13th Jul 2016 08:00
LONDON (Alliance News) - Standard Life Investments Property Income Trust Ltd on Wednesday said it has sold three properties in separate transactions for a total of GBP12.4 million.
Standard Life Investments Property is the investment management arm of Standard Life PLC.
Standard Life Investments Property said it has sold a small industrial asset in Witham, Essex, for GBP3.3 million to an unnamed party. It also sold a residential property in Teddington, west London, for GBP6.3 million to an unnamed owner-occupier, and a small retail parade in Kingston-upon-Thames, also west London, for GBP2.8 million to an unnamed buyer.
In total the sales were 3.0% ahead of the March 31 valuation, Standard Life Investments Property said.
Alongside this, the company said it has completed lease renewals on four units, with two tenants, on its multi-let industrial estate in Aberdeen. The renewals are in line with the March valuation estimated rental values and mean the estate remains fully let, Standard Life Investments Property said.
"We are pleased to have completed on these sales in line with our business plans, and will utilise the proceeds to reduce the level of borrowings under the revolving credit facility until such time as we believe suitable investment opportunities exist," said Fund Manager Jason Baggaley.
Shares in Standard Life Investments Property were down 0.5% at 79.10 pence on Wednesday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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