Abrdn European agrees to lease a warehouse in Spain Arrival.

Investment fund abrdn European Logistics Income PLC said Monday it has reached an agreement to terminate its warehouse lease in Getafe, Madrid, with Arrival. According to the fund, which specializes in real estate for logistics in Europe, Arrival has handed back 27,000 square meters of warehouse space.In a related development, abrdn European has agreed a new lease for 5,131 square meters of space with Method Advanced Logistics at a rent that is 8.7% higher than the previous lease. Method is a transportation company that delivers parcels throughout Spain.

abrdn European notes that it did not receive a termination bonus from Arrival, but given the company's financial situation and the administration procedure of its UK subsidiary, has decided to lease the vacated space.The new lease agreement with Method provides for a term of three plus two years and is effective immediately. The company also plans to refurbish the building and create four new marinas in the near future. "While negotiations with Arrival were not as positive as expected, the terms of the new lease and the speed with which our team executed the transaction are testament to the strong demand for high performance warehouse space in Madrid," said ASLI chief fund manager Troels Anderson.Shares in abrdn European Logistics Income were trading up 0.3 percent at 61.00 pence per share on the London Stock Exchange in p