7th Apr 2009 11:40
07 April 2009
Standard Life Investments Property Income Trust
Re: Completion of acquisition of Capital Court, Uxbridge.
Standard Life Investments Property Income Trust has completed the purchase of Capital Court Uxbridge for £10.98m.
The Grade A office extends to just over 55,000sqft and is let to Manpower, IBB, and a Chinese restaurant on 7 leases with an average unexpired term of 8 years. There is also a vacant suite of 7,500sqft. The purchase reflects an initial yield of 10.95% on the contracted income of £1,157,000pa. Letting the vacant suite will add a further £180,000pa to the rents receivable based on current ERVs.
The purchase was made from cash held by the Company. Following the purchase the Company still has cash of £33m and a net LTV of 38% (based on 31.12.08 figures). The purchase adds considerably to the revenue account, such that the dividend cover increases to 126%.
Press Enquiries:
Richard England
Standard Life Investments Press Office
Tel: 0131 245 2750
All Other Enquiries:
Jason Baggaley
Fund manager, Standard Life Investments
Tel: 0131 245 2833
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar Court
Les Banques
St Peter PortGuernsey
GY1 3QL
Tel: 01481 745529
Fax: 01481 745085
END
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