Travers Smith LLP has advised longstanding client Investec Bank plc (Investec) on an uncommitted four-year €40 million facility made available to Aberdeen Standard European Logistics Income PLC (ASLI).
This new facility sits at the parent company level and will give added flexibility to ASLI, which seeks to tap into the rapid growth of e-commerce across Europe by investing in European logistic properties such as large ‘big box’ ultra-modern warehouses and local ‘last mile’ distribution centres. The logistics sector continues to grow with the increasing demand from market participants for newer, quality warehousing driven by their demand for increased space both for the re-shoring of operations and to address the rise in e-commerce demands.
Under the facility, ASLI may make requests for drawdowns at selected short-duration tenors as and when needed to fund acquisitions or for other liquidity requirements. Investec has also agreed to make available a £3.3 million committed revolving credit facility which will be carved out of the total €40 million limit of the facility. This revolving credit facility will partly replace ASLI's existing overdraft facility and provide a small amount of committed liquidity with which to cover liquidity gaps.
The Travers Smith team was led by Finance Partner Katie McMenamin with support from Senior Associate Laura Smith, Associate Alastair Lowson and Trainee Katy Lavall-Smith.
Partner Katie McMenamin commented "NAV facilities continue to rise in popularity as an attractive, flexible tool for meeting a fund's liquidity and portfolio management demands, including for listed vehicles. We were delighted to work with Investec's Fund Solutions team on this bespoke facility tailored to meet ASLI's funding requirements."
