5th Aug 2022 16:36
abrdn Property Income Trust Ltd - UK commercial property investor - Completes the sale of a single-let office building in Kidlington for GBP8.0 million, reflecting a net initial yield of 5.4%. The building is let to Bio-Rad Laboratories Inc on a recently re-geared 10-year lease, with a tenant break option in year five. Says that the building has contributed a 14% annualised return and that the sale is in line with the trust's strategy of reducing office weighting. The proceeds will be reinvested in "more favoured" sectors, it adds.
Deputy Fund Manager Mark Blyth said: "This sale is the culmination of our successful asset management strategy, with the property providing a strong contribution to the performance of the trust. It will also provide us with funds to take advantage of potential buying opportunities in the short-medium term."
Current stock price: 78.40 pence
12-month change: up 6.0%
By Sophie Rose; [email protected]
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