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abrdn Property Income Trust Ltd - commercial property investor - On Wednesday, said it completed sale of industrial investment in Rainham, East London for £21.7 million to an undisclosed buyer. Says sale of asset purchased in 2007 reflects 2.8% yield. ‘Proceeds of the sales are being used to pay down the drawn revolving credit facility,’ abrdn explains.
Further, issues small valuation update: ‘Markets are obviously very volatile at the moment and this is likely to continue. The company's portfolio has been valued as at September 30, which will form the basis of the September 30 net asset value to be announced in early November. The property valuation has decreased 4.2% on a like-for-like basis, which we believe will be similar to the MSCI index.’
Current stock price: 59.40 pence, up 0.5% on Friday
12-month change: down 18%
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