abrdn Property Income Trust Limited Purchase of Property

 
TIDMAPI 
 
abrdn Property Income Trust Limited 
 
 (an authorised closed-ended investment company incorporated in Guernsey with 
                          registration number 41352) 
 
                       LEI Number: 549300HHFBWZRKC7RW84 
 
                                 31 March 2023 
 
                             PURCHASE OF PROPERTY 
 
abrdn Property Income Trust ("API") has completed the purchase of a Morrison's 
supermarket in Welwyn Garden City for £18.29m.  Due to commercial 
sensitivities, we are unable to disclose the yield on purchase at present but 
will update in future. 
 
The acquisition was a sale and leaseback, with Morrison's entering into a new 
25-year lease with rent reviews linked to CPI.  The purpose-built c60,000 sq.ft 
supermarket sits on a 5.5-acre site and has an 8-pump petrol filling station. 
 
Mark Blyth, Deputy Fund Manager of API commented: "We are very pleased to have 
completed this off-market acquisition within the first quarter of the year.  In 
addition to the long lease to Morrison's, we were attracted to the 
strong-trading history and the dominance of the store in the local market.  The 
pricing and rent review structure will offer API an attractive income stream 
that is accretive to dividend cover." 
 
 
All Enquiries: 
Jason Baggaley - Real Estate Fund Manager, abrdn 
Tel: 07801039463 or  jason.baggaley@abrdn.com 
 
Mark Blyth - Real Estate Deputy Fund Manager, abrdn 
Tel: 07703695490 or mark.blyth@abrdn.com 
 
 
 
 
END

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March 31, 2023 07:48 ET (11:48 GMT)

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