abrdn Property Income Trust Limited - Sale of Asset

abrdn Property Income Trust Limited - Sale of Asset

PR Newswire

LONDON, United Kingdom, December 20

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: [phone] or [e-mail]

Mark Blyth - Real Estate Deputy Fund Manager, abrdn

Tel: [phone] or [e-mail]

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