abrdn Property Income Trust Limited plc
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TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights; Other
Comments
UBS trading book holdings in Abrdn Property Income Trust Limited fell below 5% and are therefore exempt from reporting.
3. Details of person subject to the notification obligation
Name
UBS Group AG – Investment Bank & Global Wealth Management
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above
City of registered office (if applicable)
Country of registered office (if applicable)
5. Date on which the threshold was crossed or reached
11-Jun-2025
6. Date on which Issuer notified
13-Jun-2025
7. Total positions of person(s) subject to the notification obligation
. % of voting rights attached to shares (total of 8.A) % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights held in issuer Resulting situation on the date on which threshold was crossed or reached 0.000000 0.000000 0.000000 0 Position of previous notification (if applicable) 5.486409 0.000000 5.4864098. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible) Number of direct voting rights (DTR5.1) Number of indirect voting rights (DTR5.2.1) % of direct voting rights (DTR5.1) % of indirect voting rights (DTR5.2.1) GB0033875286 0 0.000000 Sub Total 8.A 0 0.000000%8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument Expiration date Exercise/conversion period Number of voting rights that may be acquired if the instrument is exercised/converted % of voting rights Sub Total 8.B18B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument Expiration date Exercise/conversion period Physical or cash settlement Number of voting rights % of voting rights Sub Total 8.B29. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person Name of controlled undertaking % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold UBS Group AG (Chain 1) UBS Group AG (Chain 1) UBS AG10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
UBS trading book holdings in Abrdn Property Income Trust Limited fell below 5% and are therefore exempt from reporting.
12. Date of Completion
13-Jun-2025
13. Place Of Completion
Zurich, Switzerland
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
UK
2. Reason for Notification
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation
Name
UBS Group AG - Investment Bank & Global Wealth Management
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Name
City of registered office
Country of registered office
UBS AG
London
United Kingdom
5. Date on which the threshold was crossed or reached
10-Jun-2025
6. Date on which Issuer notified
12-Jun-2025
7. Total positions of person(s) subject to the notification obligation
.
% of voting rights attached to shares (total of 8.A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
5.486409
0.000000
5.486409
20915231
Position of previous notification (if applicable)
0.000000
0.000000
0.000000
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible)
Number of direct voting rights (DTR5.1)
Number of indirect voting rights (DTR5.2.1)
% of direct voting rights (DTR5.1)
% of indirect voting rights (DTR5.2.1)
GB0033875286
20915231
5.486409
Sub Total 8.A
20915231
5.486409%
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument
Expiration date
Exercise/conversion period
Number of voting rights that may be acquired if the instrument is exercised/converted
% of voting rights
Sub Total 8.B1
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/conversion period
Physical or cash settlement
Number of voting rights
% of voting rights
Sub Total 8.B2
9. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
UBS Group AG (Chain 1)
UBS Group AG (Chain 1)
UBS AG
5.486409
5.486409%
10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
12. Date of Completion
12-Jun-2025
13. Place Of Completion
Zurich, Switzerland
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights; Other
Comments
UBS trading book holdings in Abrdn Property Income Trust Limited fell below 5% and are therefore exempt from reporting.
3. Details of person subject to the notification obligation
Name
UBS Group AG - Investment Bank & Global Wealth Management
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above
City of registered office (if applicable)
Country of registered office (if applicable)
5. Date on which the threshold was crossed or reached
05-Jun-2025
6. Date on which Issuer notified
09-Jun-2025
7. Total positions of person(s) subject to the notification obligation
.
% of voting rights attached to shares (total of 8.A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
0.000000
0.000000
0.000000
0
Position of previous notification (if applicable)
8.472160
0.000000
8.472160
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible)
Number of direct voting rights (DTR5.1)
Number of indirect voting rights (DTR5.2.1)
% of direct voting rights (DTR5.1)
% of indirect voting rights (DTR5.2.1)
GB0033875286
0
0.000000
Sub Total 8.A
0
0.000000%
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument
Expiration date
Exercise/conversion period
Number of voting rights that may be acquired if the instrument is exercised/converted
% of voting rights
Sub Total 8.B1
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/conversion period
Physical or cash settlement
Number of voting rights
% of voting rights
Sub Total 8.B2
9. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
UBS Group AG (Chain 1)
UBS Group AG (Chain 1)
UBS AG
10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
UBS trading book holdings in Abrdn Property Income Trust Limited fell below 5% and are therefore exempt from reporting.
