Standard Life Investments Property Income Trust - Investment Transactions
PR Newswire
LEI 549300HHFBWZRKC7RW84
SLIPIT Investment Transactions
Standard Life Investments Property Income Trust Limited (SLIPIT) has completed a further sale as part of its portfolio review.
The most recent sale was an out of town office building in Farnborough let to BAE. Following a detailed review of the offices in the portfolio it was felt this asset would not meet future occupier requirements, even with significant capex. The other office sale (announced in the recent NAV statement) was located on a business park in Dartford. The combined sale price of £12.4m was 5.5% below the end Dec valuations (driven by Farnborough). Both offices were over rented and the tenant was not in occupation (but had sublet some of the accommodation).
Standard Life Investments Property Income Trust - Unaudited Net Asset Value as at 31 March 2021
PR Newswire
LEI: 549300HHFBWZRKC7RW84
Net Asset Value and Valuations
· Net asset value ( NAV ) per ordinary share was 85.3p (Dec 2020 - 82.0p), an increase of 4.0%, resulting in a NAV total return, including dividends, of 4.9% for Q1 2021;
· The portfolio valuation (before CAPEX) increased by 2.5% on a like for like basis, whilst the MSCI Monthly Index increased by 0.9% over the same period.
Investment and letting activity
· Further restructuring of the portfolio to have assets fit for purpose in a post COVID-19 world with the completion of three sales - two of them were offices (Derby: £4.65m and Dartford: £3.1m) and one a retail warehouse in Bradford for £2.65m.