abrdn Property Income Trust Limited

(an authorised closed-ended investment company incorporated in Guernsey with registration number 41352)

LEI Number: 549300HHFBWZRKC7RW84

31 March 2023

PURCHASE OF PROPERTY

abrdn Property Income Trust (“API”) has completed the purchase of a Morrison’s supermarket in Welwyn Garden City for £18.29m.  Due to commercial sensitivities, we are unable to disclose the yield on purchase at present but will update in future.

The acquisition was a sale and leaseback, with Morrison’s entering into a new 25-year lease with rent reviews linked to CPI.  The purpose-built c60,000 sq.ft supermarket sits on a 5.5-acre site and has an 8-pump petrol filling station.

Mark Blyth, Deputy Fund Manager of API commented: “We are very pleased to have completed this off-market acquisition within the first quarter of the year.  In addition to the long lease to Morrison’s, we were attracted to the strong-trading history and the dominance of the store in the local market.  The pricing and rent review structure will offer API an attractive income stream that is accretive to dividend cover.”


All Enquiries:
Jason Baggaley – Real Estate Fund Manager, abrdn
Tel: 07801039463 or  jason.baggaley@abrdn.com

Mark Blyth – Real Estate Deputy Fund Manager, abrdn
Tel: 07703695490 or mark.blyth@abrdn.com