Abrdn Property Income Trust has secured more than £1.3m rent in a series of new lettings and renewals.
Highlights included letting the fourth floor at One Station Square in Bracknell, Berkshire, for £132,250 pa, and existing tenant Egnyte taking the third floor of the Pinnacle in Reading, Berkshire, at £130,000 pa, 11% ahead of the March valuation.
In the industrial sector, Abrdn Property Income Trust has completed a lease regear at Monkton Business Park in Hebburn, Tyne and Wear. Hitachi Construction Machinery has taken a new 20-year lease at a passing rent of £310,500 pa, an increase of 19.4% over the previous passing rent.
Deputy fund manager Mark Blyth said: “Despite challenging market conditions, we continue to have good success letting our void properties as well as retaining existing occupiers with lease regears. Reducing void property costs and increasing rental income, while at the same time ensuring a strong focus on ESG, will strengthen API’s overall financial standing and position it well for the future.”
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