12. Date of Completion
09-Jun-2025
13. Place Of Completion
Zurich, Switzerland
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation
Name
UBS Group AG – Investment Bank & Global Wealth Management
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Name City of registered office Country of registered office UBS AG London United Kingdom5. Date on which the threshold was crossed or reached
04-Jun-2025
6. Date on which Issuer notified
06-Jun-2025
7. Total positions of person(s) subject to the notification obligation
. % of voting rights attached to shares (total of 8.A) % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights held in issuer Resulting situation on the date on which threshold was crossed or reached 8.472160 0.000000 8.472160 32297481 Position of previous notification (if applicable) 0.000000 0.000000 0.0000008. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible) Number of direct voting rights (DTR5.1) Number of indirect voting rights (DTR5.2.1) % of direct voting rights (DTR5.1) % of indirect voting rights (DTR5.2.1) GB0033875286 32297481 8.472160 Sub Total 8.A 32297481 8.472160%8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument Expiration date Exercise/conversion period Number of voting rights that may be acquired if the instrument is exercised/converted % of voting rights Sub Total 8.B18B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument Expiration date Exercise/conversion period Physical or cash settlement Number of voting rights % of voting rights Sub Total 8.B29. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person Name of controlled undertaking % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold UBS Group AG (Chain 1) UBS Group AG (Chain 1) UBS AG 8.472160 8.472160%10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
12. Date of Completion
06-Jun-2025
13. Place Of Completion
Zurich, Switzerland
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights; Other
Comments
UBS trading book holdings in Abrdn Property Income Trust Ltd fell below 5% and are therefore exempt from reporting.
3. Details of person subject to the notification obligation
Name
UBS Group AG – Investment Bank & Global Wealth Management
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above
City of registered office (if applicable)
Country of registered office (if applicable)
5. Date on which the threshold was crossed or reached
28-May-2025
6. Date on which Issuer notified
30-May-2025
7. Total positions of person(s) subject to the notification obligation
. % of voting rights attached to shares (total of 8.A) % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights held in issuer Resulting situation on the date on which threshold was crossed or reached 0.000000 0.000000 0.000000 0 Position of previous notification (if applicable) 5.470174 0.000000 5.4701748. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible) Number of direct voting rights (DTR5.1) Number of indirect voting rights (DTR5.2.1) % of direct voting rights (DTR5.1) % of indirect voting rights (DTR5.2.1) GB0033875286 0 0.000000 Sub Total 8.A 0 0.000000%8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument Expiration date Exercise/conversion period Number of voting rights that may be acquired if the instrument is exercised/converted % of voting rights Sub Total 8.B18B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument Expiration date Exercise/conversion period Physical or cash settlement Number of voting rights % of voting rights Sub Total 8.B29. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person Name of controlled undertaking % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold UBS Group AG (Chain 1) UBS Group AG (Chain 1) UBS AG10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
UBS trading book holdings in Abrdn Property Income Trust Ltd fell below 5% and are therefore exempt from reporting.
12. Date of Completion
30-May-2025
13. Place Of Completion
Zurich, Switzerland
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation
Name
UBS Group AG - Investment Bank & Global Wealth Management
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Name
City of registered office
Country of registered office
UBS AG
London
United Kingdom
5. Date on which the threshold was crossed or reached
27-May-2025
6. Date on which Issuer notified
29-May-2025
7. Total positions of person(s) subject to the notification obligation
.
