SLIPIT Sale

To:                        Company Announcements
Date:                     20 March 2018
Company:              Standard Life Investments Property Income Trust Limited
LEI:                       549300HHFBWZRKC7RW84
 

Subject:               SLIPIT Sale- Elstree Tower Borehamwood
 

Further to the RNS released in September 2017 the Board of Standard Life Investments Property Income Trust Limited (SLIPIT) confirms that the sale of Elstree Tower in Borehamwood has completed for £20m.

The property was last valued as at 30 December 2017 at this level. The Investment Manager will seek to reinvest the sale proceeds into new investments. Elstree Tower represented 5% of the total annual rent to the Company, and in reinvesting the sale proceeds the manager will seek to diversify this further, although there will be a small but temporary impact on dividend cover until the funds are reinvested.

Jason Baggaley, fund manager of SLIPIT commented: Elstree Tower was the Company’s largest asset, and had a lease break option in just under two years-time. The sale realised a profit on original cost and reduces specific risk. We will seek to reinvest in more secure and diversified income on a more modern asset.


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

Mike Nokes
Tel:        [phone]
Fax:        [phone]