Abrdn European Logistics... Share Discussion Threads

[elvor] 23/9/2021 10:45

Hello Everyone,

I'm thinking of buying in as part of the recent share offer, and trying to learn more. Do any of the long term holder here have any insights or comments as why (according to Hargreaves Lansdown website :

2019 divi (in pence) 5.08
2020 divi (in pence) 4.96
2021 divi (likley) 4.84


Is this drop due to currency fluctuations or something else?

Thanks in advance for any thoughts

[williamcooper104] 22/9/2021 09:36

Both externally managed thus both very focused on growing the size of the fund Bigger fund = bigger management fees = bigger bonus It's literally the most important thing for management Put them together and you get over £1bn quicker, ETF inclusion and much greater liquidity which brings in more institutional investors

[williamcooper104] 22/9/2021 09:33

Good background note on the sector

[speedsgh] 22/9/2021 08:59

New QuotedData research note...

Aberdeen Standard European Logistics Income: Handbrake off in growth drive -

[alan pt] 17/9/2021 13:02

Personally I hope ASLI & EBOX don't merge, I think they are large enough and sufficiently differentiated to stand alone

ASLI is mid size & last mile assets, more focus on buying at the right price and yield. EBOX is top size assets, more focus on growing the size of the fund fast and relying on asset capital growth for returns

Different approaches and ASLI is much more to my taste. I held but exited almost a year ago to move into REITs with better discounts, but kept an eye on it because I still liked it. Being able to buy back in now at only 2p higher than I sold for seems like a good opportunity

Let's see how many I get though, I feel like the demand is likely to go above the max raise level!

[speedsgh] 16/9/2021 15:40

Article includes references to #BBOX #EBOX #ASLI...

Phayre-Mudge: The smart money is in ‘shed’ developers -

[speedsgh] 15/9/2021 08:02

‘Unstoppable’ logistics demand pushes ASLI Reit back to market -

"... While the shares have been priced to attract investors, with trust manager Evert Castelein saying this is a step towards becoming a £1bn portfolio..."

[williamcooper104] 14/9/2021 23:52

Likewise; holding both and will participate/top up Just wish they'd hurry up and merge

[technowaxy] 14/9/2021 23:09

As you suspected Mr Cooper !I hold both and will be participating in the ASLI open offer.

[williamcooper104] 10/9/2021 11:32

And EBOX is raising equity

[speedsgh] 09/9/2021 11:58

EXPECTED TIMETABLE

Results of the issue to be announced on 29/9
General meeting 30/9
Admission of newly issued shares 1/10

[speedsgh] 09/9/2021 11:41

From the prospectus...

"Subject to the Investment Manager’s pipeline and sufficient investor demand, the Company can increase the size of the Issue to up to £100 million."

"As at 7 September 2021 (being the latest practicable date prior to publication of this document), the Company had 262,950,001 Ordinary Shares in issue and no C Shares in issue."

Initial issue target of £75m (68.8m shares) would represent an approx 26% increase in the company's issued share capital. If fundraising is increased to £100m (91.7m shares) to satisfy excess demand, that would represent an approx 35% increase in the company's issued share capital.

[topvest] 08/9/2021 22:06

Pleased on the timing of my exit last month following today's fundraise.

[williamcooper104] 08/9/2021 21:13

Yep it's a general down day - BL/LAND down a fair bit But Segro and WHR down about 1 percent and HWG up a bit, PLD up too So logistics focused REITs aren't down as much as EBOX/ASLI Most other REITs are trading at discounts to NAV so aren't likely to be raising equity anytime soon As EBOX and ASLI are now managed under the same external fund management house (albeit different teams for time being) there's a fair bit of read across between the two

[speedsgh] 08/9/2021 19:43

Link to prospectus -

[technowaxy] 08/9/2021 18:39

Mr Cooper. Lots of REITS / Property cos down today. Looks like Europe focused business more so but Grainger also down 4 odd pc. Do you think it's all relating to equity raising ?

