TIDMASLI
RNS Number : 1201I
Aberdeen Standard Eur Lgstc Inc PLC
21 November 2018
Aberdeen Standard European Logistics Income PLC
LEI: 213800I9IYIKKNRT3G50
Net Asset Value as at 30 September 2018
21 November 2018: Aberdeen Standard European Logistics Income
PLC (LSE: ASLI) (the "Company") announces its unaudited quarterly
Net Asset Value ("NAV") as at 30 September 2018.
Highlights
-- NAV per share of EUR1.09 as at 30 September 2018 (30 June
2018 - EUR1.11) (GBP - 97.3p, 30 June 2018 GBP - 98.3p)
-- First interim dividend of 0.7p per Ordinary share paid to shareholders on 28 September 2018.
-- Second interim dividend of 1.0p per Ordinary share declared
on 21 November 2018 and payable to shareholders on 20 December
2018.
The Company expects to pay, in aggregate, dividends totalling no
less than 3.0p per Ordinary Share in respect of the period from
initial admission to 31 December 2018.
-- During and post the period end, seven assets have been acquired or committed to:
o An income producing freehold logistics warehouse in Ede in the
Netherlands for a net value of EUR26.5 million. 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 net initial yield on the
property is 5.9%.
o A newly built partly cooled logistic warehouse near Avignon,
for a net value of EUR44.5 million. This income producing asset has
been fully let to Biocoop, a French supermarket operator, with a 12
year lease. Net initial yield 5.0% reflecting agreed passing rent
which will be subject to annual indexation.
o A new development in a modern logistics hub located in
Erlensee, Frankfurt for an expected net value of EUR33.4 million
from regional developer Ferdinand Fäth. Net initial yield is 4.8%
reflecting forecast passing rent and annual indexation. The target
date for completion is end November 2018.
o Agreement signed for a new development in Oss, the
Netherlands, for a purchase price of EUR15.7 million, with
developer Heembouw Breda B.V. reflecting a net initial yield of
5.3%. The Development is structured as a forward funding deal with
a 5.5% coupon rate and an expected delivery mid-2019. Orangeworks
Group B.V. has agreed a 15 year lease with full CPI indexation.
o Development in Leon, Northern Spain, with a net value of
EUR15.3 million signed up for completion by March 2019. Net initial
yield is 6.0% reflecting agreed passing rent which will be subject
to annual indexation.
o Contracts exchanged to acquire a newly built warehouse in
Zeewolde, the Netherlands, for a purchase price of EUR29.25 million
reflecting a net initial yield of 5.0%. Work commenced with
developer Borghese on this high quality asset pre-let to VSH
Fittings B.V. on a 15 year lease term. The development is
structured as a forward funding deal with a 2.55% coupon rate and
an expected delivery by mid-2019.
o Sale and leaseback agreement signed to acquire an existing
cross-dock warehouse in Waddinxveen, the Netherlands, for EUR33.0
million with a net initial yield of 5.0%. The existing freehold
property is leased to Combilo International B.V. on a 15 year
triple net lease with capped CPI indexation of 2.5% per annum.
-- Continued strong demand for the Company's shares. As at 20
November 2018 the share price was GBP 103.5p representing a premium
to the 30 September 2018 NAV of EUR1.09 (97.3p) of 6.4%.
Investment Manager Commentary
With the recently announced acquisitions in the Netherlands we
have now invested in or committed to invest the net equity proceeds
raised at the launch of the Company in December 2017. This
deployment of capital will see a quality portfolio consisting of 8
properties spread over 4 countries, of which 5 are brand-new high
quality assets. We are confident that we can generate a solid and
sustainable income stream from our portfolio. We are seeing very
strong demand in the market for modern, best-in-class logistics
facilities.
We continue to see a strong pipeline of investment opportunities
with assets in advanced stages of due diligence meaning that we
will very soon deploy significant gearing as these come on-stream.
Further announcements are expected shortly. Despite the continued
tightening of logistics yields in many countries and increasing
investor demand in the European logistics space, we continue to
build a really well-diversified portfolio of very high quality
European logistics properties.
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 July 2018 to 30
September 2018.
Aberdeen Standard European Per Share (EURcents) Attributable Comment
Logistics Income Assets (EURm)
Net assets as at 30 June
2018 111.1 208.2
--------------------- --------------- -----------------------
Increase in valuation
of Florsheim asset
Unrealised decrease in and purchase costs
valuation of property of Ede acquired in
portfolio (0.1) (0.1) the period.
--------------------- --------------- -----------------------
Capital expenditure during
the period (0.9) (1.7)
--------------------- --------------- -----------------------
Reflects income from
Florsheim and Ede
offset by negative
Income earned for the interest rate on Euro
period 0.4 0.7 cash holdings.
--------------------- --------------- -----------------------
Expenses for the period (0.4) (0.6)
--------------------- --------------- -----------------------
First interim dividend
Dividend paid on 28 September of 0.7p per Ordinary
2018 (0.8) (1.5) Share.
--------------------- --------------- -----------------------
Foreign currency gain
/ (loss) (0.0) (0.1)
--------------------- --------------- -----------------------
Net assets as at 30 September
2018 109.3 204.9
--------------------- --------------- -----------------------
The EPRA NAV per share is EUR1.09.
Net Asset Value analysis as at 30 September 2018 (unaudited)
EURm % of net assets
Total Property Portfolio 46.8 22.8%
---------- ----------------
Adjustment for lease incentives (0.1) 0.0%
---------- ----------------
Fair value of Property
Portfolio 46.7 22.8%
---------- ----------------
Cash 153.3 74.8%
---------- ----------------
Other Assets 5.9 2.9%
---------- ----------------
Total Assets 205.9 100.5%
---------- ----------------
Current liabilities (1.0) -0.5%
---------- ----------------
Total Net Assets 204.9 100%
---------- ----------------
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 September 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:
http://www.eurologisticsincome.co.uk/eurologisticsincome
For further information please contact:
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
The above information is unaudited.
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NAVEASFFADPPFFF
(END) Dow Jones Newswires
November 21, 2018 10:55 ET (15:55 GMT)
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