SLIPIT Purchase

RNS Number : 2806V

Standard Life Invs Property Inc Tst

11 December 2013

 



To:                   Company Announcements

Date:                11 December 2013

Company:         Standard Life Investments Property Income Trust Limited

Subject: SLIPIT Purchase

Standard Life Investments Property Income Trust has completed the purchase of three retail warehouse investments for a total of £12.7m, reflecting a yield of 8%.

The three assets are:

Olympian Way, Leyland - two units adjacent to a Morrisons food store and let to Homebase and Argos with an average unexpired term of 11 years, at a total rent of £380,000pa. Both units benefit from open A1 planning consent.  

Black Friars Rd Kings Lynn - a single unit adjacent to a Morrisons food store and let to Matalan for a further 13.5 years at a rent of £378,500pa and benefitting from open A1 use.

Mayo Avenue Bradford - a single unit let to Matalan and adjacent to a Morrisons food store for a further 15 years at a rent of £318,278pa and benefiting from an open A1 consent.

Jason Baggaley, fund manager of SLIPIT said "I am delighted to have completed these purchases. Retail warehousing has been out of favour, however with improved consumer confidence and retail sales it is becoming more attractive again, especially with the continued planning constraints. All these units trade well and were purpose built in the last ten to twelve years and provide good quality accommodation next to established food stores and benefitting from an open A1 planning consent. The income yield of 8% is attractive to the Company, and provides scope for capital growth.

All enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Claire Cooke

Tel:       [phone]

Fax:      [phone]

 

END

 

 

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