SLI : Standard Life Property Income acquiring in Rotherham
Standard Life Property Income is paying £14.6m for a logistics and industrial development in Rotherham. The property has three units totalling 360,000 sq ft and is let to Symphony Group. The initial rent is £1.08m which rises in line with RPI, capped at 4% per annum, and the purchase price works out as a net initial yield of 7%. After this deal SLI has invested all but £7m of the money it raised. Today it published a supplementary prospectus so, as the manager says they have identified more deals they could do, it seems possible that they will look to raise more money from investors.