REG-abrdn Property Income Trust Limited: Completion of Portfolio Sale

abrdn Property Income TrustAnnouncement

29/11/2024 16:45

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

29 November 2024

abrdn Property Income Trust Limited

("API" or the "Company")
(an authorised closed-ended investment company incorporated in Guernsey with
registration number 41352)

Completion of Portfolio Sale

The Board of API is pleased to confirm completion of the sale of abrdn
Property Holdings Limited (“APH”), its wholly-owned subsidiary (the
"Transaction"), to an acquisition vehicle incorporated by certain funds and
accounts managed by GoldenTree Asset Management LP.  Farran Investments is a
minority co-investor in, and asset manager to, the acquisition vehicle.

The Transaction comprised the sale of 39 assets (the “Portfolio”), being
the Company’s entire investment property portfolio, with the exception of
its interest in the land at Far Ralia. APH's debt facility with RBSI and its
other net assets will remain with APH. The cash consideration for the purchase
of the Portfolio was £351m (the “Consideration”), subject to adjustments
for debt, net assets and other normal adjustments, including those arising
from the completion process.  The Company expects initial proceeds of at
least £234m subject to normal adjustments, including those arising from the
completion process.

The Company intends to send a circular to Shareholders early next week seeking
the approvals necessary to make substantial returns of capital by early
January 2025 (expected to be implemented in the first instance by way of a
redeemable bonus share scheme) and to put the necessary mechanics in place
ultimately to delist and place the company in members' voluntary liquidation.
Further details will be provided in an announcement in due course. 

The Company continues to market its interest in the land at Far Ralia and the
cash proceeds of the Transaction will be held in a AAA-rated liquidity fund
managed by abrdn, the Company's investment manager, apart from an amount to be
held in a current account for Transaction and ongoing operating expenses.

 

 Enquiries                                                                                      
 abrdn Property Income Trust                                                                    
 James Clifton-Brown (Chair)                                        via Winterflood             
 Jason Baggaley (Fund Manager)                                      +44 7801 039 463            
 Mark Blyth (Deputy Fund Manager)                                   +44 7703 695 490            
                                                                                                
 Winterflood (Corporate Broker to API)                                                          
 Neil Langford                                                      +44 20 3100 0160            
 Farran Investments  Freddie Brooks (Partner)  Simon Lee (Partner)  info@farraninvestments.com  

 

IMPORTANT NOTICES

Winterflood Securities Limited ("Winterflood"), which is authorised and
regulated by the Financial Conduct Authority in the United Kingdom, is acting
exclusively for API and no-one else in connection with the matters set out in
this document and will not be responsible to anyone other than API for
providing the protections afforded to customers of Winterflood or for
providing advice in relation to the matters set out in this document. Neither
Winterflood nor any of its affiliates owes or accepts any duty, liability or
responsibility whatsoever (whether direct or indirect, whether in contract, in
tort, under statute or otherwise) to any person who is not a client of
Winterflood in connection with this document, any statement contained herein
or otherwise.



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