Standard Life Investments lines up £165m property portfolio swoop
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Edinburgh-based Standard Life Investments has shown confidence in the prospects for commercial property markets in the UK by lining up is eying the purchase of a £165 million portfolio of assets through its Property Income Trust.
The £250m Trust managed by SLI, the investment arm of insurance giant Standard Life, has agreed heads of terms to buy a portfolio of 22 commercial properties south of the border through the takeover of the Jersey Property Unit Trust.
According to reports, the Property Income Trust’s directors are in talks with potential lenders about securing a £75m debt facility to help fund the purchase.
They plan to raise up to £100m from investors through a share placing to fund the balance.
Chairman Dick Barfield said the acquisition presents a good opportunity to diversify and grow the company’s portfolio and to enhance returns.
The deal and placing would be subject to shareholder approval.
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