Acquisition

RNS Number : 7703G

Standard Life Invs Property Inc Tst

08 February 2010

 



To:                   Company Announcements

Date:                8 February 2010

Company:         Standard Life Investments Property Income Trust Limited

Subject: Acquisition

Standard Life Investments Property Income Trust has exchanged contracts for the development funding of a pre let office and industrial unit in Aberdeen. 

The total cost of the development funding will be £11.5m, including a site purchase price of £2.18m. The Company will fund the developer through the construction period which is due to complete in January 2011. During the construction period the Company will receive a notional interest roll up of 6.75% on all expenditure. 

The property has been pre let on a 20 year lease at an initial rent of £1m pa subject to 5 yearly upward only rent reviews fixed to 3% pa. The purchase price shows the Company a yield of 8% on the completion. 

All Enquiries:

Jason Baggaley

Fund Manager

Standard Life Investments

Tel [phone]

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Tel:  [phone]

Fax: [phone]

 

END

 

 

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