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 
 
(The "Company" or "API") 
 
20 December 2023 
 
SALE OF ASSET 
 
abrdn Property Income Trust ("API") has completed the sale of a two-unit 
industrial asset in Livingston for £6.25m, reflecting a net initial yield of 
6.37%. 
 
Cullen Square, Livingston was constructed in two phases in 1995 and 2003 and is 
let to UK Mail and Crown Worldwide, with a weighted average unexpired lease term 
of just over two years.  The lease to Crown has been regeared this year, with 
the 2023 tenant break option being removed.  Acquired in 2014, the investment 
has contributed a 13.1% annualised return over the hold period. The sale 
proceeds will be used to reduce the Company's Revolving Credit Facility (RCF), 
which is subject to a floating rate of interest. 
 
Mark Blyth, Deputy Fund Manager of API commented: "Following completion of the 
asset management strategy with the regear of the Crown lease, and with future 
capital expenditure anticipated given the age of the buildings, we determined 
that now was a suitable time to exit the property." 
 
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 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END

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December 20, 2023 02:30 ET (07:30 GMT)

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