Abrdn eyes new French assets’ management opportunities

Abrdn European Logistics Income has paid about €23 million for two logistics assets in France. The price reflects a net initial yield of 4%.

The properties, in Bordeaux and Niort, are both leased to the 3PL Dachser France on leases that provide annual indexation. Abrdn said that the buildings also present medium-term asset management opportunities because of their low site coverage.

The Bordeaux building, built in 2015, is an urban logistics asset with an area of 6,504 sq m located on a 29,000 sq m site so has 22% site coverage.

The asset in Niort, close to the west coast of France, has an area of 3,939 sq m and is located on a 44,000 sq m plot so has 9% site cover.

Abrdn said it expects to complete on the purchase of a third freehold building in France in the third quarter.

“These are tenant critical, well-located assets close to major metropolitan areas in France, one of our high conviction geographies,” said fund manager Evert Castelein. “Both offer excellent road connectivity to Paris and across the country, whilst adding another strong financial covenant.”