Last checked at 
15 Feb 2019 07:00
Aberdeen Standard European Logistics Income PLC (LSE: ASLI) (the "Company" or "ASLI")
LEI: 213800I9IYIKKNRT3G50
15 February 2019
Investment Update and Debt Facility
Investment Update
The Company is pleased to announce the completion of the purchase of the logistics warehouse located in Meung-sur-Loire, France, for €23.5 million providing a net initial yield of 4.7%. The exchange of conditional contracts was previously announced on 23 November 2018.
This high quality 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 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 completion of this acquisition the Company is also pleased to announce that it 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 €33 million has been fixed for a seven year term at an attractive all-in interest rate.
Evert Castelein, the Company's Fund 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."
For further information:
Aberdeen Standard Fund Managers Limited
0207 463 6000
William Hemmings
Gary Jones
Jonathon McManus
Canaccord Genuity Limited
0207 523 8000
Will Barnett
Neil Brierley
Dominic Waters
David Yovichic
Notes to Editors
Aberdeen Standard European Logistics Income PLC is a UK investment trust with a premium listing on the Main Market of the London Stock Exchange. The Company invests in European logistics real estate to achieve its objective of providing its shareholders with a regular and attractive level of income return together with the potential for long term income and capital growth. The Company aims to invest in a portfolio of assets diversified by both geography and tenant throughout Europe, predominantly targeting well-located assets at established distribution hubs and within population centres.