Abrdn Property Income Trust has offloaded an industrial site in Dover used as a border control post, its first sale since a wind-down of the fund was approved.
The fund sold the building at Bastion Point to an unnamed buyer for just under £9.5m, in line with the June 2024 valuation and 4.8% below the March valuation. That price reflects a net initial yield of 6.1%.
The building is let to the Ministry of Housing, Communities and Local Government, with just over two years left on the lease.
Deputy fund manager Mark Blyth said: “This is the fifth asset sale that the company has completed this year, and the first since the shareholder vote to proceed with a managed wind-down of the company.
“As outlined in previous communications on the managed wind-down strategy, the available proceeds will be used to pay down the company’s revolving credit facility.”
See occupational sale comparables for Dover >>
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