22nd Sep 2015 10:45
LONDON (Alliance News) - Standard Life Investments Property Income Trust Ltd on Tuesday said it has completed an asset management programme on its Farringdon office property in London and said it has secured a short-term lease extension on an industrial asset in Oldham.
The trust said that, as a result of the asset management programme conducted on its property in Farringdon, the rent on the property has increased by around GBP215,000 a year and the property is now fully let. The trust said the property's value is expected to rise by around GBP2 million at its next valuation due to the new leases signed.
The fund also said it has secured a short-term lease extension of 12 months on an industrial asset it owns in Oldham, which will provide a GBP450,000 increase in rent over the year to next September. It has also secured new leases on four units at the Ocean Trade Centre in Aberdeen.
The trust has also bought a small industrial unit on the outskirts of Newcastle for GBP2.9 million. The purchase price on the property, designed for a parcel delivery company, is 7.2%, and the property is currently let for another eight years to Geopost, the French delivery company.
Shares in the trust were flat at 86.49 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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