Aberdeen Standard Investments’ newly listed UK investment trust has acquired its first asset for €20.1m.

Aberdeen Standard European Logistics Income is buying Flörsheim Logistics Park in Frankfurt from Segro Zehnte Grundbesitz.

The 17,809sqm asset comprises two logistics warehouses newly constructed in 2015 on freehold ground.

Flörsheim is fully let to five logistic tenants and benefits from almost full annual rent indexation and a weighted average unexpired lease term of 5.5 years, it said.

The investment trust said the acquisition will be funded from existing cash, with a deal closing expected towards the end of this month.

Last month, Aberdeen Standard European Logistics raised £187.5m of equity on the London Stock Exchange by floating to target European logistics properties.

Evert Castelein, the company’s fund manager, said: “We are very pleased with this first acquisition by the company.

“With the support from our local Frankfurt based asset management team we are confident that we can generate a durable income stream from this asset and remain confident about the pipeline of further investment opportunities.”