To: Company Announcements
Date: 23 December 2020
Company: Standard Life Investments Property Income Trust Limited
Standard Life Investments Property Income Trust (“SLIPIT”) has completed several sales.
The most significant transaction is the sale of a portfolio of 4 multi let industrial estates for £37.75m in line with the previous valuation figure of £37.7m. The Company has also completed the sale of a standalone retail warehouse in North Shields for £3.3m (previous valuation £3.65m) and exchanged unconditionally on the sale of an office building in Derby for £4.3m (previous valuation £3.8m).
Sales proceeds will be used to repay the drawn RCF debt facility and fund share buy backs whilst new investment opportunities are assessed.
Jason Baggaley, Fund Manager of SLIPIT commented “These sales follow a review of the portfolio as we assessed the long term impact of COVID-19. We are considering a number of new investments that we believe will better meet the Company’s needs in the future given the accelerated rate of change we have seen across real estate markets in 2020”.
All enquiries to:
Jason Baggaley - Fund Manager
Tel: 0131 245 2833
Oli Lord - Deputy Fund Manager
Tel: 0131 245 6077