Aberdeen Standard Eur Lgstc Inc PLC Net Asset Value as at 30 June 2018 (5240X)
August 13 2018 - 1:00AM
UK Regulatory
TIDMASLI
RNS Number : 5240X
Aberdeen Standard Eur Lgstc Inc PLC
13 August 2018
Aberdeen Standard European Logistics Income PLC (LSE: ASLI) (the
"Company")
LEI: 213800I9IYIKKNRT3G50
Net Asset Value at 30 June 2018
13 August 2018: Aberdeen Standard European Logistics Income PLC
announces its unaudited quarterly Net Asset Value ("NAV") as at 30
June 2018.
Highlights
-- NAV per share of EUR1.11 (31 March 2018 - EUR1.11) as at 30
June 2018 (GBP - 98.3p, 31 March 18 GBP- 97.4p)
-- On 8 June, the Company announced that it has exchanged
contracts to acquire a new development in a modern logistics hub
located in Erlensee Langendiebach, Frankfurt for an expected net
value of EUR33.3 million (subject to final rental conditions and
full occupancy) from regional developer Ferdinand Fäth. Gross
initial yield is 5.1% reflecting forecast passing rent and full
occupancy. The target date for completion is end October 2018. An
earn-out agreement means that the Company will pay the purchase
price, based on the effective letting of the building, after
completion of the construction works with a minimum occupancy rate
to be delivered by the developer which has already signed lease
agreements with two high quality tenants. Full take-up is expected
for this prime asset by or around the time of completion.
-- Post the period end three other assets have been acquired:
o Conditional contracts to acquire a new freehold distribution
warehouse in France, for an expected net value of EUR44.5 million
at a gross yield of 5.29%. The property is fully leased out on a
firm 9 years lease (fully indexed) to a leading supermarket chain
in France. Contracts are expected to become unconditional by no
later than 30 October 2018.
o A new logistics warehouse in the North of Spain for a net
value of EUR15.3 million. The warehouse is currently under
development with completion expected by mid-2019. On completion,
the property will be fully let to a large international retailer on
a fixed ten year lease with annual CPI indexation. The gross yield
is 6.9%.
o A 39,840 square metres freehold logistics warehouse in Ede,
Netherlands for a net value of EUR26.5 million from David Hart
Group. A fully CPI-indexed lease has been signed with Dutch retail
and pharmacy operator Kruidvat (part of the A S Watson Group) which
commenced on 1 August 2018 for a period of 10 years (with no break
option). A large part of the warehouse will be used to expand the
company's growing e-commerce business. The estimated gross yield on
the property is 6.3%.
-- Continued strong demand for the Company's shares. As at 31
July 2018 the share price was GBP1.075p - a premium to the 30 June
2018 NAV of 9.4%.
Investment Manager Commentary
We are on course to invest the proceeds from the Initial Public
Offering ("IPO") by the end of the year, as we indicated in the IPO
prospectus, with a number of assets in advanced stages of due
diligence or in the pipeline. In addition we are already
considering our debt options in order to fund additional
acquisitions once the IPO proceeds have been fully utilised.
We believe the medium to long term outlook for the logistics
sector remains very favourable. Given the strong tailwinds from
healthy economic output and structural shifts in consumption
patterns, demand drivers are likely to remain supportive, while
construction levels remain relatively low. Development finance for
speculative developments is still a barrier to a substantial
increase in construction. Yields have compressed sharply, but we
expect further compression over the next 12 to 24 months. Net
operating income should grow as occupancy rates rise, inflation
comes through in indexation in lease terms and headline rents
continue to edge upwards in supply constrained markets. We forecast
logistics total returns to reach mid-high single digits per annum
over the next 3 years.
Breakdown of NAV movement
Set out below is a breakdown of the change to the unaudited net
asset value per share calculated under International Financial
Reporting Standards ("IFRS") over the period from 1 April 2018 to
30 June 2018.
Aberdeen Standard European Per Share (EURcents) Attributable Comment
Logistics Income Assets (EURm)
Net assets as at 31 March
2018 111.1 208.4
--------------------- --------------- ----------------------
Increase in valuation
Unrealised increase in of Florsheim asset
valuation of property acquired in February
portfolio 0.1 0.1 2018.
--------------------- --------------- ----------------------
Reflects income from
Florsheim offset by
negative interest
Income earned for the rate on Euro cash
period 0.2 0.2 holdings
--------------------- --------------- ----------------------
Expenses for the period (0.2) (0.4)
--------------------- --------------- ----------------------
Foreign currency loss (0.1) (0.1)
--------------------- --------------- ----------------------
Net assets as at 30 June
2018 111.1 208.2
--------------------- --------------- ----------------------
The EPRA NAV per share is EUR1.11
Net Asset Value analysis as at 30 June 2018 (unaudited)
EURm % of net assets
Total Property Portfolio 20.4 9.8%
---------- ----------------
Adjustment for lease incentives 0.0 0.0%
---------- ----------------
Fair value of Property
Portfolio 20.4 9.8%
---------- ----------------
Cash 188.1 90.3%
---------- ----------------
Other Assets 0.1 0.1%
---------- ----------------
Total Assets 208.6 100.2%
---------- ----------------
Current liabilities (0.4) -0.2%
---------- ----------------
Total Net Assets 208.2 100.0%
---------- ----------------
The NAV per share is based on the external valuation of the
Company's direct property portfolio undertaken by CBRE.
The NAV per share at 30 June 2018 is based on 187,500,001 shares
of 1p each, being the total number of shares in issue at that
time.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014). Upon the
publication of this announcement via Regulatory Information Service
this inside information is now considered to be in the public
domain.
Details of the Company may also be found on the Company's
website which can be found at: www.eurologisticsincome.co.uk
For further information:
Aberdeen Fund Managers Limited
0207 463 6000
William Hemmings
Gary Jones
Jonathon McManus
Canaccord Genuity Limited
0207 523 8000
Will Barnett
Neil Brierley
Dominic Waters
David Yovichic
Notes to Editors:
Aberdeen Standard European Logistics Income PLC is a UK
investment trust with a premium listing on the Main Market of the
London Stock Exchange. The Company invests in European logistics
real estate to achieve its objective of providing its shareholders
with a regular and attractive level of income return together with
the potential for long term income and capital growth. The Company
aims to invest in a portfolio of assets diversified by both
geography and tenant throughout Europe, predominantly targeting
well-located assets at established distribution hubs and within
population centres.
The Company launched on 15 December 2017 raising gross proceeds
of GBP187.5m. Portfolio management services are undertaken by
Aberdeen Asset Managers Limited.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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