Acquisition

7 Apr 2009 11:40



07 April 2009

Standard Life Investments Property Income Trust

Re: Completion of acquisition of Capital Court, Uxbridge.

Standard Life Investments Property Income Trust has completed the purchase of Capital Court Uxbridge for £10.98m. 

The Grade A office extends to just over 55,000sqft and is let to Manpower, IBB, and a Chinese restaurant on 7 leases with an average unexpired term of 8 years. There is also a vacant suite of 7,500sqft. The purchase reflects an initial yield of 10.95% on the contracted income of £1,157,000pa. Letting the vacant suite will add a further £180,000pa to the rents receivable based on current ERVs. 

The purchase was made from cash held by the Company. Following the purchase the Company still has cash of £33m and a net LTV of 38% (based on 31.12.08 figures). The purchase adds considerably to the revenue account, such that the dividend cover increases to 126%.

Press Enquiries:

Richard England

Standard Life Investments Press Office

Tel: 0131 245 2750

All Other Enquiries:

Jason Baggaley

Fund manager, Standard Life Investments

Tel: 0131 245 2833

The Company Secretary 

Northern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar Court

Les Banques

St Peter PortGuernsey

GY1 3QL

Tel: 01481 745529

Fax: 01481 745085

END