Standard Life Investments Property Income Trust has announced that it has completed the sale of three properties in separate transactions. The sale of a small industrial asset in Witham, completed on 24 June 2016 for £3.3m. Causeway Side House in Teddington was bought as part of the ‘Pearl Portfolio’ in December last year and was sold to an owner occupier for £6.3m on 1 July 2016. The sale of a small retail parade in Kingston Upon Thames for £2.75m occurred on 8 July 2016. The Trust says that, in aggregate, the sales were 3% ahead of the 31st March 2016 valuations. The trust also says that it has completed lease renewals on four units (with two tenants) on its multi let industrial estate in Aberdeen and that the renewals are in line with the March valuation ERVs and means the estate remains fully let. The fund manager, Jason Baggaley, says that the proceeds of the sales will be used to reduce the level of borrowings under the Trust’s revolving credit facility, “until such time as we believe suitable investment opportunities exist”.
Standard Life Investments Property Income Trust announces the sale of three properties for £12.4m : SLI