French SCPI Iroko Zen has acquired a warehouse in Leon, Northern Spain, from abrdn European logistics income (ASLI) for €18.5 million. ASLI said that the price achieved was 3% above the asset's 31 December 2022 book value. The 32,645 metres squarred warehouse in Leon is located in the Villadangos industrial area. ASLI acquired the asset in 2018 for €15.3 million with the sale reflecting a crystalised 20% gross profit. It is currently leased to Decathlon with a weighted average unexpired lease term (WAULT) of 6 years. Representing ASLI's first disposal, the transaction reduces the company’s LTV to 33% (based on 31 December 2022 valuations) and improves its cash position.
Soruce: Property EU On the 8th of May 2023