Standard LifeInvProp Investment Transaction and Rent Collection

 
TIDMSLI 
 
To:                       Company Announcements 
 
Date:                   07 September 2020 
 
Company:          Standard Life Investments Property Income Trust Limited 
 
LEI:                       549300HHFBWZRKC7RW84 
 
                SLIPIT Investment Transaction & Rent Collection 
 
Standard Life Investments Property Income Trust ("SLIPIT or the Company") has 
completed the purchase of a B&Q Retail Warehouse in Halesowen for GBP19.5m, 
financed by its low cost revolving credit facility. 
 
The purchase reflects an initial yield of 7.5% and is let to B&Q Ltd for a 
further 11 years to lease expiry. 
 
Oli Lord, Deputy Fund Manager of SLIPIT commented: "We are pleased to have 
completed the purchase of this retail warehouse unit which will provide secure 
income given the strong tenant covenant and good unexpired lease term. In 
addition, the property's configuration and attractive location in the West 
Midlands also provides flexibility of use in the longer term." 
 
Jason Baggaley, Fund Manager, commented: "At a time of great turmoil it is 
sometimes tempting not to do anything, however this asset fits our strategy 
exceptionally well, providing secure long income on an asset that not only 
works for the existing tenant, but also has future potential for urban 
logistics. We believe the asset is a great addition to the portfolio." 
 
Rent Collection 
 
The Company has been working closely with its tenants and confirms that the 
rent collection rate as at 31st August for what can collectively be termed 
advance billing for the second quarter of the year now stands at 87% and for 
the third quarter it stands at 75%, which the Company expects to increase to 
80% on payment of September monthly rents. This compares to 69% reported for 
the third quarter on the 3rd August.  In addition to these collection figures, 
there are a number of agreements that have been completed with tenants that 
include monthly payment arrangements and deferred rent payments not fully 
reflected in these figures. The Company has also agreed a number of lease 
extensions in return for rent free periods. 
 
All enquiries to: 
 
Jason Baggaley  - Fund Manager 
Tel: [phone] 
E-mail: [e-mail] 
 
Oli Lord - Deputy Fund Manager 
Tel: [phone] 
E-mail: [e-mail] 
 
 
 
END 
 

(END) Dow Jones Newswires

September 07, 2020 09:54 ET (13:54 GMT)