4th Jun 2014 09:11
LONDON (Alliance News) - Standard Life Investments Property Income Trust Ltd Wednesday said it has sold its largest asset for GBP16.0 million, giving a yield of 7.25%, with most of the proceeds earmarked for the purchase of an office in the South East of England.
In a statement, the trust said it has sold a logistics unit let to Tesco PLC until September 2016, attracting GBP1.2 million in rent per year. The unit is in Bolton in the North West of England.
"This sale was undertaken to control lease expiry risk in line with the active management strategy for the fund. Most of the sale proceeds will go towards the purchase of an office in the South East providing longer secure income at a yield of 8.1," Jason Baggaley, the trust's fund manager, said in a statement.
Standard Life Investments Property Income Trust shares were Wednesday quoted at 76.33 pence, up 0.1%.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
SLI.L