TIDMASLI
RNS Number : 8405S
Aberdeen Standard Eur Lgstc Inc PLC
19 November 2021
LEI: 213800I9IYIKKNRT3G50
Aberdeen Standard European Logistics Income PLC
Unaudited Net Asset Value as at 30 September 2021
FURTHER VALUATION GAINS DRIVEN BY ASSET SELECTION AND STRONG
FUNDAMENTALS
19 November 2021 - Aberdeen Standard European Logistics Income
PLC (LSE: ASLI), the Company which invests in high quality European
logistics properties, announces its unaudited quarterly Net Asset
Value ("NAV") for the quarter ended 30 September 2021.
Highlights
-- NAV per Ordinary share increased by 2.5% to 126.7c (GBp -
109.0p 1 ) (30 June 2021: 123.6c (GBp - 106.1p)), reflecting a NAV
total return of 17.5% (in Euro terms) for the 12 months to 30
September 2021
-- Portfolio valuation of EUR504.0 million increased by 2.3% or
EUR11.4 million (on a like-for-like basis and using the purchase
price for the Barcelona property), reflecting modest yield
compression
-- 100% of the rent due for the quarter ended 30 September 2021 collected
-- Portfolio comprises 16 strategically located, modern and
diversified European logistics assets with increasingly enhanced /
best in class ESG credentials, across five countries
-- Significantly oversubscribed share issue raised gross
proceeds of GBP125 million following scaling back
-- The Investment Manager is undertaking due diligence on a
significant portfolio in one of its key geographies, which is under
exclusivity and would see the majority of available equity
deployed.
Evert Castelein, Fund Manager, Aberdeen Standard Investments,
commented:
"The growth witnessed in the Continental European logistics
sector in recent years continues unabated, with the current global
supply chain issues putting further upward pressures on demand.
Coupled with the strong demographic and technological drivers of
e-commerce growth, this has underpinned a further consecutive
quarter of portfolio valuation uplifts. Our focus remains on
scaling the platform and further diversification to take advantage
of these dynamics, whilst accelerating the delivery of our
sustainability-led asset management programme which is underpinning
our market leading credentials."
Tony Roper, Chairman of the Company, added:
"With the support of both current and new investors, we are
evaluating new assets to add to and complement the current
portfolio. Shareholders continue to benefit from the Investment
Managers access to a highly experienced team of transaction and
asset managers on the ground in Europe, which has enabled us to
source a near term pipeline that will deliver on our commitment to
deploy the recently raised equity proceeds within our stated
timeframe."
Performance
The unaudited portfolio valuation increased by EUR11.4 million,
or 2.3%, (on a like-for-like basis and using the Barcelona purchase
price). The Polinyà, Barcelona, urban logistics property valuation
was EUR19.1 million at 30 September 2021, a 2.3% increase over the
EUR18.7 million July 2021 purchase price. Yield compression and
high demand for logistics warehousing continues to drive
valuations.
For the 12 month period to 30 September 2021, the share price
total return (with dividends reinvested) was 8.2% with the
Company's net asset value total return over the same period 17.5%
in Euro terms (11.4% in sterling terms).
As at 30 September 2021, the Company's share price stood at
111.0p.
Equity cash raise
On 29 September 2021, the Company announced the results of its
new share issue, which comprised a Placing, Open Offer and Offer
for Subscription as set out in the Company's prospectus published
on 8 September 2021.
The issue was oversubscribed with strong support from existing
and new investors and a scaling back exercise was undertaken due to
the strong investor demand. The Company issued a total of 114.7
million new Ordinary shares, raising gross proceeds of GBP125
million at the issue price of 109.0 pence per new Ordinary
share.
Dealings in the new Ordinary shares commenced after the quarter
end on 1 October 2021. Following the issue, the Company's share
capital now consists of 377,628,901 Ordinary shares with voting
rights.
The Investment Manager is evaluating a pipeline of new potential
investments, including exclusive discussions regarding the purchase
of an attractive portfolio, which, if concluded, will lead to the
majority of the available equity being deployed. Advanced due
diligence is underway and the Company hopes to be in a position to
provide a further update shortly.
GRESB 2021 Survey Results - ASLI awarded Regional Sector Leader
status
The Company was placed first in the Listed European Industrial -
Distribution Warehouse - segment, reflecting the continued work
that the Investment Manager has undertaken in improving the
sustainability credentials of the portfolio.
