Abrdn European Logistics... Share Discussion Threads

[hugepants] 22/2/2021 19:00

wrong thread

[speedsgh] 10/2/2021 22:24

On 3rd February 2021, QuotedData hosted the first of four Round the World webinars. This webinar was focused on Europe and included presentations and Q&As from 3 investment companies’ managers, covering markets across Europe:

Evert Castelein, Aberdeen Standard European Logistics Income
Stephen Paice, Baillie Gifford European Growth
Oleg Biryulyov, JPMorgan Russian Securities

Round The World Webinar Europe: Aberdeen Standard European Logistics Income -

[duration 35:05]

[speedsgh] 21/1/2021 11:54

"The Company expects its unaudited 31 December 2020 net asset value per share to have increased materially since the third quarter"...

Unaudited Q4 2020 Portfolio Valuation Update -

Aberdeen Standard European Logistics Income PLC ( the "Company" or "ASLI") today provides an update on the unaudited quarterly independent valuation of the property portfolio as at 31 December 2020 and its rent collection for the fourth quarter of 2020.

- As at 31 December 2020, the property portfolio was independently valued by CBRE GmbH at €430.2 million, an increase of 6.0%, or €24.5 million, on the 30 September 2020 valuation of €405.7 million on a like for like basis.

- 100% of rent due for the quarter ended 31 December 2020 has been collected.

- Total rent collection for the calendar year 2020 is 97% of rent due under original tenant agreements, as previously reported, with the balance consisting of agreed rent deferrals and rent free periods granted in exchange for material lease extensions.

- The Company remains prudently geared with a loan to value ratio of approximately 31% of gross assets, with no debt maturity before June 2025 and an average remaining loan duration of 5.7 years.

The Company expects its unaudited 31 December 2020 net asset value per share to have increased materially since the third quarter (30 September 2020: 112.7 euro cents, equivalent to 102.9 pence per share).

The Company plans to announce the 31 December 2020 unaudited NAV and its fourth interim distribution in respect of the year ended 31 December 2020 on or around 19 February 2021.

[cont'd]

[speedsgh] 14/12/2020 09:29

Aberdeen and Tritax could consider European trust merger after strategic deal -

[speedsgh] 09/12/2020 11:20

Following today's news of Aberdeen Standard Investments acquiring a 60% stake in Tritax Management, the investment manager of EBOX, might this be a pre-cursor to ASLI (which focuses on smaller, last mile logistics assets with an average property size 26,500 sq m) merging with EBOX (which has much larger, big box assets; average property size 76,000 sq mbig boxes) at some point in the future?...

Investment Manager Acquisition -

The Board of Aberdeen Standard European Logistics Income PLC ("ASLI" or the "Company") notes the announcement made by the Company's investment manager, Aberdeen Standard Investments (the "Investment Manager"), in relation to the planned acquisition of a 60 per cent. ownership interest in Tritax Management LLP ("Tritax").

Tritax is a specialist logistics real estate fund manager with £5.1 billion assets under management throughout the UK and Europe. Among its mandates, Tritax manages two listed industrial logistics funds, Tritax Big Box REIT plc and Tritax EuroBox plc.

The transaction is part of the Investment Manager's increased focus on logistics as a critical area of the real estate market and is expected to close in early 2021, subject to the receipt of regulatory approvals and satisfaction of customary closing conditions.

Tony Roper, Chairman of the Company, commented:

"The Board view the Investment Manager's acquisition of Tritax as a positive development in further enhancing their already deep logistics real estate expertise. Over the coming months, the Board will assess the expected impact of this acquisition on the Company's investment management arrangements and will provide a further update to shareholders in Q1 2021".

[speedsgh] 08/12/2020 07:58

GRESB 2020 Survey Results & Polish asset agreement -

The Board of Aberdeen Standard European Logistics Income PLC (the "Company" or "ASLI") is pleased to announce that in the recently released survey of GRESB (Global Real Estate Sustainability Benchmark) the Company has been awarded four Green Stars out of a maximum of five. This compares to the previous two stars awarded in 2019.

