abrdn Property Income Trust Limited - Sale of Assets
April 17 2024 - 2:30AM
UK Regulatory
abrdn Property Income Trust Limited -
Sale of Assets
PR Newswire
LONDON, United Kingdom, April 17
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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