To:
Company
Announcements
Date: 12th August
2015
Company: Standard Life Investments
Property Income Trust Limited
Standard Life Investments Property Income Trust (SLIPIT)
rebalances portfolio with quartet of transactions
Standard Life Investments Property Income Trust is pleased to
confirm it has completed the sale of two assets, and purchased two
more. It completed the sale of an industrial investment in
Leeds for £3.85m and an office in
Glasgow for £5.7m. The sales were
18.4% ahead of the March 2015
valuation and reduced the risk of voids in the next two years. The
purchases were of a single let office in Kiddlington Oxford with
just over 6 years remaining on the lease for £4.8m, providing
a yield of 8.25% pa, and a single let industrial unit in
Segensworth Fareham for £3.1m, providing a yield of 7.15%
pa on the expected rent following an outstanding rent review.
The Company also expects to complete on the sale of a small
industrial unit in Stockton on Tees on the 14th August for £1.3m,
and is in solicitors hands for the purchase of a parcel delivery
unit let in the Northeast of England let for a further 8 years for a
consideration of £2.9m, providing a yield of 7.25%.
Jason Baggaley, Fund Manager of
SLIPIT said “We have, over the first half of 2015, looked to sell
assets that we believe have limited potential to meet our strategic
requirements in the medium term, and we have now more or less
completed this program. We have been able to reinvest the sale
proceeds into good quality real estate B with both attractive
yields and value add opportunities”.
All enquiries:
Jason Baggaley
Standard Life Investments Limited
Tel: 0131 245 2833