The portfolio's GRESB score of 79/100 compares very favourably against the 68/100 average score for the Western Europe Industrial Distribution Warehouse peer group which contains nineteen funds.

This latest scoring reflects the progress made to date with regards to environmental, social and governance ("ESG") factors thanks to solar panel project initiatives, tenant satisfaction surveys, light sustainability audits and 100% data collection across the portfolio linked to Envizi which is used to analyse energy consumption. In addition, all buildings have LED lighting and the Investment Manager continues with plans to further enhance ESG credentials going forward.

The Company also announces that it has recently signed a Letter of Intent for the purchase of a new warehouse in Poland valued at approximately €26 million. Subject to various approvals, the Investment Manager will be entering advanced due diligence with an expected closing of the transaction in Q1 2021. This 34,000 sqm warehouse is expected to provide a net initial yield of 5.5%, is well located and will be leased to six tenants with an average WAULT of more than seven years.

Evert Castelein, Fund Manager to ASLI commented:

"I am very pleased that the company is now able to announce the expected acquisition of what will be our third property in Poland. This brand-new warehouse, located in central Poland, is strategically located close to a container terminal with easy access to Western Europe. This will be a good addition to ASLI's portfolio using available cash and the Company's recently signed credit facility in advance of the placing of longer term debt.

In addition to this, I am happy to note the latest GRESB scoring for ASLI's portfolio which underscores our desire to put ESG at the heart of everything that we do.

The logistics sector continues to grow with the increasing demand from market participants for newer, quality warehousing driven by their demand for increased space both for the re-shoring of operations and to address the rise in e-commerce demands."

[speedsgh] 24/11/2020 11:09

Third Interim Dividend -

The Directors have today declared a third interim dividend of 1.41 euro cents (equivalent to 1.24 pence) per Ordinary share, in respect of the year ending 31 December 2020. This third interim dividend will be paid in sterling on 30 December 2020 to Ordinary shareholders on the register on 4 December 2020 (ex-dividend date of 3 December 2020).

The Company intends to declare quarterly interim dividends to Shareholders, with dividends declared in respect of the quarters ending on the following dates: 31 March, 30 June, 30 September and 31 December in each year.

Any such dividend payment to Shareholders may take the form of either dividend income or "qualifying interest income" which may be designated as an interest distribution for UK tax purposes and therefore subject to the interest streaming regime applicable to investments trusts.

Of this third interim dividend declared of 1.24 pence per Ordinary share, 0.73 pence is declared as dividend income with 0.51 pence treated as qualifying interest income.

[petewy] 30/9/2020 08:26

Results look healthy

[speedsgh] 25/8/2020 14:15

Second Interim Dividend -

The Directors have today declared a second interim dividend of 1.41 euro cents (equivalent to 1.24 pence) per Ordinary share, in respect of the year ending 31 December 2020. This second interim dividend will be paid in sterling on 25 September 2020 to Ordinary shareholders on the register on 4 September 2020 (ex-dividend date of 3 September 2020)...

... Of this second interim dividend declared of 1.24 pence per Ordinary share, 0.93 pence is declared as dividend income with 0.31 pence treated as qualifying interest income.

[speedsgh] 25/8/2020 14:14

[cont'd]

Evert Castelein, Aberdeen Standard Investments, commented:

"Having witnessed uncertain and difficult times of late, it is gratifying to see our latest portfolio valuation demonstrate stable values for the June 2020 quarter end which is a reflection of the quality and locations of the asset base that we have built up. The COVID pandemic showed the importance of the real estate logistics sector across Europe with increasing online retail sales and an obvious focus on supply chains and their resilience.

With no new requests from tenants for support we have seen strong levels of rent collection, but nonetheless we continue to monitor the situation closely for any possible impacts on our tenant base. We remain, through our local network, in contact with our tenants and available to support them where and when required.

