Standard Life Property Income makes investment in Sunderland industrial property

Standard Life Investments Property Income Trust has completed the purchase of an industrial investment in Sunderland for GBP5.5m, representing an initial yield of 6.4%.

The property is located close to the Nissan assembly plant and is let for a further 5 years to a major supplier for Nissan. The property has planning permission for a new extension, and offers opportunity for asset management in the future.

Jason Baggaley, the fund’s manager said “This purchase provides the company with a well let industrial unit in a thriving location with limited supply and increasing demand. We look forward to working with the tenant to utilise the low site cover and reversionary rent to unlock value enhancement in the future, but in the meantime the investment provides an attractive and reliable income stream that is accretive to the revenue account. ”

SLI : Standard Life Property Income makes investment in Sunderland industrial property