abrdn Euro Logistics - Long-term Lease Renewal - La Creche, Niort, France

abrdn European Logistics Income

16/02/2023 08:46

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RNS Number : 1431Q  abrdn European Logistics Income plc  16 February 2023

16 February 2023

LEI: 213800I9IYIKKNRT3G50

 

abrdn European Logistics Income plc

 

ASLI completes 4,000 sqm long-term lease renewal in Niort, France, 20% ahead
of ERV

 

abrdn European Logistics Income plc (the "Company" or "ASLI"), the Company
which invests in high quality European logistics real estate, has agreed a
3,939 sqm lease renewal with Dachser France, an international provider of
transport and logistics solutions, at its urban logistics freehold property at
La Crèche, near Niort, France.

 

Dachser has signed a 9.5-year lease, effective January 2023, which will
generate annual contracted rent of €532,900, equating to €135.30 per sqm,
20% ahead of the 30 September 2022 ERV and 3% ahead of the previous passing
rent. The lease now provides for annual uncapped French ILAT indexation with
increased payments commencing 2025 and backdated to January 2023. The Company
has agreed a rent-free period and committed to a small capex spend to improve
the building management system and provide energy efficient external LED
lighting.

 

Built in 2014, the single tenant property is strategically located 10
kilometres from the centre of Niort. It benefits from its proximity to the A10
motorway connecting to Bordeaux and Paris and sits on 44,000 sqm of land (9%
site coverage), providing good opportunities for future expansion.

 

Troels Andersen, Fund Manager for ASLI, commented: "Despite the challenging
economic backdrop, occupier demand for affordable, well-located warehouse
space in our preferred geographies remains robust. Furthermore, the annual CPI
indexation across the majority of our leases should drive material income
uplifts and remains a key differentiator for the Company. Maintaining our
important sustainability approach, we are increasingly agreeing green leases
with our tenants, which require both parties to work together to improve an
asset's environmental credentials."

 

The Company expects to announce its Q4 2022 unaudited net asset value next
week.

 

For further information please contact:

abrdn
                                +44 (0) 20 7463
6000

Luke Mason

Gary Jones

 

Investec Bank
plc
+44 (0) 20 7597 4000

Denis Flanagan

David Yovichic

 

FTI
Consulting
+44 (0) 20 3727 1000

Dido Laurimore

Richard Gotla

James McEwan

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