Significant Letting

RNS Number : 1041L

Standard Life Invs Property Inc Tst

07 August 2013

 



To:                   Company Announcements

Date:                7 August 2013

Company:         Standard Life Investments Property Income Trust Limited

Subject: Significant Letting for Standard Life Investments Property Income Trust

Standard Life Investments Property Income Trust is pleased to confirm it has completed the letting of a 26,000 sqft retail warehouse in Wymondham, Norwich to Poundstretcher on a new 10 year lease at a rent of £250,000pa. The property is subject to an outstanding planning dispute for a super market use, and the terms of the letting enable the Company to gain vacant possession if a change of use becomes possible in the future. The new lease contains a tenant break option (subject to penalties) in years 2 and 5 and a market rent free. The letting increases the occupancy rate to 92.7%, and reduces void property costs of circa £175,000pa.

Jason Baggaley, fund manager of the Standard Life Investments Property Income Trust said "The letting benefits the Company as it protects downside risk by increasing occupancy rates and reducing our void costs, whilst protecting the Company's ability to gain a valuation and income uplift if it can resolve the planning issues and obtain a food consent for the site".

All enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Claire Martin

Tel:       [phone]

Fax:      [phone]

 

END

 

 

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