17th Jun 2019 11:07
(Alliance News) - Aberdeen Standard European Logistics Income PLC said Monday it will acquire a freehold logistics warehouse in the city of 's-Heerenberg in the Netherlands for EUR24.0 million, with a net initial yield of 5.0%.
The 45,000 square metre facility provides a warehouse, cross dock and 40 loading bays covering around 23,000 square metres.
The warehouse is currently fully leased to JCL Logistics Benelux BV, a subsidiary of logistics firm JCL Switzerland AG, which has a remaining term of 12.5 years.
In addition, the property investor said it has signed an agreement for long term financing on its Dutch properties in the cities of Ede, Oss and Waddinxveen.
The loan facility, signed with real estate and mortgage bank Berlin Hyp AG, has a total value of EUR37.7 million, and is fixed for a six-year term.
Funds from the facility were used to finance the 's-Heerenberg purchase as well as further stage payments on the forward funded project in Oss.
Finally, Aberdeen Standard European Logistics said it has completed the acquisition of a newly built pre-let warehouse in Zeewolde, Netherlands for EUR29.3 million, first announced in November.
"This additional facility in 's-Heerenberg is another excellent addition to ASLI's property portfolio and will take the number of assets in the portfolio to eleven including the soon to be completed project in Oss," said Fund Manager Evert Castelein.
He continued: "I am particularly pleased to see the handover of Zeewolde and the commencement of full income generation. This warehouse has been built to the latest standards for modern logistics and this together with the central location and the long lease with a strong covenant tenant will generate a durable income stream for the company."
Shares in Aberdeen Standard European Logistics Income were up 1.6% at 102.12 pence on Monday.
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