Standard Life Property Income sells Denby logistics unit – Standard Life Investments Property Income Trust has sold its second largest investment, a logistics unit close to Derby, for GBP19.1m.
The property was let until 2025 and the rental income represented 4.4% of the company’s income. The sale price was at the September valuation, and reflected a total return of 12.6% a year, over the period since it was bought in 2014.
Jason Baggaley, the fund manager said: “The sale realises the strong performance from the asset since purchase, and reduces the income concentration risk to the company. We have agreed terms to acquire a new industrial investment for GBP13.9m, and are looking at a number of other opportunities to reinvest the sale proceeds in good quality assets with an attractive income profile.”
SLI : Standard Life Property Income sells Denby logistics unit
