abrdn European Logistics Income (ASLI) has completed the sale of a 32,645 sqm warehouse, in Leon, Northern Spain, to SCPI Iroko Zen, for €18.5m.
The disposal price reflects a 3% premium to the 31 December 2022 valuation. ASLI acquired the asset in 2018 for €15.3m 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.”
ASLI : abrdn European Logistics Income sells Spanish warehouse