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: 0131 245 2833
E-mail: jason.baggaley@aberdeenstandard.com
Oli Lord - Deputy Fund Manager
Tel: 0131 245 6077
E-mail: oli.lord@aberdeenstandard.com
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: 01481 745385
Fax: 01481 745085
