Standard Life Investments Property Income Trust - Disposal of Denby
PR Newswire
London, November 18
To: Company Announcements
Date:19 November 2019
Company: Standard Life Investments Property Income Trust Limited
LEI: 549300HHFBWZRKC7RW84
Disposal of Denby
Standard Life Investments Property Income Trust (SLIPIT) has disposed of its second largest investment, a logistics unit close to Derby, for £19.1m. The property was let until 2025 and the rental income represented 4.4% of the Company's income. The sale price was at the September valuation, and reflected a total return of 12.6%pa since purchase in 2014.
Jason Baggaley, fund manager of SLIPIT commented "The sale realises the strong performance from the asset since purchase, and reduces the income concentration risk to the Company. We have agreed terms to acquire a new industrial investment for £13.9m, and are looking at a number of other opportunities to reinvest the sale proceeds in good quality assets with an attractive income profile."
Enquiries:
Northern Trust International Fund Administration Services (Guernsey) Limited
Tel: 01481 745001
