Standard Life Investments Property Income Trust - Sale

To:                       Company Announcements
Date:                    19^th  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 £20m. The 80,700sqft office was valued at the end of June at £18m and is the second largest asset in the fund, and had the largest rent roll (£1,320,000pa) 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]
 

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