28th Aug 2024 14:13
(Alliance News) - abrdn Property Income Trust Ltd on Wednesday said it has completed on the sale of an industrial asset in Dover for GBP9.5 million.
The real estate trust said the sale is in line with its June valuation, but 4.8% below March's valuation.
Bastion Point, Dover is a single-let industrial unit let to the Secretary of State for Housing Communities and Local Government, with just over two years left on the occupational lease.
Mark Blyth, deputy fund manager of API, commented: "This is the fifth asset sale that the company has completed this year, and the first since the shareholder vote to proceed with a managed wind down of the company. As outlined in previous communications on the managed wind down strategy, the available proceeds will be used to pay down the company’s revolving credit facility."
abrdn Property Income shares were 0.5% lower at 55.10 pence each on Wednesday afternoon in London.
By Sophie Rose, Alliance News senior reporter
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