abrdn European Logistics Income (ASLI) has sold a warehouse in Spain for 3% above the asset’s 31 December 2022 valuation.
ASLI said SCPI Iroko Zen has acquired the 32,645sqm asset in Leon, Northern Spain for €18.5m.
The warehouse, located in the Villadangos industrial area, is leased to French sporting goods retailer Decathlon.
ASLI, which paid €15.3m in 2018 for the asset, said the disposal price reflects a crystalised 20% gross profit.
Troels Andersen, lead fund manager for ASLI, said: “Having performed well since acquisition, this is the right time to crystallise our investment by disposing of one of our more mature assets.
“This sale, which was achieved ahead of the most recent valuation, underlines the resilience of the Continental European warehouse sector and continues our portfolio pivot towards more urban assets with strong sustainability credentials.”
Andersen added that Spain remains one of ASLI’s “high-conviction markets, with our Spanish assets now wholly concentrated around the sought-after urban locations of Madrid and Barcelona”.
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