abrdn European Logistics Income PLC said it spent €21.4mln on two logistics warehouses in Dijon, France and Horst in the Netherlands, both of which benefit from proximity to major road connections.
The newly refurbished 5,069 square metre (sqm) Dijon property, which sits on a total plot size of 27,000 sqm, was bought for €9.3mln, reflecting a net initial yield of 4.2%.
The property benefits from “excellent arterial connectivity”, with direct access to the A39 connecting to the A31 and A36 to Lyon, providing links to the wider Alpine road network, abrdn said in a statement.
The building is leased to Dachser Intelligent Logistics, a German-owned global third-party logistics provider operating as Dachser France, on a 10-year term.
Meanwhile, the Horst property in the Netherlands totals 6,900 sqm, including office space, and has been acquired for €12.1mln as part of a sale and leaseback deal with Limax, a producer, packager and distributor of soft fruits and mushrooms.
The freehold property, which covers a total land plot of 40,500 sqm, benefits from a 10-year lease term subject to annual CPI capped indexation, with the price reflecting a net initial yield of 3.8%.
Evert Castelein, the company’s fund manager, commented: "These assets fit with our strict investment criteria, being excellently located with direct access to major routes and standing on large plots allowing for future expansion. The portfolio now totals 28 properties across five countries, adding further diversity to our strategy.
"Longer term leases with CPI indexation and our quality diversified asset base across Continental Europe continues to underpin the company's strategy and should deliver shareholder value with our increasing tilt towards urban locations close to major population centres."