Standard LifeInvProp Sale

 
TIDMSLI 
 
To:                       Company Announcements 
Date:                    19th  September 2017 
Company:             Standard Life Investments Property Income Trust Limited 
LEI:                      549300HHFBWZRKC7RW84 
 
 
Subject:               SLIPIT Sale- Elstree Tower Borehamwood 
 
Standard Life Investments Property Income Trust (SLIPIT) is pleased to announce 
it has exchanged contracts to sell Elstree Tower in Borehamwood for GBP20m. The 
80,700sqft office was valued at the end of June at GBP18m and is the second 
largest asset in the fund, and had the largest rent roll (GBP1,320,000pa) which 
was secured on a lease subject to a tenant only break in 2020. The sale is due 
to complete in February 2018. 
 
Jason Baggaley, fund manager of SLIPIT, said "The sale continues our strategy 
of disposing of assets at a profit where it also reduces risk to the Company. 
Although the asset is let to a strong covenant, there is uncertainty around the 
break clause in 2020, and the building would require substantial capex on 
expiry. The delayed completion, which is unconditional, provides the Company 
with additional income, and reduces cash drag while opportunities to reinvest 
the proceeds are being investigated". 
 
 
All enquiries to: 
Jason Baggaley 
Fund Manager 
Real Estate Investments 
Standard Life Investments 
1 George Street, Edinburgh, EH2 2LL 
Tel: [phone] 
[e-mail] 
 
 
The Company Secretary 
Northern Trust International Fund Administration Services (Guernsey) Limited 
PO Box 255 
Trafalgar Court 
Les Banques 
St Peter Port 
Guernsey 
GY1 3QL 
 
Sharon Ann Williams 
Tel:        [phone] 
Fax:        [phone] 
 
 
 
 
END 
 

(END) Dow Jones Newswires

September 19, 2017 02:00 ET (06:00 GMT)