% of voting rights attached to shares (total of 8.A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
5.470174
0.000000
5.470174
20853340
Position of previous notification (if applicable)
0.000000
0.000000
0.000000
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible)
Number of direct voting rights (DTR5.1)
Number of indirect voting rights (DTR5.2.1)
% of direct voting rights (DTR5.1)
% of indirect voting rights (DTR5.2.1)
GB0033875286
20853340
5.470174
Sub Total 8.A
20853340
5.470174%
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument
Expiration date
Exercise/conversion period
Number of voting rights that may be acquired if the instrument is exercised/converted
% of voting rights
Sub Total 8.B1
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/conversion period
Physical or cash settlement
Number of voting rights
% of voting rights
Sub Total 8.B2
9. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
UBS Group AG (Chain 1)
UBS Group AG (Chain 1)
UBS AG
5.470174
5.470174%
10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
12. Date of Completion
13. Place Of Completion
Zurich, Switzerland
abrdn Property Income Trust Limited
(an authorised closed-ended investment company incorporated in Guernsey with registration number 41352)
LEI Number: 549300HHFBWZRKC7RW84
(The "Company")
27 MAY 2025
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the 2025 Annual General Meeting of the Company will be held at the offices of Aberdeen PLC, 1 George Street, Edinburgh EH2 2LL on 11 August 2025 at 10.00am.
The Notice of Annual General Meeting, together with the Annual Report and Accounts for the year ended 31 December 2024, have been posted to shareholders.
In accordance with UKLR6.4.3R, the Notice of Annual General Meeting, a proxy form and the Annual Report and Accounts have been submitted to the National Storage Mechanism and are available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
All Enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481 745471
Fax: 01481 745186
Guernsey: 30 April 2025
LEI: 549300HHFBWZRKC7RW84
abrdn Property Income Trust Limited
(an authorised closed-ended investment company incorporated in Guernsey with registration number 41352)
(“API” or the “Company”)
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024
The Company's Annual Report and Accounts for the year ended 31 December 2024 and the Notice of the Annual General Meeting will shortly be available to view on the Company's corporate website at https://www.abrdnpit.co.uk/en-gb/literature. The Documents have also been submitted to the National Storage Mechanism and are available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Hard copies will be posted to shareholders shortly.
PERFORMANCE SUMMARY
Earnings, Dividends & Costs
31 December
2024
31 December
2023
IFRS Loss per share (p)
(11.25)
(2.17)
Dividends paid per ordinary share (p)
3.0
4.0
Dividends declared per ordinary share but not yet paid (p) *
3.0
0.0
Dividend Cover (%) **
45
71
Dividend Cover excluding non-recurring items (%)
66
82
Ongoing Charges **
As a % of average net assets including direct property costs
2.8
2.5
As a % of average net assets excluding direct property costs
1.2
1.2
Capital Values & Gearing
31 December
2024
31 December
2023
Change
%
Net assets (£million)
30.4
298.1
(89.8)
Net asset value per share (p) (note 22)
8.0
78.2
(89.8)
Capital Distribution (p)
52.0
0.0
N/A
Third Quarter PID
1.0
-
N/A
PID paid post year-end
3.0
-
N/A
Net asset value incl. noted Distributions (p)
64.0
78.2
(18.2)
Ordinary Share Price (p)
6.9
53.0
(87.0)
(Discount)/Premium to NAV (%)
(13.8)
(32.2)
Total Return
1 year
% return
3 year
% return
5 year
% return
10 year
% return
NAV ^
(19.2)
(31.7)
(16.2)
31.9
Share Price ^
25.6
(6.7)
(6.1)
42.9
FTSE All-Share Real Estate Investment Trusts Index
(11.8)
(32.6)
(26.9)
(3.4)
FTSE All-Share Index
9.5
18.5
26.5
81.9
* Represents the special interim property income distribution to shareholders (Ex-Dividend Date: 19 December 2024, Record Time: 20 December 2024) as a result of exiting the REIT regime. This was in addition to the return of capital via the redeemable bonus shares
** As defined and calculated under API’s Alternative Performance Measures (as detailed in the full Annual Accounts which can be found via the following link: https://www.abrdnpit.co.uk/en-gb/literature)
^ Assumes re-investment of dividends excluding transaction costs.
Sources: abrdn, MSCI
CHAIR’S STATEMENT
Background
As previously reported in both the Company’s 2023 Annual Report & Financial Statements and 2024 Interim Report & Accounts, the Board undertook a strategic review in the second half of 2023. This was prompted by concerns about the Company’s size, lack of liquidity in its shares, uncovered dividend and the share price trading at a persistently large discount to the net asset value (NAV). The outcome of this review was for the Board to recommend to shareholders that they vote in favour of a proposed merger with Custodian REIT. However, this ultimately did not garner enough shareholder support at the Extraordinary General Meeting in March 2024.
