STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LTD - Significant Asset Management for SLIPIT

To:                Company Announcements

Date:              22 September 2015

Company:           Standard Life Investments Property Income Trust Limited

Subject:           Significant Asset Management for SLIPIT

Standard Life Investments Property Income Trust (“SLIPIT”) has completed an asset management program on its largest asset, an office in Farringdon, London, whereby it has let the ground floor following a lease expiry in August, and renewed the leases on the two upper floors. As a result of the transaction the rent has increased by approximately £215,000 pa and the property is fully let. It is anticipated the property’s value will increase by at least £2m at the next valuation as a result of the new leases.

The Company has also secured a short term lease extension on an industrial asset in Oldham for 12 months from end September (with a tenant break after 6 months) that provides a £450,000 increase in rent over the next 12 months. In addition it has completed a new 10 year lease on four units at Ocean Trade Centre Aberdeen, and has the remaining available units under offer.

In addition to the asset management described above the Company has completed the purchase of a small industrial unit on the outskirts of Newcastle that was specifically designed for parcel delivery. The purchase price of £2.9m reflects an initial yield of 7.2% and the property is let for a further 8 years to Geopost.

Jason Baggaley, Fund Manager of SLIPIT, commented “We are continuing to see strong demand from tenants for our accommodation, and I am delighted we have been able to complete a number of transactions that enhance the income to the Company. We are continuing to see strong tenant demand across our portfolio, and with low levels of supply in most markets we are now seeing rental growth again”.

All enquiries:

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]

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