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(Alliance News) - abrdn European Logistics Income PLC on Wednesday said it has acquired a recently completed warehouse extension at Waddinxveen, Netherlands, for EUR4.9 million.
The European-focused logistics real estate investor said that the warehouse, which is owned and developed by abrdn's tenant Combilo bv, is directly adjacent to the company's existing warehouse, which it bought in 2018. It provides an additional 2,400 square metres of cooled warehouse space and 157 square metres of office space to its tenant, abrdn European added.
The lease of the new warehouse runs alongside the original, with over 11 years remaining. It will generate additional rent of EUR250,000 per year, reflecting a yield of 5%, and is expected to be immediately value accretive.
"The extension will allow Combilo to service its growing client base, including a Swedish supermarket chain," the company explained.
Further, abrdn European has agreed a new five year lease with ADER at Unit 3, part of Phase II at its Gavilanes site, Madrid. The annual contracted rent of this unit is just shy of EUR470,000.
The company said that ADER provides distribution services to companies in the freight and logistics sector and is consolidating its operations in the Gavilanes area with the leasing of a second 7,375 square metres building.
Fund Manager for abrdn European said: "The new lease with ADER not only improves the portfolio's income characteristics, but also underscores the desirability of the Gavilanes assets, which offer access to around six million people across the wider Madrid area."
abrdn European shares were down 0.7% to 102.29 pence each in London on Wednesday midday.
By Sophie Rose; sophierose@alliancenews.com
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