Standard Life Investments completes sale of The Quadrangle

Standard Life Investments Property Income Trust confirmed on Tuesday it has completed the sale of The Quadrangle in Cheltenham for £11.075m.

The company said the 1970s office block extends to approximately 58,900 sq ft, and was acquired in December 2015 as part of the Pearl portfolio for £10.05m including costs.

“The property was single let to RBS with a lease expiry in June 2018,” the board said.

“The sale proceeds are being used to reduce borrowings under the revolving credit facility.”