To:
Company Announcements
Date:
19th September 2017
Company: Standard Life
Investments Property Income Trust Limited
LEI:
549300HHFBWZRKC7RW84
Subject:
SLIPIT Sale- Elstree Tower Borehamwood
Standard Life Investments Property Income Trust (SLIPIT) is
pleased to announce it has exchanged contracts to sell Elstree
Tower in Borehamwood for £20m. The 80,700sqft office was valued at
the end of June at £18m and is the second largest asset in the
fund, and had the largest rent roll (£1,320,000pa) which was
secured on a lease subject to a tenant only break in 2020. The sale
is due to complete in February
2018.
Jason
Baggaley, fund manager of SLIPIT, said “The sale continues
our strategy of disposing of assets at a profit where it also
reduces risk to the Company. Although the asset is let to a strong
covenant, there is uncertainty around the break clause in 2020, and
the building would require substantial capex on expiry. The delayed
completion, which is unconditional, provides the Company with
additional income, and reduces cash drag while opportunities to
reinvest the proceeds are being investigated”.
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