[williamcooper104] 08/9/2021 17:20

EBOX has fallen almost as much; clearly anticipating more equity there

[ryesloan] 08/9/2021 17:05

Another £100m in the coffers would be very nice indeed. Think I'll take them up on their 109p offer as I'm sure many others will as well.Once done and out of the way we will probably see the share price recover a touch as this deserves a bigger premium than 2%. But anyway I don't trade this...simple buy, hold and reinvest holding...every portfolio needs some!

[williamcooper104] 08/9/2021 15:52

Yep Wondered if recent weakness in share price was in anticipation of an equity raise And then when saw this mornings collapse was pleased to find that it's just a raise Key thing is that it looks like retail are able to participate at 109

[speedsgh] 08/9/2021 14:17

New fundraising announced this morning. Looking to raise £75m at 109p per share (equates to 68.8m new shares). Includes Open Offer entitlement of 1 new share for every 4 existing.

109p = 2.7% premium to 106.1p NAV as at 30/6/21, 8.4% discount to 119p closing price yday evening.

Prospectus will also provide for a Share Issuance Programme seeking authority to issue an additional 250m new shares over the next 12 months.

Investment manager (IM) currently undertaking due diligence on EUR165m (c.£140m) mid-box/urban logistics warehouses in countries in which ASLI is already invested, but also looking at opportunities in new geographies, including the Nordics.

IM is in addition exploring a number of expansion opportunities for portfolio assets on adjoining or adjacent plots, on a pre-let basis.

[cwa1] 26/8/2021 13:51

Brief mention for ASLI here...

[speedsgh] 19/8/2021 11:38

Possible fundraising in the offing?...

"Our ambition to further scale the Company remains and we look forward to the next stage of the Company's growth, in what is one of the most sought-after asset classes globally".

----------------------------------------------------

Evert Castelein, Fund Manager, Aberdeen Standard Investments, commented:

"Reflecting the quality of our carefully constructed portfolio, it's pleasing to have delivered another consecutive quarter of portfolio valuation uplift. We also continue to take meaningful steps on our sustainability roadmap, implementing new initiatives in partnership with our tenants which will have a material impact on portfolio performance.

"The sector remains in rude health. Despite three years of strong growth, the first quarter of 2021 saw a record volume of logistics transactions in Europe, up 19% to 5.6 million sq ft versus the same period last year. The Netherlands, Poland and the UK experienced the strongest growth in leasing activity, whilst Spain also experienced strong growth as e-commerce platforms and food distributors further established themselves. Such is the need to reposition supply chains to accommodate new consumption patterns and a more competitive last mile demand story, we expect the remainder of 2021 to continue this trend. An improving economic outlook, as the vaccination programme continues at pace and consumer spending returns to 2019 levels, will also support performance."

Tony Roper, Chairman of the Company, added:

"This was another very good quarter for the Company with the modern, core characteristics of the portfolio further reflected in the increased valuation. The sustainability of the portfolio is an important focus for the Board and we are pleased with the new initiatives the Investment Manager has implemented in this quarter.

"The Investment Manager has amassed a strong pipeline of potential acquisition opportunities, which would further diversify the asset base and improve the quality and visibility of the income. Our ambition to further scale the Company remains and we look forward to the next stage of the Company's growth, in what is one of the most sought-after asset classes globally".

[speedsgh] 19/8/2021 11:36

Q2 2021 NAV and Second Interim Dividend -

GROSS ASSETS EXCEED €500 MILLION DRIVEN BY PORTFOLIO VALUATION UPLIFT AND NEW ACQUISITION

19 August 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") and dividend for the quarter ended 30 June 2021.

Highlights

· NAV per Ordinary share increased by 1.6% to 123.6c (GBp - 106.1p 1 ) (31 March 2021: 121.6c (GBp - 103.6p)), reflecting a NAV total return of 14.7% (in Euro terms) for the 12 months to 30 June 2021

· Portfolio valuation increased by 1.9%, or €8.7 million (on a like for like basis and using Lodz purchase price) to €473.9 million, reflecting further modest yield compression, and taking gross assets to over €500 million

