abrdn Property Income Trust (API) has sold two assets for a combined price of £13.2m.

The combined value reflects a 1.5% premium to the December 2023 valuation and the group will use to the proceeds to pay down a rolling credit facility.

API has sold off Unit 4, Monkton Business Park in Hebburn, which is a single-let industrial unit let to Hitachi Construction Machinery Limited. This sale follows completion of the asset management business plan with a re-gear of the lease completed last year. The property was sold for £5.3m, a 6% premium to the December 2023 valuation.

The group has also confirmed the sale of King’s Business Park, Bristol, which completed for £7.9m reflecting a 1.25% discount to the December 2023 valuation. The multi-let industrial estate has an average unexpired term of just under two years and the sale price reflects a net initial yield of 5.5%.

“Following on from the two sales last month, we’re pleased to have completed these further disposals at Hebburn and Bristol at a premium to the December valuation,” commented Deputy fund manager at API, Mark Blyth.

“As with the previous sales, the proceeds will be used to pay down the company’s rolling credit facility.”

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