12th Aug 2014 09:13
LONDON (Alliance News) - Standard Life Investments Property Income Trust Tuesday said it has acquired three logistics units in Derbyshire for a total of GBP28.65 million.
The units it has acquired are Tetron 93 in Swadlincote, Tetron 141 Swadlincote and Denby 242.
The deal comes after the group's recent equity raising and increases its exposure to the industrial sector by 30%.
"The three modern units were all let at the bottom of the cycle and, with a shortage of available stock in the Midlands logistics market, we expect them to perform well," said Fund Manager Jason Baggaley.
"We are actively working on several other investment opportunities to invest the remainder of the funds available," Baggaley added.
Standard Life Investments Property Income Trust shares were down 0.5% to 74.65 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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