There are attractive opportunities across Europe to invest in high-quality, modern and well-located assets. We believe that the outlook for European logistics real estate remains compelling, perhaps even more so now given the impact that the COVID-19 crisis is likely to have on consumer behaviour and supply chain logistics in the future.

As the European logistics market evolves, our local managers expect to see increased levels of interesting investment opportunities as companies seek to bring certain operations back to their home territories. Our local transaction managers have an increased focus on urban logistics warehouses as the importance of e-commerce accelerates."

Tony Roper, Chairman of the Company, commented:

"The latest Q3 rent collection figures give the Board confidence and underpin the distribution policy of the Company. Today we have declared a second distribution for the year of 1.24 pence (1.41 euro cents) per share, in line with our previous guidance. Our Investment Manager continues to maintain regular dialogue with our tenants and it is pleasing to note that no further requests for support have been received.

European logistics have fared well over a period when many other real estate sectors have seen very challenging times. We remain confident that the quality of the portfolio that has been built should deliver solid returns for our shareholders.

There is no doubt that the increased focus on supply chain management and online sales and deliveries will underpin the increased interest that we are seeing in this sector of the real estate market.

The quality, location and age of our assets together with improving sustainable credentials should give confidence for the future as we look to build on the European logistics story."

[speedsgh] 25/8/2020 14:13

Unaudited Net Asset Value as at 30 June 2020 and Q3 rental income update -

Highlights

-- NAV per Ordinary Share of 112.8c (GBp - 103.0p) as at 30 June 2020 (31 March 2020: 112.7c (GBp - 99.92p)). Exchange rate GBP1 : EUR1.10 (31 March 2020: GBP1 : EUR1.13).

-- Resilient portfolio of assets with latest portfolio capital valuation unchanged from 31 March 2020. The Company's high-quality, well located and diversified European logistics portfolio of 14 assets remained valued at EUR404.9 million as at 30 June 2020.

-- Rent collection remains strong with Q3 rental income expected to be in line with our previous projections, allowing the Board to reaffirm its intention to continue to pay distributions in line with its stated policy.

-- A first interim distribution of 1.24 pence per Ordinary share in respect of the year ending 31 December 2020 was paid on 26 June 2020.

-- A second interim distribution of 1.24 pence per Ordinary share in respect of the year ending 31 December 2020 declared on 25 August 2020.

At the valuation date of 30 June 2020 the independent valuer's report from CBRE had removed the "material uncertainty" relating to property valuations that was in place as at 31 March 2020.

Rental Collection Update

No new requests for support have been received from tenants and rent collection remains strong.

Monthly and quarterly advance payments received in respect of Q3 2020 rental income represent well over 90% of rental income due for the quarter and this is expected to rise to over 95% after accounting for previously notified rent free periods.

The Company successfully concluded negotiations with certain tenants negatively impacted by the COVID-19 pandemic and previously confirmed that 85% of Q2 rental income due was collected, slightly in excess of the forecast collection percentage of 82%. As previously disclosed, for the remaining outstanding rental income, the Investment Manager agreed short-term rent deferrals and a small number of rent free periods, in exchange for material lease extensions.

The Board, through the Investment Manager, continues to closely monitor the performance of the Company's tenants as they recover from enforced lockdowns and lighter trading. In light of the Q3 rental collection outcome and the previously agreed tenant positions, it remains the Board's intention to pay quarterly distributions in line with the Company's dividend policy.

Dividends

The Directors have today declared a second interim distribution of 1.24 pence (equivalent to 1.41 euro cents) per Ordinary Share, in respect of the year ending 31 December 2020. This second interim distribution will be paid in sterling on 25 September 2020 to Ordinary Shareholders on the register on 4 September 2020 (ex-dividend date of 3 September 2020).

