Property Purchase and Sale

To:                     Company Announcements
Date:                  7 August 2017
Company:           Standard Life Investments Property Income Trust Limited
LEI:                    549300HHFBWZRKC7RW84

Subject:              SLIPIT Property Purchase and Sale
 

Standard Life Investments Property Income Trust (SLIPIT) has completed two investment transactions.  The first is the purchase of a 46,800sqft industrial unit in Birmingham, close to an existing asset the Company owns. The purchase price of £4.58m reflects an initial yield of 5.75%, and the property was let on a new 15 year lease with no breaks, earlier in 2017. The second transaction was the sale of a 25,600sqft office on York Science Park for £4.35m, just ahead of the June 2017 valuation figure of £4.3m.

Jason Baggaley, fund manager of SLIPIT commented: Having recently completed the purchase of town centre offices in Reading and Manchester we are pleased to have further reduced our out of town office exposure with the sale of the York office. The industrial unit in Birmingham is let to a good covenant on a 15 year lease with no breaks, and although the lease was only granted earlier this year the rent already looks reversionary following the letting we completed recently on our adjacent unit. We are delighted to build our investment in this strong location and sector.

All enquiries to:
Jason Baggaley
Fund Manager
Real Estate Investments
Standard Life Investments
1 George Street, Edinburgh, EH2 2LL
Tel: [phone]
[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

Sharon Ann Williams
Tel:        [phone]
Fax:        [phone]