Standard LifeInvProp SLIPIT rebalances portfolio
August 12 2015 - 4:29AM
UK Regulatory
TIDMSLI
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 GBP3.85m and an office in Glasgow for GBP
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 GBP4.8m,
providing a yield of 8.25% pa, and a single let industrial unit in Segensworth
Fareham for GBP3.1m, 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 GBP1.3m, 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 GBP2.9m, 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
END
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