The purchase price reflects a net initial yield of 4.0%.

Both properties are leased to Dachser France, an international provider of transport and logistics solutions, on leases which provide annual indexation, whilst they also offer medium term asset management opportunities due to low site coverage.

Evert Castelein, fund manager for ASLI, commented: 'These are tenant critical, well-located assets close to major metropolitan areas in France, one of our high conviction geographies. Both offer excellent road connectivity to Paris and across the country, whilst adding another strong financial
covenant.'

Built in 2005, the Bordeaux urban logistics asset totals 6,504 m2 and sits on a total plot size of c. 29,000 m2, representing a 22% site cover. It is located 8 km from the centre of Bordeaux. A weighted average lease term of 9.5 years, and annual ILAT indexation, provides attractive long term income.

Built in 2014, the Niort property totals 3,939 m2, on 44,000 m2 of land (9% site cover). Located 10 kilometres from the centre of Niort, which has a population of 177,000, it benefits from its proximity to the A10 motorway connecting to Paris and Bordeaux. The lease is also subject to annual indexation.

The company expects to complete on the purchase of a third freehold building in France in Q3.

Added Castelein: 'Notwithstanding the benefit of indexation, these warehouses also offer attractive longer term asset management potential given the large plot sizes and low site cover. The portfolio now totals 26 properties, with our brand new Madrid Phase Four Amazon hub completed earlier this month and fully income producing, adding further diversification to our portfolio.'