Standard Life Investments Property Income Trust - SLIPIT Investment Transactions
PR Newswire
London, January 6
To: Company Announcements
Date: 7 January 2020
Company: Standard Life Investments Property Income Trust Limited
LEI: 549300HHFBWZRKC7RW84
SLIPIT INVESTMENT TRANSACTIONS
Standard Life Investments Property Income Trust (SLIPIT) has completed the sale of a single let office building in Staines. The 26,300sqft building was sold for a net price of £10.7m after deducting the value of the outstanding rent free, reflecting an equivalent yield of 5.7%. The property had recently been relet after SLIPIT took a surrender of the previous tenant's lease, and let the whole property for ten years at a rent of £715,000pa. Prior to the asset management there was only two years remaining on the lease and the tenant wanted to downsize.
Jason Baggaley, fund manager of SLIPIT commented "We decided to dispose of the asset after completing the successful asset management which maximised the return on the asset. We will look to reinvest the sales proceeds into a higher yielding asset that offers better future performance prospects for the Company."
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
