STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LTD - SLIPIT Sale
November 09 2015 - 2:00AM
PR Newswire (US)
To:
Company Announcements
Date:
9th November 2015
Company: Standard Life
Investments Property Income Trust Limited
Subject: SLIPIT Sale
Standard Life Investments Property Income Trust is pleased to
confirm that it has completed the sale of an office investment in
Maple Cross Rickmansworth for £14.75m.
The property was acquired in 2013 for £9.85m, and is fully let
on a lease expiring in 2022 at a rent of £1.15mpa. The investment
has given the Company a total return of 79.3% since acquisition,
and it is intended to recycle the sale proceeds into the Pearl
portfolio acquisition, assuming that proceeds to completion.
Jason Baggaley, Fund manager of
SLIPIT commented “We bought this asset to deliver a high income
return as part of our focus on providing shareholders with an
attractive dividend income. However it has performed ahead of
expectations so we decided to realise the profit and recycle the
capital as we have done with a number of assets over the last few
years. We hope to reinvest the proceeds into the acquisition of the
Pearl portfolio before the year end thereby minimising cash
drag”.
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 745085
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