Standard Life Invs Property Inc Tst Edison update-Standard Life Property Income Trust
October 22 2015 - 5:38AM
RNS Non-Regulatory
TIDMSLI
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 GBP165m 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 GBP100m and a track record of more than one
year.
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