API Abrdn Property Income Trust Limited

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”)

28 August 2024

 
Asset disposal

abrdn Property Income Trust (“API”) has completed on the sale of an industrial asset in Dover for £9.475m, which is in line with the June 2024 valuation (but 4.8% below the March valuation).

Bastion Point, Dover is a single-let industrial unit let to the Secretary of State for Housing Communities and Local Government, with just over two years left on the occupational lease.  The price of £9.475m reflects a net initial yield of 6.1%.

Mark Blyth, Deputy Fund Manager of API commented: “This is the fifth asset sale that the Company has completed this year, and the first since the shareholder vote to proceed with a managed wind down of the Company.  As outlined in previous communications on the managed wind down strategy, the available proceeds will be used to pay down the Company’s Revolving 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