Aberdeen Standard European Logistics Income PLC (ASLI) has acquired an urban logistics warehouse in Barcelona, Spain for €18.8 million, reflecting a net initial yield of 3.7% and net reversionary yield of 4.7%.
This 13,907 square metre logistics asset is located in the first ring of Barcelona, within a 25 minute drive (27km) of the city centre.
ASLI said the fully leased property, which was built in 2019, is well positioned to benefit from the growth of e-commerce and the scarcity of development opportunities, which provides strong rental growth potential. ”The local market is characterised by a low vacancy rate of 3%, which falls to 1% for the first ring, reflecting naturally occurring land constraints, with the city surrounded by the sea and mountains.”
The asset is located on the Polinyà Logistic Park, a strategically positioned and highly consolidated industrial area just off the AP-7 motorway that connects Barcelona with France and the wider European market in the north, and to the south to Zaragoza, Madrid and other key cities along the Mediterranean coast of Spain.
“Adding another high quality, modern urban logistics asset to the Company’s portfolio is a significant milestone, taking the gross portfolio value close to €500 million. This newly built asset further enhances the company’s strong sustainability credentials, with ten of the sixteen assets constructed in 2018 or later. Barcelona, Spain’s second largest city by population, is a key business hub within Europe and lies at the heart of a highly industrialised and populated area along the Mediterranean Corridor, and we are confident that this well-located asset will deliver real shareholder value in the coming years,” said Evert Castelein, Fund Manager for ASLI.