Standard Life Investments Property Income announces recent deals – Standard Life Investments Property Income Trust has completed two investment transactions. The first is the purchase of a 46,800sqft industrial unit in Birmingham, close to an existing asset that the company owns. The purchase price of GBP4.58m reflects an initial yield of 5.75%, and the property was let on a new 15 year lease with no breaks, earlier in 2017. The second transaction was the sale of a 25,600sqft office on York Science Park for GBP4.35m, just ahead of the June 2017 valuation figure of GBP4.3m.
Jason Baggaley, fund manager of Standard Life Investments Property Income commented: “Having recently completed the purchase of town centre offices in Reading and Manchester we are pleased to have further reduced our out of town office exposure with the sale of the York office. The industrial unit in Birmingham is let to a good covenant on a 15 year lease with no breaks, and although the lease was only granted earlier this year the rent already looks reversionary following the letting we completed recently on our adjacent unit. We are delighted to build our investment in this strong location and sector.”
SLI : Standard Life Investments Property Income announces recent deals