In advance of the March EGM, the Board had indicated that, should the Custodian merger proposal fail, then a liquidation of the Company would be the recommended alternative. Therefore, in May 2024 API shareholders were given the opportunity to vote on a proposed change to the Group’s Investment Objective from “The Company’s objective and purpose is to provide Shareholders with an attractive level of income together with the prospect of income and capital growth.” to “The Company’s investment objective is to realise all existing assets in the Company’s portfolio in an orderly manner.” Included in this change was a revision of the fees paid to the Investment Manager to reflect the new Investment Objective and align the interest of the Investment Manager with the sale and return of capital to shareholders. On 28 May 2024, approximately 96% of shareholders (who voted) voted in favour of this proposal and the resolution passed.
Managed Wind-Down
Following the May 2024 vote, alongside the Investment Manager, the Board explored the most effective means of disposing of the Company’s assets, with the main aims being to obtain the best achievable value for the Company’s assets at the time of their realisation and to repay borrowings and return capital to shareholders as swiftly as possible. As previously disclosed, this encompassed various disposal strategies, including individual property sales (of which 6 completed in 2024) alongside a wider portfolio transaction. Through an independent agent the whole residual portfolio (excluding the land at Far Ralia) was marketed to potential buyers in an extensive and competitive process; while it was made known that Far Ralia was also available for purchase, it was felt that its inclusion may deter potential purchasers of the wider portfolio and a more targeted approach for the asset in isolation would result in a more favourable outcome. Following consideration of these proposals, and what might be achieved by way of individual property sales over a longer period with the associated risks, the Board selected a preferred bidder and agreed a transaction with GoldenTree Asset Management (GoldenTree) for the sale of the entire share capital of abrdn Property Holdings Limited (aPH), the wholly owned subsidiary of the Company.
Sale of aPH
After extensive due diligence by the purchaser and detailed negotiations, the transaction completed on 29 November 2024 as expected and comprised the sale of 39 assets (being the Company’s entire residual investment property portfolio barring its interest in Far Ralia) in addition to the Group’s debt facility with RBSI and various net current assets/liabilities. The cash consideration for the purchase of the investment portfolio was £351m (an 8% discount to the portfolio’s valuation as at 30 June 2024), while the net proceeds, after adjusting for debt and other net assets subject to normal adjustments including those arising from the completion process, was £234.3m (resulting in an accounting loss of £48.2m).
GoldenTree paid an initial cash deposit of £35.1m upon exchange of contracts in September 2024, and a subsequent balancing payment on 29 November 2024. As part of the sales agreement, there was then a period of review in which the final completion accounts were prepared to reflect any post balance sheet events which would impact the aforementioned adjustments. This created a degree of uncertainty as to the final amount of the net proceeds. After consultation with the proposed liquidators, Investment Manager and other advisors, the Board decided to keep a prudent retention to allow for future costs and conclusion of the completion accounts process.
The Board’s view was that the most efficient way of returning funds to shareholders was by means of a Redeemable Bonus Share Scheme. To that end, a circular was issued to shareholders outlining proposed changes to the Articles of Association which allowed the Board to return 55p per share in aggregate. This was made up of:
▸an initial return of capital comprising 52p per share, paid on 23 December 2024.
▸an interim Property Income Distribution of 3p per share, paid on 10 January 2025.
At a General Meeting of the Company on 17 December 2024, approximately 99.5% of shareholders (who voted) voted in favour of this proposal and the resolution passed.
REIT Status
The Company had been a member of the REIT regime since 1 January 2015 and while a member was required to distribute at least 90% of the income profits of the Group’s UK property rental business (“Property Income”). A consequence of the transaction was that the Company immediately exited the REIT regime and is now required to distribute the accumulated undistributed Property Income. The 3p additional interim Property Income Distribution noted above represented an initial payment under this requirement and the Board intend to announce a further final property income distribution at a date in the future.
