To: Company Announcements
Date: 25th September 2014
Company: Standard Life Investments Property Income Trust Limited
Subject: Sale of Assets by SLIPIT
Standard Life Investments Property Income Trust is pleased to confirm that it
has exchanged contracts on the sale of two adjacent office buildings in
Chelmsford for £3.5m. The two offices are over rented, with lease expiries in
December 2015. The sale is at the end June valuation figure. Completion is not
due until December 2015, on lease expiry, with the Company retaining all income
to that date.
Jason Baggaley, fund manager of SLIPIT, commented "This transaction is slightly
unusual due to the long delay between exchange and completion, but that means
we have de-risked a lease expiry on a building where cap ex would have been
required whilst maintaining an attractive income stream through to the lease
end. The sale price is at our current valuation, but we will receive a further
£600,000 of income before completion.
All enquiries:
Jason Baggaley
Standard Life Investments Limited
Tel: 0131 245 2833