Standard LifeInvProp SLIPIT Sale
20 March 2018 - 6:00PM
UK Regulatory
TIDMSLI
To: Company Announcements
Date: 20 March 2018
Company: Standard Life Investments Property Income Trust Limited
LEI: 549300HHFBWZRKC7RW84
Subject: SLIPIT Sale- Elstree Tower Borehamwood
Further to the RNS released in September 2017 the Board of Standard Life
Investments Property Income Trust Limited (SLIPIT) confirms that the sale of
Elstree Tower in Borehamwood has completed for GBP20m.
The property was last valued as at 30 December 2017 at this level. The
Investment Manager will seek to reinvest the sale proceeds into new
investments. Elstree Tower represented 5% of the total annual rent to the
Company, and in reinvesting the sale proceeds the manager will seek to
diversify this further, although there will be a small but temporary impact on
dividend cover until the funds are reinvested.
Jason Baggaley, fund manager of SLIPIT commented: Elstree Tower was the
Company's largest asset, and had a lease break option in just under two
years-time. The sale realised a profit on original cost and reduces specific
risk. We will seek to reinvest in more secure and diversified income on a more
modern asset.
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
Mike Nokes
Tel: 07883 078002
Fax: 01481 745085
END
(END) Dow Jones Newswires
March 20, 2018 03:00 ET (07:00 GMT)
Abrdn Property Income (LSE:API)
Historical Stock Chart
From Apr 2024 to May 2024
Abrdn Property Income (LSE:API)
Historical Stock Chart
From May 2023 to May 2024