7th Dec 2009 15:56
To: Company Announcements
Date: 07 December 2009
Company: Standard Life Investments Property Income Trust Limited
Subject: Asset Management Update
Standard Life Investments Property Holdings Ltd has accepted a surrender of the lease on its cinema unit in Wood Green London from Hoyts (Wood Green) Ltd and relet the property on a new 20 year lease to Vue Cinemas.
The Company will benefit from having a longer lease commitment, fixed increases in rent during the lease, and a much stronger covenant. The original lease to Hoyts was over rented and the rent under the new lease is £400,000pa less than the old lease, however the Company has received a premium of £3.3m from the outgoing tenant as compensation. The Company expects the property valuation fall over the quarter to be less than the premium received.
All Enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481 745324
Fax: 01481 745085
Related Shares:
SLI.L