Acquisition

RNS Number : 7158B

Standard Life Invs Property Inc Tst

30 October 2009

 



To:                  Company Announcements

Date:               30 October 2009

Company:        Standard Life Investment Property Income Trust Limited

Subject:    Acquisition

Standard Life Investments Property Income Trust has exchanged contracts for the purchase of Northern & Shell Tower, Selsdon Way, Docklands, London for £10m.

The 54,000 sqft office building is let to Northern & Shell Ltd for a further 13 years at an annual rent of £909,000pa, subject to an upwards only rent review in December 2012. The purchase price reflects a net initial yield of 8.6%.

The purchase is being funded out of cash resources, and is due to complete on 12th November.

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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