abrdn Property Income Trust Limited Purchase of Property
March 31 2023 - 7:48AM
UK Regulatory
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
(END) Dow Jones Newswires
March 31, 2023 07:48 ET (11:48 GMT)
Abrdn Property Income (LSE:API)
Historical Stock Chart
From Jun 2024 to Jul 2024
Abrdn Property Income (LSE:API)
Historical Stock Chart
From Jul 2023 to Jul 2024