27th Mar 2014 13:06
LONDON (Alliance News) - Standard Life Investments Property Income Trust Ltd Thursday said it has acquired two industrial units in Livingston, Scotland, for GBP3.6 million, with an initial yield of 10.65%.
Unit 1 is let to UK Mail Group PLC as a parcel delivery hub, and unit two is let to removals group Crown Worldwide.
The trust said the units are well specified, and the average unexpired lease length is 5 years.
Jason Baggaley, fund manager of the trust, said the yield is "attractive."
"Livingston is well located to service the major conurbations of Scotland, and both have a specification that is better than market norm for the unit size, and so work exceptionally well for the tenants, and would be expensive to replace. Unit 1 in particular is ideally suited for home delivery, an increasingly important part of the logistics market," Baggaley said in a statement.
Standard Life Investments Property Income shares were Thursday quoted at 72.58 pence, up 0.5%.
By Samuel Agini; [email protected]; @samuelagini
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