Aberdeen Standard Eur Lgstc Inc PLC Acquisition of French Asset (2606I)
November 23 2018 - 2:00AM
UK Regulatory
TIDMASLI
RNS Number : 2606I
Aberdeen Standard Eur Lgstc Inc PLC
23 November 2018
Acquisition of French asset
Aberdeen Standard European Logistics Income PLC (LSE: ASLI) (the
"Company")
LEI: 213800I9IYIKKNRT3G50
23 November 2018
PURCHASE AGREEMENT SIGNED FOR THE ACQUISITION OF WAREHOUSE IN
MEUNG-SUR-LOIRE, FRANCE, FOR A TOTAL VALUE OF EUR23.5 MILLION
The Board is pleased to announce that the Company has exchanged
conditional contracts to acquire a high quality logistics warehouse
located in Meung-sur-Loire, France for EUR23.5 million, providing a
net initial yield of 4.7%. Contracts are expected to become
unconditional by no later than 22 January 2019. The property is
fully let to Office Depot France until 2026.
The tenant, Office Depot France (part of the Aurelius Group) is
a leader in the office supplies market and has operated in France
since 1995, employing over 1,000 staff across 60 stores, online and
B2B. Recent consolidation and streamlining of the business has
resulted in all of the company's French business being based out of
Meung-sur-Loire.
In terms of location, the warehouse is situated 27km south west
of Orleans at Parc Synergie, which serves Paris, Central France and
the South of France via a very effective road and rail network.
Parc Synergie is majority-owned by Prologis and is an established
logistics location with a number of other well-known logistics
companies on site such as DHL, ID Logistics, and XPO Logistics. Its
proximity to the strategic logistics 'Dorsale' corridor that links
Lille-Paris-Lyon-Marseille means the location also serves
international, as well as national, distributers.
The building itself has a total lettable area of 30,180 square
metres and is very well maintained to modern specifications with a
good office to storage logistics ratio and flexibility as to the
numbers of occupiers.
The Manager believes that this freehold warehouse will generate
a durable income stream thanks to its central location within
France, good building specifications and long lease with a strong
covenant tenant and its versatility in terms of potential use
together with the potential for expansion and further
development.
In addition, the Company will shortly be uploading a
presentation to its website www.eurologisticsincome.co.uk with
details of the portfolio assets purchased to date and further
details of the investment manager's views on the outlook for the
European logistics sector.
For further information:
Aberdeen 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.
The Company launched on 15 December 2017 raising gross proceeds
of GBP187.5 million. Portfolio management services are undertaken
by Aberdeen Asset Managers Limited, part of the Aberdeen Standard
Investments group of companies.
The Aberdeen Standard Investments Real Estate team's extensive
regional presence (with 25 offices in 14 countries across Europe)
gives it very strong local insight and market knowledge with access
to a wide variety of investment opportunities, both on and off
market. As investment manager, it is therefore well positioned to
identify assets suitable for the Company's portfolio with
transaction managers on the ground able to source and complete
deals.
Aberdeen Standard Investments is a brand of the investment
businesses of Aberdeen Asset Management and Standard Life
Investments.
The Company is targeting (on a fully invested and maximum
gearing basis) an annual dividend yield of 5.5% per Ordinary Share
and a total return of 7.5% per annum (both in Euro terms based on
the initial launch price). The Company intends to declare dividends
on a quarterly basis in Sterling. A second interim dividend of 1.0p
per Ordinary share will be paid on 20 December 2018 to Ordinary
shareholders on the register on 30 November 2018 (ex-dividend date
of 29 November 2018).
Further information on Aberdeen Standard European Logistics
Income PLC is available at www.eurologisticsincome.co.uk
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END
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