Aberdeen Standard European Logistics Income Trust has closed the acquisition of the logistics platform of Davidson Kempner and Palm Capital for 227 million euros.
Aberdeen will integrate a portfolio of 122,000 sqm that includes seven newly built logistics warehouses and a logistics warehouse under development.
Amazon is the main tenant of these properties, representing 43% of the income. Grupo Talentum, MCR, Carrefour and Arrival are other of the known tenants. The contracts are linked to inflation, with an average remaining duration of 14.8 years.
Garrigues, CBRE, KPMG and Linklaters advised Davidson Kempner and Palm Capital; while Savills Aguirre Newman, Pérez Llorca and Deloitte advised Aberdeen.
Evert Castelein, Aberdeen investment manager, explains: “This is a unique opportunity to acquire a portfolio of last-mile warehouses, leased to investment grade companies, in one of the emerging but fastest growing e-commerce markets in the world. Europe. Plus, market-leading volume, specifications and environmental credentials add to its uniqueness as an investment proposition. The sellers have created a first-class product and we look forward to continuing their excellent work under our management ”.
Pilar Valencia, head of asset management and transactions in Spain and Portugal of the fund, added: “We are very proud to have been able to close this emblematic operation and which has aroused so much interest in the Spanish market, both from national and international investors . With it, we have further expanded our portfolio in the logistics sector in Spain, in a highly competitive environment. Logistics assets, along with residential assets, are a strategic priority for Aberdeen today. In fact, we closed a year in which we have acquired properties in these two sectors for a value close to 370 million euros, with which our portfolio reaches 875 million euros between Spain and Portugal, with 30 buildings in the logistics sectors, residential, offices, hotel and commercial ”.