· 100% of the rent due for the quarter ended 30 June 2021 collected

· €18.8 million acquisition of a modern urban logistics warehouse in Polinyà, Barcelona, Spain, completed in July 2021, further enhancing the Company's sustainability credentials and the portfolio's weighting to the high growth urban logistics sector

· Portfolio now comprises 16 strategically located, modern and diversified European logistics assets across 5 countries

· Long-term solar panel leases at the Company's Ede and Den Hoorn assets have delivered a capital uplift of approximately €1 million

· The Company declares a second interim dividend of 1.41 euro cents (equivalent to 1.21 pence) per Ordinary share in respect of its financial year ending 31 December 2021.

Acquisition of Sixteenth Asset

In July 2021, the Company announced that it had completed on the acquisition of a modern urban logistics warehouse in Barcelona, Spain's second most populous city. The purchase price of €18.8 million reflects a net initial yield of 3.7% and net reversionary yield of 4.75%.

This 13,907 square metre asset is located in the first ring of Barcelona, within a 25 minute drive (27km) of the city centre and is well positioned to benefit from the growth of e-commerce and the scarcity of development opportunities, which provides strong rental growth potential. The local market is characterised by a low vacancy rate of 3%, which falls to 1% for the first ring, reflecting naturally occurring land constraints, with the city surrounded by the sea and mountains.

The asset is located on the Polinyà Logistic Park, a strategically positioned and highly consolidated industrial area just off the AP-7 motorway that connects Barcelona with France and the wider European market in the north, and to Zaragoza, Madrid and other key cities along the Mediterranean coast of Spain.

The freehold asset, which was built in 2019 and meets modern specifications, is fully let to Mediapost, a subsidiary of LA POSTE Group, the French state-owned company, serving as its Spanish headquarters. The property offers a high-grade specification of c.11.5 metres clear height in the warehouse area, high quality office accommodation, 10 loading docks, LED lighting and a small solar PV installation which the Company will seek to enhance, making this a very sustainable investment. Accelerating e-commerce penetration and favourable demand supply dynamics offers rental growth potential at the first mutual break option in 2026 or at lease expiry in 2029, whilst rental income is indexed from 2023 onwards.

This was the Company's third investment in Spain and its first in Barcelona, providing further diversification across the portfolio. The acquisition was funded using the Company's credit facility.

Declaration of Second Interim Dividend

The Directors have today declared a second interim dividend of 1.41 euro cents (equivalent to 1.21 pence) per Ordinary share, in respect of the year ending 31 December 2021 (31 March 2021: 1.41 euro cents). This second interim dividend will be paid in sterling on 24 September 2021 to Ordinary shareholders on the register on 3 September 2021 (ex-dividend date of 2 September 2021)...

... Of this second interim distribution of 1.21 pence per Ordinary share, 0.95 pence is declared as dividend income with 0.26 pence treated as qualifying interest income.

Performance

As at 30 June 2021, the Company's share price stood at 119.0p.

For the 12 month period to 30 June 2021, the share price total return (with dividends reinvested) was 18.5% with the Company's net asset value total return over the same period 14.7% in Euro terms (8.3% in sterling terms).

Despite the short term impact of a reduction in the value of the Meung-sur-Loire asset of €6.5 million due to the expected temporary vacancy, the overall unaudited portfolio valuation increased by a net €8.7 million or 1.9% (like for like and using the Lodz purchase price). Excluding the Meung-sur-Loire asset, this represents a strong portfolio valuation increase of 3.5%. Yield compression and considerable demand for logistics warehousing continues to drive valuations...

[topvest] 16/8/2021 11:59

Well I have sold my holding here after a good run from IPO. I have lost conviction in this company. Its too unfocused in too many countries. Investment record doesn't look great and must be incredibly complex investing in logistics assets across so many countries. I don't feel it will end particularly well. Good luck to those that remain.

[2wild] 11/8/2021 12:20

Wrong thread