abrdn Property Income Trust Limited - Office Letting

·2-min read

abrdn Property Income Trust Limited
(an authorised closed-ended investment company incorporated in Guernsey with registration number 41352)

LEI Number: 549300HHFBWZRKC7RW84

26 April 2023

Significant Office Letting

abrdn Property Income Trust (API) has exchanged an agreement for lease on 21,500 sq.ft. across 4 floors of 54 Hagley Road in Birmingham. The letting to UK Curriculum and Accreditation Body (UK CAB) will be for a period of 10 years at an initial rent of £429,750 p.a. and accounts for c14% of the overall portfolio vacancy. Completion of the lease is subject to API completing a package of works to the property that are scheduled to finish in July.

Mark Blyth, Deputy Fund Manager of API commented: “This letting has been in negotiation for some time and we’re delighted to have now exchanged on the agreement for lease. We have two further lettings under offer at 54 Hagley Road which will hopefully exchange in the coming weeks and account for a further 11,600 sq.ft. of space. The deal with UK CAB follows two other office lettings which we completed in April at Explorer in Crawley to TUI and Albion & Rye. These accounted for a total of 11,300 sq.ft and secured a rent of £296,730 p.a. Whilst we remain in a challenging office occupational market, this letting activity demonstrates not only the strength of our asset management team, but also the quality of the API office portfolio. These lettings, along with those achieved last year mean that we have made significant progress in realising the income potential from our vacancies, and are close to achieving our target vacancy level of 5%”

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