Standard Life Investments Property Income re-lets Bourne House – At Bourne House in Staines (a 26,300sqft office) the company took a surrender of the lease on the whole from the existing tenant, Ricoh, which had indicated it wanted to downsize, and which had a break in 2021. Simultaneously the property has been re-let on a new ten year term to a new tenant. The new lease is at a rent slightly higher than the previous rent passing, and provides the company with a further 8 years income certainty.
Office sale in Milton Keynes
In addition, Standard Life Investments Property Income has completed the sale of a small office in Milton Keynes for GBP6m. The sale realises a profit on the asset whilst reducing future capex and void risk, as it was expected the tenant would vacate on lease expiry in 2021.
Extends credit facility
The trust has also entered into a new arrangement with the Royal Bank of Scotland International Limited (RBSI) to extend its Revolving Credit Facility (RCF) by GBP20m. The company currently has GBP18m undrawn from its existing facility, and has not drawn the new facility, which has an expiry coterminous with the existing debt provided by RBSI, in April 2023. The new facility has a margin of 160bps above Libor. The debt is available to enable the company to take advantage of opportunities that might become available in the near future.
SLI : Standard Life Investments Property Income re-lets Bourne House