The Company's 2021 GRESB score of 84/100 represented an
improvement on its 2020 GRESB survey score of 79/100. It also
compared favourably against the 64/100 average peer score and
73/100 overall average 2021 GRESB score.
The Company has maintained its high Green Star rating with 4 out
of a maximum 5 stars and outperformed the benchmark average score
in almost every category.
Debt Financing
As at 30 September 2021, the Company level loan to value ("LTV")
ratio was 31%, below the long-term target of 35%. In November 2021,
the Company signed a revised revolving credit facility agreement
with Investec Bank, increasing the facility's capacity to EUR70
million, providing further flexibility for the acquisition of new
properties.
Breakdown of NAV movement
Set out below is a breakdown of the change to the unaudited net
asset value per Ordinary Share over the period from 1 July 2021 to
30 September 2021. The unaudited net asset value has been prepared
under International Financial Reporting Standards ("IFRS").
Per Share Attributable Comment
(EURcents) Assets (EURm)
Net assets as at
30 June 2021 123.6 325.0
------------ --------------- ----------------------------
Capital values increased
EUR11.4m, a net 2.3%
increase.
The Barcelona warehouse
acquired in the quarter
was valued at EUR19.1m,
Unrealised change 2.3% above the adjusted
in valuation of EUR18.7m acquisition
property portfolio 4.3 11.4 price.
------------ --------------- ----------------------------
Acquisition costs
during the period (0.2) (0.5)
------------ --------------- ----------------------------
Income from the 16 property
Income earned during portfolio and associated
the period 2.3 6.0 running costs.
------------ --------------- ----------------------------
Expenses for the
period (0.9) (2.5)
------------ --------------- ----------------------------
Net deferred tax liability
on the difference between
book cost and fair value
Deferred tax liability (1.0) (2.6) of the portfolio.
------------ --------------- ----------------------------
Movement in the mark
to market value of a
hedge entered into in
March 2021 to fix the
FX hedge mark to EUR:GBP conversion of
market revaluation (0.0) (0.1) the 2021 dividend.
------------ --------------- ----------------------------
Second interim dividend
of 1.41 euro cents (1.21
Dividend paid 24 pence) per Ordinary
September 2021 (1.4) (3.7) share.
------------ --------------- ----------------------------
Foreign currency Foreign currency gain
loss 0.0 0.1 in the period.
------------ --------------- ----------------------------
Net assets as at
30 September 2021 126.7 333.1
------------ --------------- ----------------------------
EPRA Net Tangible Assets per share is 135.6 Euro cents, which
excludes deferred tax liability and fair value of the FX
derivative.
Net Asset Value analysis as at 30 September 2021 (unaudited)
EURm % of net assets
Property Portfolio 504.0 151.3%
-------- ----------------
Adjustment for lease incentives (4.6) (1.4%)
-------- ----------------
Fair value of property
portfolio 499.4 149.9%
-------- ----------------
Cash 17.6 5.3%
-------- ----------------
Other Assets 13.3 4.0%
-------- ----------------
Total Assets 530.3 159.2%
-------- ----------------
Bank Loans (163.0) (48.9%)
-------- ----------------
Other Liabilities (10.7) (3.2%)
-------- ----------------
Deferred Tax Liability (23.5) (7.1%)
-------- ----------------
Total Net Assets 333.1 100.0%
-------- ----------------
The property portfolio valuation is based on the independent
external valuation of the Company's direct property portfolio
undertaken by CBRE GmbH.
The NAV per share at 30 September 2021 is based on 262 ,950,001
shares of 1 pence each, being the total number of Ordinary shares
in issue at that time.
The Board is not aware of any other significant events or
transactions which have occurred between 30 September 2021 and the
date of publication of this statement which would have a material
impact on the financial position of the Company.
Details of the Company and its property portfolio may also be
found on the Company's website which can be found at:
http://www.eurologisticsincome.co.uk
For further information please contact:
Aberdeen Standard Fund Managers Limited +44 (0) 20 7463 6000
Luke Mason
Gary Jones
Investec Bank plc +44 (0) 20 7597 4000
David Yovichic
Denis Flanagan
FTI Consulting +44 (0) 20 3727 1000
Dido Laurimore
Richard Gotla
James McEwan
The above information is unaudited
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