Standard Life Investments Property Income Trust has announced that it has completed the sale of The Quadrangle, in Cheltenham, for £11.075m. The Quadrangle is a 1970s office block that extends to approximately 58,900sqft. The Trust acquired The Quadrangle in Dec 2015 as part of the Pearl portfolio for £10.05m including costs. The property was single let to RBS with a lease expiry in June 2018. The sale proceeds are being used to reduce borrowings under the Trust’s Revolving Credit Facility.
About Standard Life Investments Property Income Trust
Standard Life Investments Property Income aims to provide an attractive level of income, along with the prospect of income and capital growth, by investing in a diversified UK commercial property portfolio.
Standard Life Investments Property Income is registered in Guernsey and invests in the three principal commercial property sectors: office, retail (including leisure) and industrial. It may also invest up to 10% in other commercial property and undertake property development (including speculative property development) up to 10% of gross assets. The Company can invest up to 10% in indirect property vehicles or funds but will not invest in other listed investment companies or investment trusts.
Standard Life Investments Property Income sells The Quadrangle, Cheltenham, for £11.075m : SLI