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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
|
|
|---|---|---|---|---|
| 0.20 | 0.33% | 61.20 | 11:36:03 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 61.40 | 61.20 | 61.40 | 61.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 27/10/2023 12:50 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 17:20 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 11:01 by catch007 An award for ESG!!! - what an absolute waste of time ESG is to investors! |
Posted at 18/10/2023 12:12 by giltedge1 Hello can any REIT investor answer this query?, there is a continuation vote in AGM 2024, there is no large shareholder I can see, what is the chances of success?. & if so what % of current NAV would you expect to be returned? in what timeframe. |
Posted at 30/9/2022 09:22 by giltedge1 Most reits now settled at 6% makes sense as investors require at least a 2% yield premium over gilts 4%, so require interest rates to stabilise. Thought property separate asset class from equities, but not the case as it turned out, move together. Reread ASLI report & happy to invest more, new buildings, CPI rents, fully let, no debt financing for 4 years, but missed the dip 2 days ago. Logistics still best category in property. |
Posted at 29/9/2022 14:29 by speedsgh As referenced by giltedge1 in post #224. From yday's Half Year Report..."Furthermore, it is much more typical in Europe for rents to contractually increase through indexation to annual inflation, which is a key point of differentiation compared to most UK lease structures. This gives cash flows from European logistics assets a stronger direct link to inflation, boosting our revenue earning capabilities. That said we are always cognisant of the possible impact that such increases may have on our tenants businesses. The high levels of inflation being witnessed as lease renewal negotiations come up means that there may well be options to help limit increases for certain tenants whilst agreeing longer lease terms, to the benefit of both sides. We have recently seen examples of reduced indexation agreed in exchange for lease extensions or the removal of breaks, which is a positive for investors looking for longer term cash flows." |
Posted at 28/9/2022 09:45 by giltedge1 No NAV went up in Euro's, gain on FX GBP/EURO, rents indexed linked & no refinancing. May have overpaid on last purchase Madrid, thought a bit toppy at the time. Last fund raising at £ 1.10 so not just retail investors, caught out big boys as well. My guess indiscriminate short selling, so hold our nerve & sit it out. Luckily I sold SREI & SHED at what is now a great price, but unfortunately reinvested half in ASLI,UKCM & PRS, so still have other half. So looking to add, but where is bottom?, these events take 6 months, so started in June, so looks like early December a turn around. Best to keep some liquidity & hoover up bargains. |
Posted at 08/6/2022 11:39 by speedsgh Interesting comment on the sector by Marcus Phayre-Mudge, the highly-rated fund manager of TR Property Investment Trust (TRY) in their recent results...Industrial and Logistics 2021 was yet another record year in terms of take up, capital value growth and, all importantly, further shrinkage in the amount of vacancy. The UK market saw take up exceed 50 million sq ft and vacancy is now below 3% across the whole range of 'big box' unit sizes. Like for like rental growth for Segro's portfolio was in excess of 5% and this has driven yields nationwide 75-100 bps leading to huge capital growth. Yet urban logistics has been even hotter, with investors focused on the supply inelasticity of infill markets. Greater London prime industrial transactional evidence now regularly sees equivalent yields (i.e. based off market rents which are higher than passing rents) of less than 3%. This price inflation has been fuelled by evidence of another year of rental growth exceeding 10%. Segro reported rental growth averaging 13.1% in its UK portfolio during 2021. Savills estimate that inner London rents have moved 25% in the last year alone. UK industrial transaction volumes reached £16.7bn in 2021, 113% growth on 2020 and 152% growth on the five year average. Given such an acceleration we must closely watch the fundamentals, there may well be capital seeking deployment without due consideration. However, for now, the demand/supply imbalance at the occupier level is driving rental growth. The entire UK industrial market recorded a drop in available space to 18.1million sq ft, a contraction of one third over the year. No wonder rents are rising. On the Continent, we have also seen market rental growth outstrip annual indexation. This is set to continue even with the printing of record high annualised inflation of 5.1%. Segro are the only fully pan-European listed player and they reported 4.1% like for like rental growth across Continental Europe for 2021. We remain confident that in many key markets this level of growth will be exceeded in 2022. Across Continental Europe, online sales penetration now averages 15-18%, still a long way behind the UK at c.28%. Shortening supply chains and reshoring has driven demand in cheaper markets such as Poland. Savills European Logistics Survey 2021 showed that 46% of all occupiers canvassed expected to increase their warehouse requirements over the next year. Availability continues to shrink, with vacancy down from 5.1% to 3.5%, with record low levels in Dublin (1.1%), the Netherlands (3.3%), Czech Republic (1.7%) and take up levels well ahead of decade averages with Madrid (+9), Poland (+13%) and the Netherlands (+10%). For the best space, rents are responding very rapidly and we expect average rental growth to exceed 5% across the Continent. However in early May this year (post the year end) Amazon announced a dramatic pause in its expansion programme. Whilst we believe that these comments were focused on their domestic US market, it has caused reverberations across all logistics/ecommerce real estate markets. Major owners and developers such as Segro and Tritax point to full orderbooks and strong transactional evidence, forward looking equity markets took fright. Share prices of these two names are down - 22% and 17% respectively, calendar year to date. |
Posted at 12/1/2022 12:24 by speedsgh ASLI are looking to raise more funds at 110p, just 4 months after they raised £125m in an oversubscribed placing at 109p (initial target was £75m). The Company has an expected near-term funding requirement of approx €142m (c.£118m). The placing is also being made available to private investors via PrimaryBid. Investors in the placing will be entitled to receive the Q4 dividend to be declared in Feb 2022 (payable March).They also advise an estimated NAV increase of 1.5% for 3 months to 31/12/21. Proposed Placing under the Company's Share Issuance Programme - PrimaryBid Offer - The Company currently has an expected near-term funding requirement of approximately €142 million, comprising the following: · Drawings of €15.5 million under the Company's revolving credit facility, following the acquisition of Phases I-III of the Madrid portfolio · Construction of Phase IV of the Madrid portfolio, comprising the last-mile warehouse and delivery van parking station let to Amazon for a period of 25 years, is due to complete in Q2 2022. Additionally in Q2, the Company will fund a 2,900 sq. m. extension to the Waddinxveen asset in the Netherlands on a pre-let basis to the current tenant, Combilo, at an attractive yield-on-cost. The aggregate funding requirement for these two assets is approximately €78 million · The Investment Manager is at an advanced stage of due diligence on four assets, a mix of urban logistics and mid box distribution properties, currently under exclusivity. Three assets are located in France, on long-term leases with a French national third-party logistics provider, and one asset is located in the Netherlands let to a well-established food focused operator. All four assets currently have very low site coverage; and the Investment Manager anticipates attractive medium-term asset management opportunities, while benefiting from inflation-linked rental income. The aggregate funding requirement for these four assets is approximately €49 million⁵ The Investment Manager is concurrently performing due diligence on a further, early-stage pipeline of acquisition opportunities predominantly sourced by abrdn's local transaction teams. |
Posted at 14/12/2021 10:54 by alan pt Sounds like they might be hoping to come back for another raise too:"Following the acquisition of the Portfolio, all of the September equity issue proceeds will have been fully deployed. The Investment Manager currently has two additional acquisitions under offer on assets in the Netherlands and France (totalling four logistics warehouses) and a strong near-term pipeline of further acquisition opportunities, predominantly sourced by abrdn's local transaction teams. The Company hopes to provide investors with a further update in early 2022" Might be waving goodbye to the premium... |
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