Abrdn Property Income Trust has completed the £351m sale of its Abrdn Property Holdings subsidiary to GoldenTree Asset Management and Farran Investments.
The deal, which offloads 39 of the fund’s 40 assets, was announced earlier this year following a failed takeover of API by Custodian REIT and comes as part of a managed wind-down of the API business.
API expects initial proceeds of at least £234m, subject to adjustments during the completion process. In a stock market update, the company said it would issue a circular to shareholders this week seeking the approval necessary to make “substantial returns of capital by early January 2025” and put the company into members’ voluntary liquidation.
The company’s remaining asset, land at Far Ralia, continues to be marketed and will be held in a fund managed by Abrdn.
Gerald Eve advised Abrdn on the sale.
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