Asset Management Initiatives

RNS Number : 1720U

Standard Life Invs Property Inc Tst

11 October 2010

 



RNS Announcement for SLIPIT

The Company has completed several asset management initiatives to enhance the quality of its income stream.

The Company has sold a vacant industrial unit in Skelmersdale to an owner occupier for £2.84m (30 June valuation £2.64m). The Company received a 2.5 year rent premium from the previous tenant in July 2009.

A retail warehouse unit in Hull has been let to Dreams on a new 15 year lease at £265,000 pa, and a logistics unit in Bardon Leicestershire has been let to the VT Group at £155,000pa. (having been vacated on lease expiry in June 2010 by the previous tenant).

As a result of these transaction the Company's void level has reduced to 3.6%  from 8% at 30 June 2010, which compares favourably to the IPD monthly index level of 9.2% at end June.

Jason Baggaley, Fund Manager of SLIPIT said "We have concentrated on actively managing the portfolio to reduce the voids in the fund and secure future income flows. These transactions have secured good quality income for the Company, as well as reducing outgoings on vacant units. Although the letting market is tough, we are progressing several more transactions and hope to reduce the voids further in the near future".

 

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