Standard LifeInvProp Sale
19 September 2017 - 4:00PM
UK Regulatory
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: +44 (0)131 245 2833
jason_baggaley@standardlife.com
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: 01481 745436
Fax: 01481 745085
END
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