To:
Company Announcements
Date: 23 March
2017
Company:
Standard Life Investments Property Income Trust Limited
Subject:
SLIPIT Sale
Standard Life Investments Property Income Trust (SLIPIT) has
completed the sale of its largest asset, White Bear Yard, an office
located in Farringdon, London. The
sale price of £19m reflects an initial yield of 4.96%, and is just
above the last valuation figure.
The asset was acquired by the Company in 2004 for £6.75m, and
since then has benefitted from a minor refurbishment and reletting
/ lease regears. The proceeds of the sale will be used to repay the
outstanding drawn amount under the RCF (£7.5m), and the remaining
funds will be used to invest into new investment opportunities that
better meet the Company’s current investment requirements.
Jason
Baggaley, Fund Manager of SLIPIT said “White Bear Yard has
been a wonderful investment for the Company, but it was time to
sell as it had increased downside risk given its location and lease
profile. As a result of the sale the Company has no exposure to
City of London offices, and will
be reinvesting into assets that offer a stronger income return with
less volatile capital expectations”.
All enquiries to:
Jason Baggaley
Fund Manager
Real Estate Investments
Standard Life Investments
1 George Street, Edinburgh, EH2
2LL
Tel: +44 (0)131 245 2833
jason_baggaley@standardlife.com
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