Lease Restructure

RNS Number : 5889U

Standard Life Invs Property Inc Tst

15 May 2008

 

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

15 May 2008

Re: Lease Restructure

The Standard Life Investments Property Income Trust has agreed a lease restructure on two retail warehouse units in Clough Road, Hull with DSG. In return for a capital payment the tenant-only break clause in the two leases has been removed, giving security of income until 2021. The park was valued at £15.6m at 30 March 2008 and the rent from DSG represents approximately 44% of the income from the property. 

Jason Baggaley, Fund Manager of SLIPIT says 'At a time of low levels of demand for bulky goods retail park units I am delighted to have secured this strong income stream until 2021. In the current economic cycle it is important for us to protect our future income stream. This transaction, along with the recent sale of Wellington House, London, has protected the Fund from a potential significant fall in income in 2011 and gives us continued confidence in maintaining a high dividend cover'.

All Enquiries to

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]

Jason Baggaley

Fund Manager, Standard Life Investments

DD 013102452833

M. 07801039463

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