abrdn Property Income Trust (API) has confirmed that it is in advanced discussions to sell its entire portfolio to funds managed by GoldenTree Asset Management.

News of the sale was first reported by CoStar, which said that the price agreed for the portfolio was around £350m. This would be at a discount of 13.7% to the most recent value of the portfolio at 30 June 2024 of £405.5m.

However, API said that any sale would not include the disposal of its interest in the land at Far Ralia, which was valued on the books at around £10m. Excluding this, a sale price of £350m would represent a discount of 11.5%.

The board of API went on to say that “there can be no certainty that any binding sale agreement will be entered into, nor as to the terms on which any transaction may occur. API has not received any offer in respect of the issued share capital of API.”

GoldenTree Asset Management is the team behind the failed Special Opportunities REIT launch earlier this year.