Standard LifeInvProp SLIPIT Sale
November 09 2015 - 1:00AM
UK Regulatory
TIDMSLI
To: Company Announcements
Date: 9th November 2015
Company: Standard Life Investments Property Income Trust Limited
Subject: SLIPIT Sale
Standard Life Investments Property Income Trust is pleased to confirm that it
has completed the sale of an office investment in Maple Cross Rickmansworth for
GBP14.75m.
The property was acquired in 2013 for GBP9.85m, and is fully let on a lease
expiring in 2022 at a rent of GBP1.15mpa. The investment has given the Company a
total return of 79.3% since acquisition, and it is intended to recycle the sale
proceeds into the Pearl portfolio acquisition, assuming that proceeds to
completion.
Jason Baggaley, Fund manager of SLIPIT commented "We bought this asset to
deliver a high income return as part of our focus on providing shareholders
with an attractive dividend income. However it has performed ahead of
expectations so we decided to realise the profit and recycle the capital as we
have done with a number of assets over the last few years. We hope to reinvest
the proceeds into the acquisition of the Pearl portfolio before the year end
thereby minimising cash drag".
All enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Sharon Ann Williams
Tel: 01481 745436
Fax: 01481 745085
END
(END) Dow Jones Newswires
November 09, 2015 02:00 ET (07:00 GMT)
Abrdn Property Income (LSE:API)
Historical Stock Chart
From Apr 2024 to May 2024
Abrdn Property Income (LSE:API)
Historical Stock Chart
From May 2023 to May 2024