abrdn, on behalf of one of its investment funds in logistics assets in Europe, has announced the sale of one of its assets in Spain, a logistics platform in León, to the real estate company of the French firm Iroko ZEN for 18.5 million euros. This property, located in the Villadangos industrial estate, is currently leased to Decathlon.
The platform was acquired in 2018 and was the first investment of this fund managed by abrdn, which specialises in investments in logistics warehouses in Europe.
During these five years, this property has generated the expected returns, and this sale allows abrdn to realise gains by reaching its targets. In addition, this fund slightly reduces its exposure to Spain, which has increased significantly since the acquisition of eight other logistics assets in the country at the end of 2021.
With regard to the players involved in the transaction, abrdn has been advised by Garrigues, Perez Llorca and Knight Frank.
Pilar Valencia, abrdn's head of asset management and transactions for Spain and Portugal, said: "The sale of the León asset will crystallise profits and generate liquidity. The fund is very focused on urban logistics and mid-box logistics. Following this transaction, the portfolio remains very well diversified geographically. The fund's weight in Spain is reduced from 34.5% to 32.9% and it remains committed to its other assets in Spain, in urban locations in Madrid and Barcelona. Following this transaction, Spain remains the country with the largest weighting in the fund, followed by the Netherlands, France, Poland and Germany.