Standard LifeInvProp Investment Transaction and Rent Collection
September 07 2020 - 8:54AM
UK Regulatory
TIDMSLI
To: Company Announcements
Date: 07 September 2020
Company: Standard Life Investments Property Income Trust Limited
LEI: 549300HHFBWZRKC7RW84
SLIPIT Investment Transaction & Rent Collection
Standard Life Investments Property Income Trust ("SLIPIT or the Company") has
completed the purchase of a B&Q Retail Warehouse in Halesowen for GBP19.5m,
financed by its low cost revolving credit facility.
The purchase reflects an initial yield of 7.5% and is let to B&Q Ltd for a
further 11 years to lease expiry.
Oli Lord, Deputy Fund Manager of SLIPIT commented: "We are pleased to have
completed the purchase of this retail warehouse unit which will provide secure
income given the strong tenant covenant and good unexpired lease term. In
addition, the property's configuration and attractive location in the West
Midlands also provides flexibility of use in the longer term."
Jason Baggaley, Fund Manager, commented: "At a time of great turmoil it is
sometimes tempting not to do anything, however this asset fits our strategy
exceptionally well, providing secure long income on an asset that not only
works for the existing tenant, but also has future potential for urban
logistics. We believe the asset is a great addition to the portfolio."
Rent Collection
The Company has been working closely with its tenants and confirms that the
rent collection rate as at 31st August for what can collectively be termed
advance billing for the second quarter of the year now stands at 87% and for
the third quarter it stands at 75%, which the Company expects to increase to
80% on payment of September monthly rents. This compares to 69% reported for
the third quarter on the 3rd August. In addition to these collection figures,
there are a number of agreements that have been completed with tenants that
include monthly payment arrangements and deferred rent payments not fully
reflected in these figures. The Company has also agreed a number of lease
extensions in return for rent free periods.
All enquiries to:
Jason Baggaley - Fund Manager
Tel: 0131 245 2833
E-mail: jason.baggaley@aberdeenstandard.com
Oli Lord - Deputy Fund Manager
Tel: 0131 245 6077
E-mail: oli.lord@aberdeenstandard.com
END
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