API posts negative return ahead of wind-down vote

Abrdn Property Income Trust has posted a negative return on net asset value as it prepares to put a wind-down of the business to a shareholder vote. API had agreed a merger with Custodian Property Income REIT, but that was rejected by shareholders in March. The company is now expected to wind down. NAV per ordinary share over the first quarter of 2024 was 76.4p, a 2.2% drop and delivering a total return, including dividends, of -1.4% for the quarter. API saw an overall fall in portfolio value of 0.9%, mainly driven by the office sector. NAV was also dented by costs linked to the strategic review and the failed merger of 0.4p per share. “Further strategic review costs of 0.5p per share will crystallise if the managed wind-down is voted for by shareholders,” the company said.