Aberdeen Standard European Logistics buys Spanish warehouse –Aberdeen Standard European Logistics Income has signed an agreement to acquire a new logistic warehouse in the North of Spain for a net value of EUR15.3 million. The warehouse is currently under development with completion expected by mid-2019.
The property is located in a logistics park near Leon city centre and airport with excellent connections to the AP71, A66 and A231 highways. Other large occupiers of this park include the Spanish supermarket chain Mercadona and the global wind power solutions provider Vestas. Other nearby occupiers are Inditex, Schenker, K+N and TNT.
The total size of the property once completed will be approximately 32,600 square metres. This will be a state-of-the-art quality asset with 28 loading docks and a 5 tonne floor load capacity. The property comprises three modules and allows for flexibility to convert into a multi-tenant facility if required in the future.
On completion, the property will be fully let to a large international retailer on a fixed ten year lease with annual CPI indexation and the net yield is expected to be 6.0%. Under the terms of the lease, the lessee retains a right to call for the expansion of the logistic premises, up to an additional 10,020 square metres gross leasable area, thereby creating further potential upside for ASLI.
Evert Castelein, fund manager, commented: “We are very happy to have signed a purchase agreement for this project, which is located in an ideal position in the North of Spain. This property will be able to generate a sustainable and indexed income stream thanks to the quality of the location, the modern specifications of the asset and the long-term lease.
The signing of this latest agreement, following the announcement regarding the purchase of a property in Avignon, France, yesterday, means that we have now committed capital to purchase four assets across Europe totalling EUR113 million. We are currently in negotiations with vendors to acquire further properties in Sweden and The Netherlands representing a further investment volume of approximately EUR97 million. The deployment of capital into quality assets so far in France, Germany and Spain underpins our desire for a diverse portfolio invested across Europe and the pipeline of opportunities remains strong.”
ASLI : Aberdeen Standard European Logistics buys Spanish warehouse