Aberdeen Standard European Logistics aims to issue new shares to raise funds to expand its portfolio of industrial sites on the continent.
The Standard Life Aberdeen-run income trust said it plans to issue a prospectus offering new shares to pursue a "pipeline of attractive investment opportunities".
Existing shareholders would be given first option on the new shares, which would begin trading before the ed of July. The prospectus is expected to be published late this month or early July pending shareholder approval.
The trust, which yesterday announced the purchase of a warehouse in the Netherlands , said it was currently carrying out due diligence on two further acquisitions valiued at 60 million euros (£54 million).
It said: "The European logistics market is sizeable and growing, with the sector benefiting from rapid take-up of facilities and long inflation-linked leases to quality tenants.
"The Investment Manager's local property teams, based in key European logistics locations, continue to provide the company with access to on and off-market deals. The Investment Manager has a pipeline of attractive investment opportunities available to it and is presently in a period of exclusivity to carry out due diligence in relation to two potential acquisitions which, in aggregate, are valued at approximately €60 million. In addition, the Investment Manager is in advanced discussions regarding the acquisition of a further property.
"Whilst there is no guarantee that the above will lead to purchases of these properties, the Board and the Investment Manager remain confident that the market for European logistics assets will continue to offer many attractive investment opportunities in the near future, and the Programme will enable the Company to take advantage of its strong pipeline of acquisition opportunities after the initial Issue is concluded."
