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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Abrdn European Logistics Income Plc | ASLI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 57.20 | 08:00:34 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 57.20 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 02/12/2024 11:54 by garbetklb Agree with Pavey that the RNS is pretty unclear. I'd guess it means 3 + 3, rather than 6 + 3.And a LOI is rather short of Exchanged. However, with them also stating "An initial return of capital is expected by early 2025 at the latest", I'd hope that means that they are pretty confident that sales will more than keep up with loans becoming due, allowing for a more than token return to shareholders soonish....... I'd interpret "early" as no later than March - and adding "at the latest" wasn't necessary...... Maybe they are trying to counter investors' impression of a leisurely stroll, whilst still collecting fees......? |
Posted at 22/10/2024 18:21 by stun12 We don't know anthing apart from what we've been told so far - plenty of interest in some selected assets. Much DD to be done by prospective buyers and funding to be put in place. One interesting factor is that some of the big logistics investors (Blackstone and M7 particularly) like to buy under-rented properties and spend capex on them to achieve higher occupancy, sign new leases and push rents higher. ASLI has managed its portfolio well, so it is at close to fully rented as is likely in a highly granular tenant pool of properties. ASLI's efficiency may be working against it, bizarrely.For example, Blackstone has being buying up properties piecemeal for the last couple of years with financing from SocGen and Goldman Sachs. The banks just refinanced the loans via a CMBS, with the yield on it now down to about 6%. But BS paid much less (7-9%) and then spent some money, got the vacancy rate down and signed a whole bunch of new leases. A couple of older properties in amongst the mix, but most looked quite decent. |
Posted at 18/10/2024 15:50 by skyship “An initial return of capital is expected by early 2025 at the latest.”“A lowering of interest rates should be an encouraging sign. Despite relatively low levels of capital raising for real estate strategies generally, private equity has notably been deploying capital into logistics. Institutions, pension funds and core investors have been inactive, but it is likely the denominator effect limiting new real estate allocations is easing with 'dry powder' likely to begin to be deployed as expectations of better returns rise for good quality assets. Added to very low levels of construction activity, high construction costs, restrictive financing terms and availability, lack of sites and planning authority support, the Company's portfolio of assets should attract considerable interest.” Well – the ECB cut base rate yet again yesterday, now down to 3.25%. So asset valuations should be moving back up. Yet ASLI wallow at below 60p. Hoping for some positive news in the very near future…. |
Posted at 06/10/2024 06:35 by pyufak Post wind down announcement; are they holding to the financial calendar - so the key date is 24th Oct 2024 for the Q3 trading statement?hxxps://www.abrdn.co |
Posted at 30/8/2024 08:23 by spangle93 write up of the recent results"The cost of winding down has wiped a chunk off the value of Abrdn European Logistics Income (ASLI), although stabilising property markets should make offloading its portfolio of warehouses easier...." "The Reit continues to trade at a chunky discount of 17% to NAV and Rees said this likely ‘reflects caution over management’s ability to drive competitive tension in the sales process when the fund is seen as a motivated seller in the market’. Investor returns will not only be driven by the prices achieved for the assets but also the timeline in which sales are completed and cash returned, he said. |
Posted at 29/8/2024 15:30 by chopp1 See the latest news is that over €12m have been wiped off the NAV because of costs in volved in selling off the portfolio. I warned a long time ago that voting to discontinue was stupid given the costs involved and the “forced sale” issue. We will be lucky to see two thirds of our investment back. Another horrendously managed REIT.If those investors who voted for discontinuation had been prepared to sit it out and wait for interest rates to drop,it would have been a different story. But no, the institutional investors have screwed us through their ridiculous impatience. Retail investors always get screwed in this sort of thing when the big institutions can just absorb the losses. I’m sick of it. |
Posted at 21/5/2024 17:00 by giltedge1 Also to add save on the refinancing in 2025, insurance companues can slot ASLI properties into their existing infrastructure, mgt, legals, admin, dirs etc so save 2% a year. Their yield 8% vs current small retail investors 6%. Also most properties under 5 years old & great ESG scores. |
Posted at 27/10/2023 11:50 by wiganpunter I have also written to the board to suggest that in 2 years time they issue green bonds given the strength of the bream / esg ratings in the portfolio . this will allow Tham to secure very advantageous borrowing rates. see example enclosed from prologis. the ASLI portfolio is incredibly esg rated - a huge plus also overlooked .Ethan Gilbert, director of Global ESG at Prologis, reflects on the company’s green financing journey: “Our first step into the green bonds space was in 2018 in Europe, which is when we developed our global green bond framework. This framework was reviewed by Sustainalytics for alignment with the 2017 International Capital Market Association’s (ICMA) green bond principles.” The ICMA gives direction on how the proceeds of a green bond should be used to support green projects. When it deploys a green bond, Prologis uses the proceeds to fund the construction or retrofitting of buildings, renewable energy and/or energy storage. Up to now, the company has concentrated on using green bond proceeds for green buildings, building to industry-leading certification standards (e.g., LEED, DGNB, BREAM and CASBEE). “These high-quality buildings allow us to attract high-quality investors and tenants. We see many customers making decisions based on sustainable certification types,” Gilbert explains. “And our investors can know what to expect from us—they know that a new or newly redeveloped Prologis building will be a modern building, built to the highest standards and sustainably certified.” Gilbert sees green financing as a means of attracting sustainability-focus |
