Investment Update and Debt Facility

RNS Number : 0780Q
Aberdeen Standard Eur Lgstc Inc PLC
15 February 2019
 

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.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
UPDDZLFFKLFXBBL
UK 100

Latest directors dealings