Acquisition

Standard Life Invs Property Inc Tst 29 September 2005 29 September 2005 Standard Life Investments Property Income Trust Limited STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST ACQUIRES 31/32 QUEEN SQUARE, BRISTOL AND DHL EXPRESS UNIT, STOCKTON. The Standard Life Investments Property Income Trust has acquired a further two investments. The first, an office building in Queen Square Bristol, was acquired on the 27th September for £4.165m representing a net initial yield of 5.72% .The second, an industrial unit on Portrack Interchange Business Park, Stockton, was acquired on the 28th September for £1.75m, representing a net initial yield of 6.63%. 31/32 Queen Square comprises a mid terrace office building extending 13,124 sq. ft. The Ground and 1st Floors are let to Toshiba Research Europe Ltd until 2014 (with an upwards only rent review in 2009) and the 2nd and 3rd floors are let to Premier Lease and Loans Services Ltd (guaranteed by Allianz Cornhill Insurance Plc) until 2009. The passing rent is £251,750 per annum (£19.31 per sq ft overall.) The DHL Express industrial unit, Stockton extends 32,211 sq. ft. and is let on a full repairing and insuring basis for a term of 15 years from September 1999 at a rent of £122,702 per annum (£3.80 per sq ft.), incorporating 5 yearly upwards only rent reviews. Both properties have been valued by DTZ Debenham Tie Leung on an open market basis in accordance with the RICS appraisal and valuation standards as follows; 30/31 Queen Square £ 4.166M DHL Express Unit £ 1.75M Press enquiries: Richard England Standard Life Investments Press Office Telephone: 0131-245 2750 All Other Enquiries: The Company Secretary Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court, Les Banques St Peter Port, Guernsey, GY1 3QL Tel: 01481 745439 Fax: 01481 745085 END This information is provided by RNS The company news service from the London Stock Exchange
UK 100

Latest directors dealings