16th Dec 2019 11:59
(Alliance News) - Aberdeen Standard European Logistics Income PLC said Monday it has agreed to acquire a logistics warehouse in Den Hoorn in the Netherlands for EUR49.9 million, reflecting a net initial yield of 4.5%.
The property is a newly built facility on a perpetual leasehold, with the option to buy the freehold from the local municipality. The facility provides a warehouse, office and mezzanine space with 36 loading bays covering around 43,000 square metres.
The acquisition is expected to be completed in January, and the warehouse will be fully leased to logistics operator AG ven der Helm Vastgoed Moerdijk BV on a ten-year CPI indexed lease.
"The logistics sector remains a compelling asset class thanks to strong market fundamentals, especially in the most liquid part of the market where we have positioned the portfolio. Strong demand from investors continues and the lack of modern facilities for logistics companies should support values and capital growth, especially with greater planning restrictions over new developments, as is the case in the Netherlands," said Fund Manager Evert Castelein.
Shares in Aberdeen Standard European Logistics - which is based in London - were up 1.2% at 92.65 pence on Monday.
By Dayo Laniyan; [email protected]
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