Acquisition

RNS Number : 0910K

Standard Life Invs Property Inc Tst

13 April 2010

 



To:                   Company Announcements

Date:                13 April 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 retail warehouse in Bury, Greater Manchester , with completion due on 14^th April 2010.

The 41,280sqft unit is let to B&Q on a lease expiring in June 2022 at a current rent of £9.50psf and benefits from an open A1 non food planning consent.

The purchase price of £5.3m represents a net initial yield of 7%. 

Jason Baggaley, Fund Manager, commented; "The purchase provides further diversification for the Company with exposure to a first class tenant on a property with prospects for rental growth in the future. It continues our policy of investing in quality assets where the income will enhance the revenue account, and represented a good opportunity to gain exposure to the retail warehouse sector."

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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