Acquisition

1 Aug 2006 15:24

Standard Life Invs Property Inc Tst01 August 2006 1 August 2006 Standard Life Investments Property Income TrustRe: Acquisition of Turin Court, Cheadle Heath, South Manchester. The Standard Life Investments Property Income Trust ("SLIPIT") on 25 July 2006purchased an office investment at Bird Hall Lane, Cheadle Heath for £4.298m,representing an equivalent yield of 6.59%. The investment comprises a four storey office extending to 23,346 sq.ft. Theproperty was purchased as a sale and lease back and is let to Emcor (UK) plc for15 years on a full repairing and insuring lease at a rent of £307,000 per annumcommencing on the 14th February 2007. The Lease is subject to 5 yearly upwardsonly rent reviews and there is a tenant's only break option after 10 years. The property was valued at £4.298m by DTZ on an open market basis in accordancewith the RICS appraisal and valuation standards. Press Enquiries: Richard EnglandStandard Life Investments Press OfficeTelephone: 0131-245 2750 All Other Enquiries: The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL Tel: 01481 745439Fax: 01481 745085 END This information is provided by RNS The company news service from the London Stock Exchange