abrdn Property Income Trust Limited - Sale of Asset
November 02 2022 - 3:30AM
PR Newswire (US)
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
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