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Wednesday, February 21, 2024

KWM assists Iroko Zen with RE acquisition in León

King & Wood Mallesons Spain's Real Estate team has advised the French SOCIMI Iroko Zen on the acquisition of an industrial warehouse in León, previously owned by Abrdn European Logistics Income PLC. The transaction amounts to more than €18 million

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Located in the Villadangos industrial estate in León (Spain), the 32,645 m² warehouse is c Abrdn European Logistics Income (ASLI) has sold a warehouse in Spain, in Leon, Northern Spain, for €18.5m, a 3% above the asset’s 31 December 2022 valuation.

The warehouse, located in the Villadangos industrial area, is leased to French sporting goods and is currently leased to Decathlon.

Troels Andersen, lead fund manager for ASLI, said: “Having performed well since the acquisition, this is the right time to crystallise our investment by disposing of one of our more mature assets.

“This sale, which was achieved ahead of the most recent valuation, underlines the resilience of the Continental European warehouse sector and continues our portfolio pivot towards more urban assets with strong sustainability credentials.”

Andersen added that Spain remains one of ASLI’s “high-conviction markets, with our Spanish assets now wholly concentrated around the sought-after urban locations of Madrid and Barcelona”.

 King & Wood Mallesons Spain’s work team has been led by Pepe Calleja.

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