Edison update-Standard Life Property Income Trust

RNS Number : 1190D

Standard Life Invs Property Inc Tst

22 October 2015

 

London, UK, 22 October 2015

Edison issues research update on Standard Life Inv. Property Income Trust

Standard Life Investments Property Income Trust (SLI) is an actively managed closed-ended company investing directly in UK commercial property. The trust has grown substantially since mid-2014 using share issues to fund asset purchases and the proposed acquisition of a c £165m portfolio provides the opportunity to make a step change in scale without materially altering the portfolio profile. Maintaining gearing at c 30% LTV, SLI has outperformed the IPD UK Monthly index over five years. The shares trade at a c 10% premium to NAV and yield an above average 5.4%.

SLI's share price premium to NAV is one of the highest among peers and sits slightly above its 9.7% three-year average. There is no active discount control mechanism but a substantial number of shares have been issued since mid-2014, taking advantage of the premium to grow the company without diluting existing shareholders. SLI's 5.4% dividend yield is one of the highest in the peer group of closed-ended funds directly investing in UK property with a market cap of over £100m and a track record of more than one year.  

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