Standard Life Investments Property Income Trust (SLIPIT) has announced that it has completed the letting of its largest vacancy, a logistics unit Swadlingcote, Derbyshire. The trust has also announced the sale of a unit at Broadway Business Park in Oldham and a letting at Monck Street in London.
The Swandlingcote logistics unit
The 141,000 square foot unit has been let at a rent of £813,000 per annum on a new five-year lease. The new lease is subject to a lease break after the third year and the letting has been made to a 3rd party logistics company. The property became vacant in July 2018 and the previous passing rent was £670,000 per annum.
Other voids eliminated reducing the void rate to 5.8%
In addition to the letting off the Swadlingcote unit, the Company has also announced that it has completed the sale of its second largest void. This was at Unit 6 Broadgate, Broadway Business Park, Oldham. The company has also announced the letting of its third largest void, at Monck Street in London, which was subject to an agreement for lease at the end of September.
As at the end September 2018, SLIPIT’s reported void rate was 10.8% and following these transactions, the trust says that this this void rate falls to 5.8%.
About Standard Life Investments Property Income Trust
Standard Life Investments Property Income Trust 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. More information on the trust can be found at the manager’s website – click here.