innov@te Logistics on a lease with 15 yearsremaining to the first break at a rent of £423,347pa with fixed uplifts everyfive years to 3%pa compound. The purchase price of £5.72m reflects a net initialyield of 7%. The property was valued at purchase by DTZ at £6.14m Jason Baggaley, Fund Manager of Standard Life Investments Property Income Trustsaid "The purchase provides the Trust with a high level of secure income whichis in line with our strategy of providing a high income return with some capitalgrowth. The fixed increases in rent will also aid our ability to increasedividends going forward". Drivers Jonas acted for Matrix. Standard Life Investments was unrepresented. All Enquiries: The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL Tel: 01481 745529Fax: 01481 745085 END This information is provided by RNS The company news service from the London Stock Exchange