20th Feb 2019 09:52
LONDON (Alliance News) - Aberdeen Standard European Logistics Income PLC said on Wednesday it has agreed to acquire a logistics warehouse in Krakow, Poland for EUR24.5 million at a net initial yield of 6.8%.
The real estate investment company will be purchasing the warehouse from global real estate developers Panattoni Development Co and Marvipol SA.
The asset provides 31,000 square metres of warehousing and 4,000 square metres of office space, and is fully leased to nine tenants, with a weighted average unexpired lease term of 4.6 years.
Tenants include packaging group DS Smith PLC and textile printing services provider Lynka SP.
The acquisition is expected to be completed in early March.
"We expect this newly built high yielding warehouse to be an excellent addition to ASLI's property portfolio. Growing demand for logistics space in one of the most affluent urbanised areas of Poland together with the diversified income stream make this a very attractive asset," said Fund Manager Evert Castletein.
Shares in Aberdeen Standard European Logistics were down 0.5% at 99.51 pence on Wednesday.
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