Industrial Development Update

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: [phone] or  [e-mail]

Mark Blyth – Real Estate Deputy Fund Manager, abrdn
Tel: [phone] or [e-mail]