Acquisition

RNS Number : 4656H

Standard Life Invs Property Inc Tst

22 February 2010

 



To:                   Company Announcements

Date:                22 February 2010

Company:         Standard Life Investments Property Income Trust Limited

Subject:            Acquisition

Standard Life Investments Property Income Trust is pleased to announce that it has exchanged contracts for the purchase of a logistics warehouse in Bolton for £14.06m.

Completion is due on 26^th February 2010.

The property was built in 2006, and is let to Tesco Stores for a further 6 years at an annual rent of £1.189m. The purchase price reflects an initial yield of 8%.

Jason Baggaley, Fund Manager, commented: "This property is a modern well specified and located logistics unit let to a superb tenant. The  purchase further enhances the Company's revenue account, and reinvests some of the proceeds from our recent sales at a higher yield."

All Enquiries:

Jason Baggaley

Fund Manager

Standard Life Investments

Tel [phone]

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Tel:  [phone]

Fax: [phone]

 

END

 

 

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