Posted at 19/10/2023 16:20 by wiganpunter Pro-active asset management initiatives to underpin portfolio occupancy and indexation-led earnings growth, leveraging embedded pan-European platform· Portfolio value as at 30 June 2023 was €693 million (31 December 2022: €759 million), reflecting the disposal of Leon; the like-for-like portfolio valuation decreased by 6.4%, largely driven by outward yield movement · Completed the disposal of a warehouse in Leon, Northern Spain, for €18.5 million, reflecting a small premium to the 31 March 2023 valuation · Attractive WAULT to expiry of 8.7 years and inflation linked lease profile, with c. two thirds of current portfolio income subject to full uncapped indexation · Headline passing rent of €33.7 million at 30 June 2023 (30 June 2022: €28.3 million) · Completed income enhancing asset management successes across 80,819 sqm, generating €5 million of annualised rent: o 9.5 year lease with Dachser France at its La Creche, Niort, property, 3% ahead of previous annual rent payable o 12-year lease extension agreed with Biocoop on 28,500 sqm at its highly sustainable warehouse near Avignon, France, generating an annual contracted rent of €2.5 million o Five-year lease extension with Kruidvat at its 39,840 sqm single-tenant warehouse in Ede, the Netherlands, reflecting a 4% increase on the previous passing rent · The Company maintained its four stars out of five awarded in the Global Real Estate Sustainability Benchmark ('GRESB') survey with expectations for further improvement this year. The Company's rent collection remained robust, despite the continued economic pressures, with 96% of the expected rental income for the half year ended 30 June 2023 collected. Following the planned lease surrender in August, the Investment Manager is now actively seeking a tenant for the smaller, modern unit in Madrid previously occupied by Amazon, with interested parties in active discussions with agents. Talks are also ongoing with Arrival as we seek agreement on their proposed surrender of two leases in Madrid. The warehouses in question provide good optionality for splitting into up to five smaller units, which could help to satisfy local occupier demand. During the period the Company completed four leasing transactions, in three countries, across 80,819 sq m extending the WAULT to expiry to 8.7 years. It also completed the disposal of the warehouse in Leon, Northern Spain, for €18.5 million, reflecting a small premium to the 31 March 2023 valuation. We remain positive on the long-term demand drivers from e-commerce, near-shoring, supply chain diversification and modernisation. The reconfiguration of supply chains, driven by the need to adapt in the face of pressures such as technological change, e-commerce and deglobalisation, is a process that should drive strong demand for modern logistics properties for some time to come. Following the 20% decline in All Property (according to abrdn research) values since June 2022, the yield revaluation phase appears to be closer to the end than the beginning, although risks of another step down are elevated because of the weakening economic outlook and the ongoing difficulties in debt refinancing. We continue to monitor loan covenants, which are seeing pressure from continued yield movement, but mitigants including loan repayment and additional security remain options if required. Logistics is expected to outperform the EU average All Property total return with 7.8% per annum over the next three years and 7.6% per annum over five years. This is mainly driven by income returns and modest capital growth prompted by a balance of yield compression and income growth. The use of financial leverage today is not particularly attractive given elevated interest rates and persistent downside risks to the market. We think that interest rates more widely should peak in late H2 2023, before falling back gradually in 2024. Our all-in fixed debt at 2% per annum stands us in good stead and our earliest refinancing is only required in June 2025. However, we remain alive to the fact that rates may not stabilise back to previous low levels, and we are working with the Board to use all levers available to us to improve dividend cover. We continue to expect a three-phase outlook: - Yield revaluation - we believe that the yield correction is roughly three-quarters of the way through, although price discovery will take more time as liquidity remains low. - Economic recovery - Eurozone recession expected in Q4 2023/H1 2024, followed by a recovery; interest rate expectations have fallen back and a cutting cycle is expected in 2024. - Supply-driven rental rebound - lack of supply to support rental growth prospects while sticky inflation is supporting real income growth. Given the elevated risk levels and the delay in the turning point in 2024, we currently believe in a low-risk approach. We believe that attractive opportunities will arise for investors over the next six to twelve months, and so being ready to take advantage of better pricing entry points will be crucial. We expect logistics to be one of the best performing sectors over the medium term, given the structural pressures behind demand. Units of between 20,000 to 40,000 square metres in fringe city locations currently represent the most 'liquid' part of the logistics market from both a leasing and investment perspective and offer robust performance prospects in the long run. A fully covered dividend pre any of above initiatives would be c 3p a share annually. 60% of rents are uncapped inflation linked so even at 60p ( 20% ) higher you would have a 5-6% yield which is target range but a tonne of capital upside. Food for thought - my sense is here they are liquidated at nav or taken out at around nav. |
Posted at 19/10/2023 10:01 by catch007 An award for ESG!!! - what an absolute waste of time ESG is to investors! |
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