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SLI Property Income raises £75.7m

18 December 2015 15:02

Standard Life Investments Property Income Trust has raised gross proceeds of £75.7 million through its initial placing and offer for subscription of ordinary shares at 82.0p apiece.

The board has today allotted 92,303,259 ordinary shares to subscribers of which 66,303,441 will be issued under the initial placing and 25,999,818 under the offer for subscription.

The company also separately announced that it had completed the sale of the property situated at St James House, Cheltenham, for £13.95 million, which is at a premium to the most recent valuation.

In addition, the property subsidiary has completed all the material conditions precedent in relation the additional debt facility of up to £=70.6m of which it is expected that approximately £55m will be drawn down.

Accordingly, all the conditions to the proposals, including the acquisition of the portfolio of 22 UK real estate properties, have been satisfied and the acquisition is expected to complete shortly after admission.

Chairman Dick Barfield said: "The Board of the Company is delighted with level of support for the Company and the Acquisition shown by existing and new investors. The acquisition of this portfolio presents an excellent opportunity to diversify further the Company's existing property portfolio with properties which are complementary to the existing assets and which introduce a number of asset management initiatives to enhance portfolio returns. The acquisition will also strengthen the Company's dividend cover."

At 3:02pm: (LON:SLI) Standard Life Investment Property Inc Trust share price was +0.25p at 83.25p

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