Asset Management Update

7 Dec 2009 15:56



To: Company Announcements

Date: 07 December 2009

Company: Standard Life Investments Property Income Trust Limited

Subject: Asset Management Update

Standard Life Investments Property Holdings Ltd has accepted a surrender of the lease on its cinema unit in Wood Green London from Hoyts (Wood Green) Ltd and relet the property on a new 20 year lease to Vue Cinemas.

The Company will benefit from having a longer lease commitment, fixed increases in rent during the lease, and a much stronger covenant. The original lease to Hoyts was over rented and the rent under the new lease is £400,000pa less than the old lease, however the Company has received a premium of £3.3m from the outgoing tenant as compensation. The Company expects the property valuation fall over the quarter to be less than the premium received.

All Enquiries:

The Company Secretary 

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Tel: 01481 745324

Fax: 01481 745085