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IN BRIEF: abrdn Property Income Trust sells office building in Surrey

2nd Nov 2022 16:20

abrdn Property Income Trust Ltd - commercial property investor - Completes sale of The Kirkgate in Epsom, England for GBP7.7 million, reflecting a net initial yield of 7.25%. The office building was fully-let to 6 tenants with an unexpired term to break of 2.5 years. The price reflects an 11.7% discount to its June valuation.

"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," said Deputy Fund Manager Mark Blyth.

Current stock price: 54.80 pence

12-month change: down 25%

By Heather Rydings; [email protected]

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