Standard Life Investments Property Income Trust - SLIPIT Investment Transactions

Standard Life Investments Property Income Trust - SLIPIT Investment Transactions

PR Newswire

London, December 6

To: Company Announcements

Date: 6 December 2019

Company: Standard Life Investments Property Income Trust Limited

LEI: 549300HHFBWZRKC7RW84

SLIPIT INVESTMENT TRANSACTIONS

Standard Life Investments Property Income Trust (SLIPIT) has completed the purchase of an industrial unit in Badentoy North, Aberdeen for £13.55m.

The property is let to Schlumberger Limited, the world's largest oilfield services company for a further 8 years to break and 10 years to lease expiry, with fixed rent increases in February 2020 and 2025, based on 2.75% per annum compounded. The purchase reflects an initial yield of 6.9%, rising to 7.9% in February 2020.

Jason Baggaley, Fund Manager of SLIPIT commented "We are pleased to have completed the purchase of this industrial unit on an established industrial park in Aberdeen, which provides well let and secure income in a modern specified unit at an attractive initial income yield for the company. This purchase recycles capital from the recent sale of an industrial unit at Denby at 5.75%, where strong performance was realised and from which the proceeds have been reinvested in a good quality asset with a better income profile and return prospects".

All enquiries to:

Aberdeen Standard Investments
1 George Street
Edinburgh
EH2 2LL

Jason Baggaley - Fund Manager
Tel: [phone]
E-mail: [e-mail]

Oli Lord - Deputy Fund Manager
Tel: [phone]
E-mail: [e-mail]

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
PO Box 255, Trafalgar Court
Les Banques, St Peter Port
Guernsey GY1 3QL

Tel: [phone]
Fax: [phone]