26th Oct 2018 10:54
LONDON (Alliance News) - Standard Life Investments Property Income Trust Ltd said on Friday it has acquired one industrial unit in Glasgow and sold another in Oldham.
The industrial unit in Glasgow, Scotland was acquired for GBP5.0 million, reflecting a yield of 7.0% on settlement of an outstanding rent review. The 61,000 square feet property is currently let to equipment rentals firm Speedy Hire PLC for another five years.
In addition, the trust has sold a vacant industrial unit in Oldham for GBP6.3 million, which has been vacant for almost two years and is the trust's largest void investment, reflecting 1.7% of estimated rental value.
The sale of the 100,000 square feet property was 13% under the valuation at the end of June.
"Oldham was our largest void in the portfolio and had remained so for nearly two years, so we are pleased to have exited ahead of valuation and to have recycled the proceeds into a unit with an attractive income profile," said Fund Manager Jason Baggaley.
Shares in Standard Life Investments Property Income were up 0.3% at 89.43 pence on Friday.
Related Shares:
SLI.LSpeedy Hire