Standard Life Investments Property Income Trust Buys 1,447 Hectares in Cairngorm National Park
Posted on 09/13/2021
Revealed on September 6, 2021, Standard Life Investments Property Income Trust acquired land for its carbon strategy. The trust bought 1,447 hectares of upland rough grazing and open moorland in the Cairngorm national park. The land has been purchased for £7.5 million. The site supports 956 hectares for planting with natural broadleaf trees (about 1.5 million trees in total) with approximately 115 hectares for peatland restoration, with the remainder open land to support bio diverse habitats. The site is expected to sequester approximately 195,630 tonnes of carbon up until 2060, representing 73% of the Company’s residual embedded and operational carbon.
Standard Life Investments Property Income Trust is not investing in commercial forestry, but is acquiring a gold standard carbon offset at a fixed price. The purchase forms part of a wider strategy to achieve carbon net zero, based primarily on reducing operational carbon at the investment property assets with offsets for residual carbon that cannot be eliminated. It is anticipated that the costs of planting will be met through grant funding.
On June 23, 2021, the trust completed the sale of an industrial asset in Kettering for £9.05 million. The asset extended to 216,753 square feet of dated industrial accommodation that was utilized for manufacturing and aluminum molding.
On May 12, 2021, the trust sold an out of town office building in Farnborough let to BAE. The other office sale was located on a business park in Dartford. The combined sale price of £12.4 million.
The third sale was of a small retail warehouse in Bradford let to Halfords and Cubico. The property was over rented and had a sale price of £2.65 million.