Register Log-in Investor Type

News

Aberdeen Standard European Logistics expands in France

Aberdeen Standard European Logistics buys in France

Aberdeen Standard European Logistics expands in France – completes purchase of logistics warehouse located in Meung-sur-Loire, France, that was announced on 23 November 2018. Cost was EUR23.5 million providing a net initial yield of 4.7%.

The warehouse is let to Office Depot France on a fully indexed lease until 2026 resulting in an unexpired lease term of 7.4 years. Office Depot is a leader in the office supplies market and has consolidated its business in France at this established logistics park due to its central location, they say making it ideal for national distribution. The property is located 27 kilometres south of Orleans at Parc Synergie, which serves Paris, Central and Southern France via a very effective road and rail network.

The building itself has a total lettable area of 30,180 square metres and is very well maintained with modern specifications in terms of the number of loading doors (1 per 1,000 square metres), floor load capacity (5,000 kg per metre), clear height between 12 and 17 metres and an office to warehouse ratio of only 6%. The building layout provides the flexibility to move to a multi-tenant facility if required in the future. Low site coverage of the building of only 29% affords good potential for further expansion in the future.

Debt Facility

Following the deal, the fund has finalised and signed an agreement for long term financing on the properties owned in Avignon and Meung-sur-Loire, France. This secured loan facility arranged with BayernLB for a total value of EUR33 million has been fixed for a seven year term at an attractive all-in interest rate.

Evert Castelein, the manager, commented: “We are extremely pleased to have completed on the Meung-sur-Loire asset. Its proximity to the strategic logistics ‘Dorsale’ corridor that links Lille-Paris-Lyon-Marseille means the location serves international, as well as national, distributors. This is a high quality and versatile asset providing a fully indexed income stream on a long term lease. The loan arrangement with BayernLB at a very competitive interest rate underlines the quality of the assets and will help the Company in its aim to provide shareholders with a regular and attractive level of income return together with the potential for long term income and capital growth.”

ASLI : Aberdeen Standard European Logistics expands in France

Leave a Reply

Your email address will not be published. Required fields are marked *

Please review our cookie, privacy & data protection and terms and conditions policies and, if you accept, please select your place of residence and whether you are a private or professional investor.

You live in…

You are a…