REG - abrdn Euro Logistics - Sale of French Asset

abrdn European Logistics IncomeAnnouncement

27/03/2024 11:00

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RNS Number : 5206I  abrdn European Logistics Income plc  27 March 2024

27 March 2024

LEI: 213800I9IYIKKNRT3G50

 

abrdn European Logistics Income plc

 

ASLI strengthens balance sheet with sale of 30,180 sqm warehouse in Meung sur
Loire, France, for €17.5 million

 

abrdn European Logistics Income plc (the "Company" or "ASLI"), the Company
which invests in quality European logistics real estate, has completed the
sale of a 30,180 sqm warehouse in Meung sur Loire, France, to Castignac. The
€17.5 million disposal price is in line with the 31 December 2023 valuation
and reflects a c.7% discount to the 30 September 2023 valuation.

 

The vacant asset, previously occupied by Office Depot, is located in Central
France, 27km southwest of Orleans, and serves Paris, Central and the South of
France for both national and international distribution.

 

This transaction increases portfolio occupancy and represents the Company's
second disposal over the prior 12 months. The proceeds from the sale and
associated repayment of an €11 million securitised loan with Bayern LB
reduces the Company's LTV from 38.8% to 37.7% (based on 31 December 2023
valuations) with an all-in interest rate of 2.02%, as well as improving its
cash position.

Troels Andersen, Lead Fund Manager for ASLI, commented: "Although well located
in the centre of France, this property had been vacant since the administrator
of Office Depot closed its liquidation and required material capital
expenditure. Having explored various options, we believe this is the right
time to crystallise our investment in this asset, providing additional cash to
strengthen the Company's balance sheet."

 

For further information please contact:

abrdn
                                +44 (0) 20 7463
6000

Ben Heatley

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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