REG-abrdn Property Income Trust Limited: Sale of Assets

abrdn Property Income TrustAnnouncement

17/04/2024 07:45

 

abrdn Property Income Trust Limited

(an authorised closed-ended investment company incorporated in Guernsey with
registration number 41352)

 

LEI Number: 549300HHFBWZRKC7RW84

(The "Company" or "API")

 

17 April 2024

 

Further asset disposals

 

abrdn Property Income Trust ("API") has completed on the sale of two assets
for a combined price of £13.2m, reflecting a 1.5% premium to the December
2023 valuation.

Unit 4, Monkton Business Park in Hebburn is a single-let industrial unit let
to Hitachi Construction Machinery Limited.  The sale follows completion of
the asset management business plan with a regear of the lease completed last
year.  The property was sold for £5.3m which is a 6% premium to the December
2023 valuation.

The sale of King's Business Park, Bristol completed for £7.9m reflecting a
1.25% discount to the December 2023 valuation.  The multi-let industrial
estate has an average unexpired term of just under two years, and the sale
price reflects a net initial yield of 5.5%.

Mark Blyth, Deputy Fund Manager of API commented: "Following on from the two
sales last month, we're pleased to have completed these further disposals at
Hebburn and Bristol at a premium to the December valuation.  As with the
previous sales, the proceeds will be used to pay down the Company's Rolling
Credit Facility."

 

All Enquiries:

Jason Baggaley - Real Estate Fund Manager, abrdn

Tel:  07801 039463 or jason.baggaley@abrdn.com

 

Mark Blyth - Real Estate Deputy Fund Manager, abrdn

Tel: 07703 695490 or mark.blyth@abrdn.com

 

 



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