Disposal

RNS Number : 8983S

Standard Life Invs Property Inc Tst

28 November 2011

 



To:                    Company Announcements

Date:                28 November 2011

Company:         Standard Life Investment Property Income Trust Limited

Standard Life Investments Property Income Trust has exchanged on the sale of Northern and Shell Tower in the Docklands, with completion due on 15^th December.

The property was bought in November 2009 for £10m, and the sale price is £12.2m (end Sept valuation £12.0m), showing a total return of just over 15%pa since purchase. The property is let to Northern & Shell plc until 2022 at a rent of £909,000pa.

Jason Baggaley, fund manager of SLIPIT said "We bought this asset before the recovery in Central London offices had taken place, utilising the forecasts from the Standard Life Investments research team. We will seek to reinvest the sale proceeds in Q1 2012, when we believe there will be more attractive purchase opportunities."

All enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Renee McIver

Tel:       [phone]

Fax:      [phone]

 

END

 

 

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