Aberdeen Standard’s European logistics income fund has paid €227m (£194m) for a last-mile warehouse portfolio in Madrid.
The 1.3m sq ft portfolio consists of seven assets and is let to five tenants. Amazon accounts for 43% of the space, including a 200,000 sq ft last-mile hub that is currently being developed.
Evert Castelein, investment manager at ASLI, said: “This is an extremely rare opportunity to acquire a portfolio of truly last-mile warehouses, leased to investment-grade counterparties, in one of Europe’s nascent but fastest growing e-commerce markets.”
ASLI raised £75m in an equity issue in September.
ASLI chair Tony Roper said: “Raising equity in September was a significant milestone for the company and reflected our strong conviction in the Continental European logistics proposition. Having stated an ambition to scale the company, this substantial acquisition enables us to invest the equity proceeds within three months and provide shareholders with further exposure to high-quality, well-located logistics assets with inflation-protected income.”
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