Aberdeen Standard Eur Lgstc Inc PLC Acquisition of New Warehouse in Spain (2794Y)
December 30 2019 - 6:55AM
UK Regulatory
TIDMASLI
RNS Number : 2794Y
Aberdeen Standard Eur Lgstc Inc PLC
30 December 2019
Aberdeen Standard European Logistics Income PLC (LSE: ASLI) (the
"Company" or "ASLI")
LEI: 213800I9IYIKKNRT3G50
30 December 2019
ACQUISITION OF LAST-MILE LOGISTICS ASSET LOCATED IN MADRID,
SPAIN, FOR EUR9.2 MILLION
Purchase agreement
The Company is pleased to announce that it has acquired an urban
located cross-dock logistics warehouse in Coslada, Madrid, for a
value of EUR9.2 million, providing a net initial yield of 5.0%.
The asset is located in Coslada, to the east of Madrid. This is
one of the best locations for last-mile logistics in Spain due to
its 15kms proximity to the city centre and 1km distance from
Barajas airport together with the population size of the Madrid
metropolitan area of over 6 million which this building may serve.
Urban logistics units are typically smaller in size, reflected in
the building size of 6,785 square metres which includes 1,892
square metres of office space. As a cross-dock warehouse, the
building has loading bays/doors on both sides of the building, 37
in total. This is ideal for city distribution with lorries bringing
in goods at the front end of the building and smaller delivery vans
on the opposite side being loaded for onward transmission. With a
free height of 10.5 metres it also provides ample space for
temporary storage with part of the building being used as cooled
storage.
The warehouse has an attractive income profile and is fully
leased to DHL Freight Spain S.L.U. on a recently renewed ten year
CPI indexed lease. DHL is a strong tenant being one of the largest
logistics operators in the world and has operated in this area for
20 years.
Evert Castelein, the Company's Fund Manager, commented:
"I am extremely pleased that we have been able to source this
off-market deal, again emphasising the benefit of having our own
locally based transaction managers in many of the countries where
we invest.
Madrid has a substantial and important logistics market and we
see strong growth in the provision of modern logistics stock in the
outer limits of the city. However, the highly constrained nature of
the Coslada submarket and its strategic importance in connecting
the city with the airport and routes through to the east of the
country, supports the long term relevance of this asset in the
supply chain. The strong growth of e-commerce in Spain reinforces
the importance of last-mile logistics hubs such as Coslada. This
asset therefore carries many of the attractive performance
characteristics we have been targeting from the outset of the fund
and we are delighted to be able to bring it into the portfolio.
This latest freehold property purchase will bring the portfolio
to fourteen assets in total diversified across five countries with
a value of EUR387.3 million (footnote 1)."
For further information:
Aberdeen Standard Fund Managers Limited
0207 463 6000
Luke Mason
Gary Jones
Investec Bank plc
0207 597 4000
Will Barnett
Neil Brierley
Alice Douglas
Dominic Waters
Denis Flanagan
David Yovichic
Notes to Editors
Aberdeen Standard European Logistics Income PLC is a UK
investment trust with a premium listing on the Main Market of the
London Stock Exchange. The Company invests in European logistics
real estate to achieve its objective of providing its shareholders
with a regular and attractive level of income return together with
the potential for long term income and capital growth. The Company
aims to invest in a portfolio of assets diversified by both
geography and tenant throughout Europe, predominantly targeting
well-located assets at established distribution hubs and within
population centres.
1 Value using Q3 2019 announced total property portfolio value
of EUR300.7 million plus purchase prices as announced for Warsaw
(EUR27.5m), Den Hoorn (EUR49.9m) and Madrid (EUR9.2m).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ACQWGGCAPUPBGGU
(END) Dow Jones Newswires
December 30, 2019 06:55 ET (11:55 GMT)
Abrdn European Logistics... (LSE:ASLI)
Historical Stock Chart
From Apr 2024 to May 2024
Abrdn European Logistics... (LSE:ASLI)
Historical Stock Chart
From May 2023 to May 2024