19th Jun 2014 12:57
LONDON (Alliance News) - Standard Life Investments Property Income Trust Thursday said it has completed the purchase of Chester House in Farnborough for GBP14.9 million, reflecting a yield of 8.1% to the company.
The 49,376 square foot grade A office is located on the Farnborough Aerospace Centre. The company said it is currently let to BAE Systems Ltd on a full repair and insuring lease expiring in December 2023.
"The purchase reinvests the proceeds from the recent sale of a logistics unit in Bolton. The investment provides a very attractive income return secured against a strong covenant for a further nine and a half years." said Fund Manager Jason Baggaley in a statement.
Shares in the trust were trading 0.1% lower Thursday afternoon at 75.19 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
SLI.L