9th Nov 2015 09:05
LONDON (Alliance News) - Standard Life Investments Property Income Trust Ltd on Monday said it has sold an office property in Maple Cross Rickmansworth for GBP14.8 million after the investment performed ahead of expectations, prompting the property investor to crystallise its profit.
The property was acquired for GBP9.9 million in 2013. It is fully let on a lease expiring in 2022 at a rent of GBP1.2 million per annum.
The investment has given the investment company a total return of 79.3% since acquisition.
"We bought this asset to deliver a high income return as part of our focus on providing shareholders with an attractive dividend income. However it has performed ahead of expectations so we decided to realise the profit and recycle the capital as we have done with a number of assets over the last few years," Jason Baggaley, fund manager, said in a statement.
Shares in Standard Life Investments Property Income Trust were up 0.9% at 86.99 pence on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
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