Purchases

To:  Company Announcements

Date:  10 December 2021

Company:  Standard Life Investments Property Income Trust Limited

LEI:                      549300HHFBWZRKC7RW84

Purchases

Standard Life Investments Property Income Trust (“SLIPIT or the Company”) has completed two purchases totalling £22.79m, financed out of existing cash reserves.

The first is a forward funding in St Helens, where SLIPIT has acquired the site and will fund the development of an industrial unit with a total commitment of £15.05m.  The premises are pre-let to St Helens Borough Council for a 15 year term with 5-yearly index-linked rent reviews generating a net initial yield of 4.25%.  The unit will be used as a research and development facility, focussing on improving the environmental impact of glass manufacture.

The second  acquisition is of an existing industrial unit in Washington let to Griffith Textile Machines Ltd until September 2035.  The purchase price of £7.735m reflects a net initial yield of 5.75%.

Mark Blyth, Deputy Fund Manager of SLIPIT commented: “We are delighted to have completed on both of these purchases in quick succession.  The St Helens funding offers SLIPIT 15 year, index-linked, Government income from an asset with strong ESG credentials and providing a good risk-adjusted income return.

The Washington acquisition is an example of SLIPIT buying into an asset with not only a strong income return, but also the potential to drive further value.  Included with the building is a 3.5 acre development site, which not only offers the opportunity to grow the income through expansion of the existing occupier or development, but also provides scope to implement ESG initiatives.”

All enquiries to:

Jason Baggaley - Fund Manager 
Tel: [phone]  
E-mail: [e-mail] 

Mark Blyth - Deputy Fund Manager
Tel: [phone]
E-mail: [e-mail]