[cont'd]

[speedsgh] 01/7/2020 13:56

"In light of the Q2 rental collection outcome and the current agreed tenant positions, it remains the Board's intention to pay quarterly dividends in line with the Company's dividend policy."

from 2019 Annual Report:

COMPANY DIVIDEND POLICY
Subject to compliance with all legal requirements the Company intends to pay interim Sterling dividends on a quarterly basis. The Company will declare dividends in Euros, but shareholders will receive dividend payments in Sterling. The date on which the Euro/Sterling exchange rate is set will be announced at the time the dividend is declared. Distributions made by the Company may take the form of either dividend income or ‘‘qualifying interest income’’ which may be designated as interest distributions for UK tax purposes.

The Company targets an annual yield of 5.0 per cent. per Ordinary Share for an investor at launch whilst continuing to aim for a total NAV return of 7.5 per cent. per annum (each in Euro terms).

[redponza] 01/7/2020 09:06

Is it the same level of dividend as last interim?

[masurenguy] 01/7/2020 06:15

Excellent update with better rental collections than forecasted and confirmation of ongoing dividends !

Aberdeen Standard European Logistics Income PLC
i July 2020

Company Update

On 22 June 2020, the Company was added to the FTSE EPRA/NAREIT Global Real Estate Index Series, having satisfied the required eligibility criteria during the Index's recent Quarterly Review. Inclusion within this series is expected to result in increased liquidity in the shares and will help further broaden the Company's investor base.

A first interim dividend in respect of the year ending 31 December 2020, amounting to 1.24 pence (equivalent to 1.41 euro cents) per ordinary share, was paid to shareholders on 26 June 2020.

During the Q2 period, the Company successfully concluded negotiations with certain tenants negatively impacted by the COVID-19 pandemic and following the conclusion of this quarter, the Company confirms that 85% of Q2 rental income due was collected, slightly in excess of the forecast collection percentage of 82%. As previously disclosed, for the remaining outstanding rental income, the Investment Manager has agreed short-term rent deferrals and a small number of rent free periods, in exchange for material lease extensions.

The Board, through the Investment Manager, continues to closely monitor the performance of the Company's tenants as European countries emerge from enforced lockdowns. In light of the Q2 rental collection outcome and the current agreed tenant positions, it remains the Board's intention to pay quarterly dividends in line with the Company's dividend policy. The Q2 dividend is expected to be declared in late-August 2020.

As at 31 March 2020, the Company's portfolio was valued at EUR404.9 million (GBP359 million) and consists of 14 assets located across five European countries. An updated valuation at the quarter end date of 30 June 2020 is expected to be released in line with the Company's normal timetable around mid-August 2020.

The Board is pleased to note the positive development that the COVID-19 'material uncertainty' clause will no longer be applied to the Company's portfolio valuation. This follows the RICS Material Valuation Uncertainty Leaders Forum meeting on 11 June 2020 at which it was concluded that reporting a material valuation uncertainty for industrial and logistics real estate assets was no longer considered appropriate with sufficient amounts of up-to-date comparable market evidence upon which to base opinions of value . Given the unknown impact that COVID-19 might have on the real estate market in the future, valuations will be kept under frequent review .

Outlook

The Board and the Investment Manager continue to observe the strong structural tailwinds benefitting the European logistics sector and believe these have been reinforced following the onset of the COVID-19 pandemic. The Company's portfolio of 14 assets is diversified across five European countries, with 33 underlying tenants.

The Company's three largest tenants by rental income operate either wholly or partly, in the food distribution sector and continue to experience significant demand. In addition, five of the Company's 14 properties incorporate cold storage facilities and this particular characteristic of the Company's portfolio has proven extremely resilient during the COVID-19 pandemic.

The Investment Manager sees an active pipeline of well-located "mid-box" and urban logistics assets throughout Europe. In particular, the Investment Manager is reviewing attractive sale and leaseback opportunities, a number of which were originated on an off-market basis. The Company will provide further detail as and when it is appropriate to do so.

