abrdn Property Income Trust Limited Sale of Asset

 
TIDMAPI 
 
abrdn Property Income Trust Limited 
 (an authorised closed-ended investment company incorporated in Guernsey with 
                          registration number 41352) 
 
                       LEI Number: 549300HHFBWZRKC7RW84 
 
                                2 November 2022 
 
 
                                 SALE OF ASSET 
 
abrdn Property Income Trust (API) has completed the sale of The Kirkgate in 
Epsom for £7.725m reflecting 7.25% net initial yield.  The office building was 
fully-let to 6 tenants with an unexpired term to break of 2.5 years, with the 
price reflecting an 11.7% discount to the June 2022 valuation. 
 
Mark Blyth, Deputy Fund Manager of API commented "Having undertaken a 
comprehensive refurbishment of the property and achieved full occupation, we 
had successfully completed the asset business plan and have taken the 
opportunity to further reduce our sector weighting to offices.  Whilst 
disappointing to have sold below the June valuation, we believe values will 
continue to be under pressure in this sector due to market and economic 
uncertainty.  In the short-term, we will use the proceeds to reduce our 
gearing." 
 
 
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 
 
 
 
END

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