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”)

 

24 September 2024

Asset disposal

 

abrdn Property Income Trust (“API”) has completed on the sale of an office asset in Manchester for £4.3m, which is 2.3% below the June 2024 valuation (11.3% below the March valuation).

101 Princess Street is a multi-let office building in Manchester city centre with two ground floor leisure units and 5 floors of office accommodation.   The two leisure units are occupied, as is one of the office floors, with the remainder currently vacant.

Mark Blyth, Deputy Fund Manager of API commented: “In the current market all office sales are challenging, especially when there is a relatively high level of vacancy.   Therefore, we are pleased to have completed this disposal and, as announced previously, we will use the available proceeds to pay down the Company’s Revolving Credit Facility.”

 

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