Standard Life Investments Property Income Trust has exchanged contracts for the purchase of St James’s House in Cheltenham with completion due on Wednesday.
Standard Life Investments Property Income Trust has exchanged contracts for the purchase of St James’s House in Cheltenham with completion due on Wednesday.
The multi-let office was built in 1982 but has had a major refurbishment in 2000 and again in 2010 . The purchase price of £8.4 mln (EUR 10.3 mln) reflects an initial yield of 7.6%. Standard Life said the yield will rise to 8.6% by December 2012, and then just over 10% when the 4th floor is re-let following a lease expiry and refurbishment.
Jones Lang La Salle advised Standard Life Investments, in its role as manager for the Trust, and Savills acted for the vendor.
