27 Mar 2024 11:00
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
Abrdn Euro Log (ASLI)