Business
Sale of Assets by SLIPIT
Sale of Assets by SLIPIT.
About this update from Abrdn Property Income Trust Limited
[{"type":"text","content":"\n \nTo: Company Announcements\nDate: 25th September 2014\nCompany: Standard Life Investments Property Income Trust Limited\n\n\nSubject: Sale of Assets by SLIPIT\n\nStandard Life Investments Property Income Trust is pleased to confirm that it\nhas exchanged contracts on the sale of two adjacent office buildings in\nChelmsford for £3.5m. The two offices are over rented, with lease expiries in\nDecember 2015. The sale is at the end June valuation figure. Completion is not\ndue until December 2015, on lease expiry, with the Company retaining all income\nto that date.\n\nJason Baggaley, fund manager of SLIPIT, commented \"This transaction is slightly\nunusual due to the long delay between exchange and completion, but that means\nwe have de-risked a lease expiry on a building where cap ex would have been\nrequired whilst maintaining an attractive income stream through to the lease\nend. The sale price is at our current valuation, but we will receive a further\n£600,000 of income before completion.\n\n\n\nAll enquiries:\n\nJason Baggaley\nStandard Life Investments Limited\nTel: 0131 245 2833\n ","length":1108,"tagName":"div"}]