Sale of Asset

abrdn Property Income Trust Limited
(an authorised closed-ended investment company incorporated in Guernsey with registration number 41352)

LEI Number: 549300HHFBWZRKC7RW84

2 November 2022
 

SALE OF ASSET

abrdn Property Income Trust (API) has completed the sale of The Kirkgate in Epsom for £7.725m reflecting 7.25% net initial yield.  The office building was fully-let to 6 tenants with an unexpired term to break of 2.5 years, with the price reflecting an 11.7% discount to the June 2022 valuation. 

Mark Blyth, Deputy Fund Manager of API commented “Having undertaken a comprehensive refurbishment of the property and achieved full occupation, we had successfully completed the asset business plan and have taken the opportunity to further reduce our sector weighting to offices.  Whilst disappointing to have sold below the June valuation, we believe values will continue to be under pressure in this sector due to market and economic uncertainty.  In the short-term, we will use the proceeds to reduce our gearing.”
 

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]