Standard Life Investments Property Income Trust has announced that it has completed the sale of Turin Court, a small office building in Stockport, for £2.95m. The trust says that Turin Court is a modern office but the current tenant is due to leave in July 2016, following the expiry of the lease, and capital expenditure would have been required to bring the building up to a suitable standard for re-letting. The sale price was 10% above the December 2015 valuation. The manager, Jason Baggaley, says that the sale has enabled the trust to exit a non-core asset, before the rental income ended and capex was necessary, but at a price that was ahead of their expectations. He says that the sale proceeds will be used to reduce the trust’s borrowings.
Standard Life Investments Property Income sells Turin Court, Stockport, for £2.95m : SLI