abrdn Euro Logistics - Sale of Spanish Asset

abrdn European Logistics Income

05/05/2023 07:00

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RNS Number : 4952Y  abrdn European Logistics Income plc  05 May 2023

5 May 2023

LEI: 213800I9IYIKKNRT3G50

 

abrdn European Logistics Income plc

 

ASLI completes sale of 32,645 sqm warehouse in Leon, Northern Spain, 3% above
31 December 2022 valuation

 

abrdn European Logistics Income plc (the "Company" or "ASLI"), the Company
which invests in high quality European logistics real estate, has completed
the sale of a 32,645 sqm warehouse, in Leon, Northern Spain, to SCPI Iroko
Zen, for €18.5 million. The disposal price reflects a 3% premium to the 31
December 2022 valuation.

 

ASLI acquired the asset in 2018 for €15.3 million with the sale reflecting a
crystalised 20% gross profit. Located in the Villadangos industrial area, it
is currently leased to Decathlon with a WAULT of 6 years.

 

Representing the Company's first disposal, the transaction reduces the
Company's LTV to 33% (based on 31 December 2022 valuations) and improves its
cash position, whilst increasing the portfolio's urban logistics weighting. An
adjustment to the fixed term debt arrangement over the asset reduces the
Company's all-in interest rate to 1.97%.

Troels Andersen, Lead Fund Manager for ASLI, commented: "Having performed well
since acquisition, this is the right time to crystallise our investment by
disposing of one of our more mature assets. This sale, which was achieved
ahead of the most recent valuation, underlines the resilience of the
Continental European warehouse sector and continues our portfolio pivot
towards more urban assets with strong sustainability credentials. Spain
remains one of our high conviction markets, with our Spanish assets now wholly
concentrated around the sought-after urban locations of Madrid and Barcelona."

 

For further information please contact:

abrdn
                                +44 (0) 20 7463
6000

Luke Mason

Gary Jones

 

Investec Bank
plc
+44 (0) 20 7597 4000

David Yovichic

Denis Flanagan

 

FTI
Consulting
+44 (0) 20 3727 1000

Dido Laurimore

Richard Gotla

James McEwan

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