Travelodge owner GoldenTree Asset Management is set to buy the majority of Abrdn PLC (LSE:ABDN)’s property subsidiary's portfolio.
The London-listed firm said Friday that US-based GoldenTree would acquire some 39 properties from its subsidiary Abrdn Property Holdings for £351 million.
This covers the property wing’s entire portfolio apart from land at Far Ralia in the Cairngorms.
Some £35.1 million has already been paid as a cash deposit, Abrdn said, with the rest set to come after the deal has been completed.
Abrdn Property Holdings chair James Clifton-Brown noted the sale came after a vote in May to wind down the business.
“Following a second round of bids, the board considered the GoldenTree Asset Management bid provided the best solution for shareholders,” he said.
“[This] compared with the net present value of what might be achieved by way of individual sales over a longer period [representing] a swift implementation of the shareholder resolution to conduct a managed wind down.”
Custodian Property Income REIT had moved in on the Abrdn assets earlier in the deal earlier in the year, though the offer fell through after failing to secure shareholder support.