9th Mar 2015 11:46
LONDON (Alliance News) - Standard Life Investments Property Income Trust Ltd Monday said it has bought a retail warehouse investment in Preston for GBP15.9 million at a yield of 7%.
In a statement, the trust said the property is let to the tenant for a further 16 years, with the rent to be increased by a fixed amount every five years.
"The purchase provides the company with an attractive income stream from a good quality tenant and property. The purchase utilises the majority of the cash from the recent equity raise and is accretive to the revenue account," Jason Baggaley, a fund manager at Standard Life Investments, said in a statement.
Standard Life Investments Property Income Trust shares were down 0.1% at 83.90 pence on Monday.
By Samuel Agini; [email protected]; @samuelagini
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