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LONDON (Alliance News) - Aberdeen Standard European Logistics Income PLC said Wednesday that it has exchanged conditional contracts to acquire a freehold distribution warehouse in France for EUR44.5 million.
The newly-built facility has current let to a strong tenant on a 12-year lease and is well positioned with the versatility to move to a multi-tenant scenario if ever needed.
The contracts are expected to become unconditional by no later than the end of October.
"We are delighted to have exchanged contracts for this state-of-the-art logistics asset which is located in a strategic position in France. The high-quality specification makes this a very desirable asset," said Fund Manager Evert Castelein.
"This investment will give us exposure to the French logistics market in a fast-growing region, in an industry that leads regional economic growth and with a strong tenant and a state of the art quality building, which is very well connected to major motorways. The asset will provide a durable income stream,"Castelein added.
Shares in Aberdeen Standard European Logistics were up 0.5% at 108.00 pence on Wednesday.