abrdn sells three warehouses in Spain and the Netherlands

abrdn European Logistics Income has announced the sale of three logistics assets for €45.4 million as part of its managed wind-down strategy. The proceeds will be used to reduce debt and improve the company’s financial position, the group said.

One of the warehouses just sold by abrdn European Logistics Income

The sales include a freehold 12,384 sq m warehouse in Oss, near the port of Rotterdam in The Netherlands, for €15.7 million, which was sold to its current tenant, Orangeworks.

The sale price was in line with the latest available valuation for Q3 2024 and, following the completion of the transaction, the company has paid down €9.9 million of the outstanding €44.2 million debt, which is cross collateralised with Ede and Waddinxveen, provided by Berlin Hyp.

The other two assets are in Spain and were sold to Fidelity Real Estate Logistics for €29.7 million, 11.9% above the Q3 2024 valuation. One is a 6,805 sq m cross-dock warehouse in Coslada, in a prime location near Madrid Barajas Airport, which was built in 1999 and is leased to DHL.

The second Spanish asset is a 13,907 sq m warehouse in Polinyà, 20 minutes from the centre of Barcelona in what is known as the first logistics ring around the city. The building, which was constructed in 2018, is leased to Mediapost.

Of the net proceeds from the sale of these two Spanish properties, €17.7 million will be applied in paying down a portion of the €51 million ING Bank secured debt, which is cross collateralised with Gavilanes, Madrid, Unit 4 occupied by Amazon, reducing the company’s gearing further.

Detailed due diligence is ongoing over three assets in the company’s portfolio, representing representing 90,000 sq m of rentable area and further details will be released as sales complete, abrdn said.

Further assets have been marked for sale and some deals are expected to be announced before the end of June.

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