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