Aberdeen Standard’s ‘last mile’ logistics fund weathers Covid storm after ecommerce boom


Aberdeen Standard European Logistics Income (ASELI) has committed to paying quarterly dividends after its £359 million portfolio of “last mile” ecommerce warehouses weathered the Covid storm.

The fund said it had received 85% of rents due diring the second quarter from its tenants who are mainly involved with food distribution or delivery of online shopping orders.

While many retail and other commercial property landlords have been left waiting for rents after their tenants’ income dried up, ASELI said it had benefited from “strong structural tailwinds” in its chosen sector.

The investor, which owns 14 assets in France, Germany, the Netherlands, Poland and Spain, said its three largest tenants operated wholly or partly in food distribution sector and had experienced significant demand.

Five of the 14 properties include cold storage facilities which it said has proven resilient during the pandemic.

outstanding rental income, we have agreed short-term rent deferrals and a small number of rent free periods, in exchange for material lease extensions.

ASELI’s portfolio was valued at €404.9 million (£359 million) at the end of March. It is in talks over further acquisitions throughout Europe, including sale and leaseback deals.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *