2 years in total but with an average of c1 year is my best guess, so add most of the divi yield to the upside to NAV/close to should get you to your expected returns My concern about having too a big position was if yields came in across the board and you ended up reinvesting your proceeds at lower returns than you could get now, but that looks like less of risk now |
I had assumed the unwind would be completed this calendar year, but of course there are no guarantees. I still think this is the best risk/reward share around with limited downside.As ever, I'm all ears if anyone can suggest something even better. NB i'm very much looking for income rather than growth. |
Question for me is timescale - already a lot slower than I'd expected. So is that 20% over 12 months, 18 months, 2 years? Makes a big difference.
Saying that - it's back as my largest holding now. I quite like what they're doing with a very considered, non-firesale realisation, with earnings/divis/lettings along the way. |
With an estimated NAV of 73.7p aren't we looking at about 20% from here (60.5ish) ? I have a lot of these but it's tempting to swap something else out and buy a few more of these. |
Well I made a small top up this morning. |
... because they have no choice! If you are engaged in a selling program agreed months ago, then you use good news as a liquidity opportunity. You get a pat on the back for the selling volume against a nominal "budget" rather than the INCREASE in value obtained. Seen it a thousand times, here, there and everywhere. |
Indeed. With the first redemption close to NAV in a matter of weeks; just why would anyone sell down at 60p!? |
Steady away it seems.
"An initial return of capital following these sales and the repatriation of cash from the Company's SPVs is expected by the end of March 2025. An announcement will be released shortly with details." |
 Fidelity have just informed me that I can’t add to my holding in this. I remember seeing someone else with a similar restriction on another provider… a bit annoying!
—text below—
Please note that for the asset titled Abrdn European Logistics Income PLC, Fidelity has decided to restrict customers new investments into this asset.
What do these restrictions mean for my investments?
We believe it is in the best interests of our customers not to accept any new investments into this asset until further notice. This includes lump sum top-ups, income reinvestment and Regular Savings Plans (RSP), but withdrawals and switches out aren’t affected.
If you have a Regular Savings Plan (RSP)
You don't need to take any action following this notification. We’ll continue to collect your Direct Debit, but for the time-being your payments will stay in the cash part of your account, rather than being invested into this asset. You’ll be able as usual to log in at fidelity.co.uk to move any cash in your account into any other fund or asset of your choice, as well as switch out as usual.
If you would like to instruct an alternative asset or fund for a regular savings plan, this needs to be at least 12 days before the date of the collection of your next RSP.
Regular Investments in other funds or assets you hold will continue as normal. This applies to ISAs, Investment Accounts and SIPPs. |
Personally I am torn between them paying off any near term debt that they can without penalties or returning cash. |
Yes, I'd imagine an update shortly.
Per my earlier post, I suspect they are hoping to include the proceeds from the 3 properties undergoing "detailed due diligence" per announcement 24/01/25. IF they are the 3 Polish properties, they would have sold approx 20% of the whole - what we get depends on how they split between paying off debt and shareholders. |
'The Company is in the process of repatriating the net proceeds from these recent sales to the Parent company in a tax efficient manner, ensuring no withholding tax issues, and will update Shareholders as soon as possible as to the expected timing of an initial return of capital, which is expected later in Q1 2025 at the latest.'If I'm reading that correctly the capital return was expected in Q1. Therefore an announcement should soon be forthcoming!? |
90% certain Rathbones chucking more out. The price action centring around 60 suggest this as they tend to target round numbers over all the stuff they sell, and ratchet it higher when something significant occurs, or lower if they are not selling at their required pace.
It's amusing to watch. |
I too topped up today. Some large volumes going through, maybe Rathbones dumping more? |
Took profits on AGR and topped up here |
4th quarter distribution announced of 0.81p. So nothing on distribution of the sale proceeds just yet. |
And, hopefully, incorporating sale proceeds from 3 properties undergoing due diligence on 24/01/25. If the 3 Polish assets (no knowledge, just that the size matches), that's 20%+ of the portfolio including the 3 just concluded sales |
They said recently that an announcement regarding the distribution will be made no later than the first quarter 2025. It will be incorporated in that. |
All very well but what about a 1st distribution? |
Sounds to me that Heads of Terms agreed in November (commercial terms agreed, subject to legal and surveyor due diligence). Lawyers instructed and DD underway per the January update.
That's what I took it to mean. |
Hi all,
does anyone have any knowledge of commercial property transactions and can have confidence interpreting the below please:
Nov '24 - The Manager is in advanced stages regarding the disposal of three assets with letters of intent expected to be signed shortly and further details on disposals will be released as these conclude.
Jan '25 - Detailed due diligence is ongoing over three assets in the Company's portfolio representing some 90,000 square metres of rentable area and further details will be released as sales complete.
If so, my questions are:
Is the Jan '25 comment post letters of intent stage giving time for a buyer to perform due diligence or pre-letter of intent. Ie. is the Jan comment an indication of more or less advanced discussions then the Nov comment.
At what stages are provisional prices agreed - a basic read across from residential transactions would be that you don't perform due diligence (surveys) unless you have a price accepted and agreed ... but we are also dealing with a different scale of sums involved here.
Any wisdom would be greatly appreciated as always |
Pyufak - agree with yr 771 above. The Gavilanes complex outside Madrid is modern (built 2019-2022), well let after further recent leasing activity; and of course operating in the thriving Spanish market. Overall valued at E162.2m, accounting for 25.6% of the total portfolio.
Should surely be an attractive asset for a single sale to a whole host of potential buyers. |
Agreed, was disappointed with the timescale on ASLI, & how they could have failed to attract a bid for the long marketing period, then not have had bids/sales of individual or groups of assets very soon after the vote.
But whether by design or luck, it feels like we're going to come out of the sale process much better than if they'd done an EPIC or an API, & passed much of the gain on to the buyer. |
WC, the funny thing about your (accurate) observation is how a number of massive European fixed income asset holders undertook multi-year disposals of PIIGs assets (and other non-core European) to focus on mainly teutonic Europe. Why? - simply because it was a sellable proposition to German Supervisory Boards.
My (old) job was to apply the brakes to this process as much as possible. Countering this were the "jobs for life" apparatchiks who, today, frustrate European progress. Sense of risk/reward utterly misdirected.
Pyufak, often, the best stuff is sold first, but as you recognise, it is essential to see if a fund may take a different path. I suspect ASLI may be doing just that, which may reward a long holding period (especially as at some stage, the losers at Rathbones/Investec will hit their target reduction). |
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