Standard Life Investments Property Income Trust - Investment Transactions
PR Newswire
London, May 12
To Company Announcements
Date12 May 2021
Company Standard Life Investments Property Income Trust Limited
LEI 549300HHFBWZRKC7RW84
SLIPIT Investment Transactions
Standard Life Investments Property Income Trust Limited (SLIPIT) has completed a further sale as part of its portfolio review.
The most recent sale was an out of town office building in Farnborough let to BAE. Following a detailed review of the offices in the portfolio it was felt this asset would not meet future occupier requirements, even with significant capex. The other office sale (announced in the recent NAV statement) was located on a business park in Dartford. The combined sale price of £12.4m was 5.5% below the end Dec valuations (driven by Farnborough). Both offices were over rented and the tenant was not in occupation (but had sublet some of the accommodation).
The third sale was of a small retail warehouse in Bradford let to Halfords and Cubico. The property was over rented, and the sale price of £2.65m was in line with the end December valuation.
Jason Baggaley, fund manager of SLIPIT, commented: "COVID 19 has accelerated trends in real estate, and in particular for offices. We completed a thorough review of our portfolio last year and as result decided to sell these three assets in addition to the sales undertaken in December 2020 to align the portfolio with increased ESG integration containing future fit assets. We look forward to reinvesting the proceeds into assets that will better meet the Company's needs".
All enquiries to:
Jason Baggaley - Fund Manager
Tel: 07801039463
E-mail: jason.baggaley@aberdeenstandard.com
