SLIPIT rebalances portfolio

To:           Company Announcements
Date:         12th August 2015
Company:      Standard Life Investments Property Income Trust Limited
 

Standard Life Investments Property Income Trust (SLIPIT) rebalances portfolio with quartet of transactions

Standard Life Investments Property Income Trust is pleased to confirm it has completed the sale of two assets, and purchased two more. It completed the sale of an industrial investment in Leeds for £3.85m and an office in Glasgow for £5.7m. The sales were 18.4% ahead of the March 2015 valuation and reduced the risk of voids in the next two years. The purchases were of a single let office in Kiddlington Oxford with just over 6 years remaining on the lease for £4.8m, providing a yield of 8.25% pa, and a single let  industrial unit in Segensworth Fareham for £3.1m, providing a yield of 7.15% pa on the expected rent following an outstanding rent review.  

The Company also expects to complete on the sale of a small industrial unit in Stockton on Tees on the 14th August for £1.3m, and is in solicitors hands for the purchase of a parcel delivery unit let in the Northeast of England let for a further 8 years for a consideration of £2.9m, providing a yield of 7.25%.  

Jason Baggaley, Fund Manager of SLIPIT said “We have, over the first half of 2015, looked to sell assets that we believe have limited potential to meet our strategic requirements in the medium term, and we have now more or less completed this program. We have been able to reinvest the sale proceeds into good quality real estate B with both attractive yields and value add opportunities”.

All enquiries:

Jason Baggaley
Standard Life Investments Limited
Tel: [phone]