abrdn Property Income Trust Limited Industrial Development Update

 
TIDMAPI 
 
abrdn Property Income Trust Limited 
 (an authorised closed-ended investment company incorporated in Guernsey with 
                          registration number 41352) 
 
                       LEI Number: 549300HHFBWZRKC7RW84 
 
                                 19 April 2023 
 
        API - abrdn Property Income Trust industrial development update 
 
The abrdn Property Income Trust ("API") forward funding at Stadium Way in St 
Helens achieved practical completion on the 3rd of April.  Immediately 
following this, a 15-year lease of the entire building to St Helens Borough 
Council completed at an initial rent of £657,040 p.a. with 5-yearly rent 
reviews linked to the movement in CPI +1% (collared and capped at 2% and 4% 
p.a.).  The EPC "A" property has been under-let to a not-for-profit 
organisation called Glass Futures, who will establish a research and 
development facility focused on improving methods of glass manufacture from an 
efficiency and sustainability perspective.  Whilst the property itself is a 
largely standard industrial unit, the bespoke fit-out will provide a 
state-of-the-art facility that has been funded by St Helens Borough Council, 
the Liverpool City Region Combined Authority and UK Research and Innovation. 
 
 Following completion of the St Helens pre-let development, API has commenced 
work on a speculative industrial warehouse in Knowsley.  API acquired the site 
in February 2023 upon achieving full planning permission and construction has 
started on a 107,000 sq.ft. high-specification unit which will target an EPC 
"A" and a BREEAM rating of "Excellent".  The building is scheduled to complete 
before the end of 2023 and is anticipated to benefit from favourable market 
dynamics with low levels of supply and robust tenant demand. 
 
 Mark Blyth, Deputy Fund Manager of API commented:  "Investing via development 
is a way for API to acquire assets where we have influence over the 
specification right from inception of the property.  We can then focus on 
ensuring that the building meets not only the most appropriate operational 
specification but also that ESG considerations are incorporated from the start 
of construction.  This has the double benefit of aligning with API's focus on 
sustainability and also enhancing returns." 
 
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

April 20, 2023 02:30 ET (06:30 GMT)

Abrdn Property Income (LSE:API)
Historical Stock Chart
From Jun 2024 to Jul 2024