To: Company
Announcements
Date: 22
September 2015
Company:
Standard Life Investments Property Income Trust Limited
Subject: Significant
Asset Management for SLIPIT
Standard Life Investments Property
Income Trust (“SLIPIT”) has completed an asset management
program on its largest asset, an office in Farringdon, London, whereby it has let the ground floor
following a lease expiry in August, and renewed the leases on the
two upper floors. As a result of the transaction the rent has
increased by approximately £215,000 pa and the property is fully
let. It is anticipated the property’s value will increase by at
least £2m at the next valuation as a result of the new leases.
The Company has also secured a short
term lease extension on an industrial asset in Oldham for 12 months from end September (with
a tenant break after 6 months) that provides a £450,000 increase in
rent over the next 12 months. In addition it has completed a new 10
year lease on four units at Ocean Trade Centre Aberdeen, and has
the remaining available units under offer.
In addition to the asset management
described above the Company has completed the purchase of a
small industrial unit on the outskirts of Newcastle that was specifically designed for
parcel delivery. The purchase price of £2.9m reflects an initial
yield of 7.2% and the property is let for a further 8 years to
Geopost.
Jason
Baggaley, Fund Manager of SLIPIT, commented “We are
continuing to see strong demand from tenants for our accommodation,
and I am delighted we have been able to complete a number of
transactions that enhance the income to the Company. We are
continuing to see strong tenant demand across our portfolio, and
with low levels of supply in most markets we are now seeing rental
growth again”.
All enquiries:
The Company Secretary
Northern Trust International Fund Administration Services
(Guernsey) Limited
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Sharon Ann
Williams
Tel: 01481 745436
Fax: 01481 745086