Board Composition
Following the disposal of the subsidiaries and initial return of Capital to shareholders, the Board undertook a review of the residual business and requirements for the foreseeable future. Taking account of the responsibilities which were required to be discharged and the need to exercise management of the Company’s ongoing operating costs, the Board concluded that two Directors was an appropriate number. On 31st December, three Directors (including the previous Chair) resigned from the Board.
The Company would like to acknowledge and thank them for their huge contributions to the Company - particularly over the last 18 months.
Financial Resources
As noted, the transaction with GoldenTree included the transfer of the Group’s debt facility with RBSI and the Company no longer has access to revolving credit facilities (“RCF”). In order to ensure that the retained cash was invested appropriately, the Board invested the residual cash proceeds into a shorter-term money market fund, the abrdn Liquidity Fund – Sterling, which offered a competitive rate of interest. This was deemed to be a low risk investment offering good liquidity, competitive returns and low costs relative to alternative deposit options.
At the year end the Company held £36.7m in cash and had other financial resources of £18.4m net of any prevailing financial commitments; i.e. not including any future costs associated with the running of the company through liquidation or potential balancing payment due on the transaction.
Annual General Meeting (“AGM”)
The Annual General Meeting (“AGM”) will be held at 10.00am on Monday 11 August 2025 at the offices of Aberdeen PLC, 1 George Street, Edinburgh EH2 2LL. The timing of the sale of Far Ralia is uncertain so the Board have decided to defer the AGM from the usual June date. The Board looks forward to welcoming shareholders in person where they will have the opportunity to put questions to the Board and/or the Manager. Shareholders are also invited to submit questions by email in advance to property.income@aberdeenplc.com
Final Distributions and Outlook
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights; Other
Comments
UBS trading book holdings in Abrdn Property Income Trust Ltd fell below 5% and are therefore exempt from reporting.
3. Details of person subject to the notification obligation
Name
UBS Group AG – Investment Bank & Global Wealth Management
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above
City of registered office (if applicable)
Country of registered office (if applicable)
5. Date on which the threshold was crossed or reached
26-Mar-2025
6. Date on which Issuer notified
28-Mar-2025
7. Total positions of person(s) subject to the notification obligation
. % of voting rights attached to shares (total of 8.A) % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights held in issuer Resulting situation on the date on which threshold was crossed or reached 0.000000 0.000000 0.000000 0 Position of previous notification (if applicable) 8.094991 0.000000 8.0949918. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible) Number of direct voting rights (DTR5.1) Number of indirect voting rights (DTR5.2.1) % of direct voting rights (DTR5.1) % of indirect voting rights (DTR5.2.1) GB0033875286 0 0.000000 Sub Total 8.A 0 0.000000%8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument Expiration date Exercise/conversion period Number of voting rights that may be acquired if the instrument is exercised/converted % of voting rights Sub Total 8.B18B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument Expiration date Exercise/conversion period Physical or cash settlement Number of voting rights % of voting rights Sub Total 8.B29. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person Name of controlled undertaking % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold UBS Group AG (Chain 1) UBS Group AG (Chain 1) UBS AG10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
UBS trading book holdings in Abrdn Property Income Trust Ltd fell below 5% and are therefore exempt from reporting.
12. Date of Completion
28-Mar-2025
13. Place Of Completion
Zurich, Switzerland
28 March 2025
abrdn Property Income Trust Limited
(an authorised closed-ended investment company incorporated in Guernsey with registration number 41352)
LEI Number: 549300HHFBWZRKC7RW84
Progress Update
The Board of abrdn Property Income Trust plc (“API” or the “Company”) has continued to progress the managed wind-down of the Company following the initial return of proceeds of 55 pence per share in December 2024.
The Company anticipates releasing its annual results for the year to 31 December 2024 in late April 2025, at which time, API will provide an update on the managed wind-down process, including progress on the sale of Far Ralia, an update on any completion adjustments following the portfolio sale, and future distributions to shareholders.
Enquiries:
abrdn Property Income TrustMike Balfour (Chair) via WinterfloodWinterflood (Corporate Broker to API)Neil Langford +44 20 3100 0160
P R O D U C T S U G G E S T I O N S