[hpcg] 17/6/2020 12:37

Well liked by the looks of it. I don't know if this is still index buying, I thought that sort of thing was widely anticipated. Anyway, it is still on my radar if sentiment takes it back below NAV.

[gateside] 12/6/2020 11:54

Well timed sell!

[redponza] 12/6/2020 00:58

Can definitely buyback lower now?

[hpcg] 11/6/2020 20:12

Having made that comment yesterday I sold both today. ASLI because it is at a premium and has had what looks like an index related bump up, and EBOX because ASLI looks better. Ideally I'll be able to buy back lower.

[hpcg] 09/6/2020 15:47

Good to see it is now in the EPRA index, and quite possibly what has been driving recent strength. It seems to have had a better pandemic than EBOX, having spent most of the time since they listed somewhat under-performing.

[masurenguy] 04/6/2020 09:13

Aberdeen Standard Eur Lgstc Inc PLC

02 June 2020

Resilient to covid-19

The logistics sector, in which Aberdeen Standard European Logistics Income (ASLI) invests, would appear to be one of the few property sectors that could see occupier demand increase in the long term as a result of the coronavirus pandemic. With some form of a lockdown enforced in most European countries, there has been a spike in ecommerce orders. A whole new group of people have been introduced to online retailing, which is expected to speed up penetration rates across Europe and reinforce long-term systemic changes in the logistics sector.

Full research:

[redponza] 29/5/2020 10:12

One potential problem with this trust is the currency discrepancy in trading currency GBP in the stock exchange and the underlying revenue in EUR

[speedsgh] 26/5/2020 09:40

Net Asset Value as at 31 March 2020 and Dividend Declaration -

· NAV per Ordinary share of 112.7c (GBp - 99.92p) as at 31 March 2020 (31 December 2019: 111.0c (GBp - 94.21p)). Exchange rate £1 : €1.13 (31 December 2019: £1 : €1.18).

· Portfolio capital value has increased by 0.7% since 31 December 2019 (on a like-for-like basis including capital expenditure). The Company's well located and diversified European logistics portfolio of 14 assets was valued at €404.9 million as at 31 March 2020.

· A fourth interim distribution of 1.27 pence (equivalent to 1.41 euro cents) per Ordinary share in respect of the year ended 31 December 2019 was paid on 27 March 2020.

· First interim distribution of 1.41 euro cents (equivalent to 1.24 pence) per Ordinary share in respect of the year ending 31 December 2020 declared.

At the valuation date of 31 March 2020 Europe was in the early stages of lockdown due to COVID-19 and the investment market had come to a near standstill. There was a lack of relevant transactional evidence and so, in line with market practice, the independent valuers report from CBRE has noted "material uncertainty" relating to property valuations.

... Q2 Rental Collection Update

At the time of the last COVID-19 update, the Company announced that all rents had been collected for Q1 2020 and 67% of those due for Q2 had then been received, with twelve tenants requesting discussions around their short term financial positions. This collection figure has now increased to 75% with an expectation that this will shortly rise to 82%.

Of the remaining 18% currently unpaid, representing approximately €1 million in monthly and quarterly rental payments, it has been agreed in principle that approximately €820,000 of this will be deferred, with €720,000 of this deferred rent due for payment by December 2020 and €100,000 of this due prior to June 2022.

The remaining €180,000 of unpaid rent relates to six tenants who have requested rent free periods. It is expected that this rent will be forgiven for Q2, along with an additional €210,000 for the remainder of 2020 and €130,000 in respect of 2021/22, in exchange for material lease extensions. The manager is in the final stages of negotiations with these tenants and lease extensions are expected to be agreed for up to five years.

As a result, the Company currently expects that it will collect approximately 95% of Q2 rental income by December 2020, with an additional 2% payable in the period to June 2022 and the remaining 3% forgiven, in exchange for material lease extensions. The Investment Manager considers this to be a positive result for shareholders and expects to conclude all of these discussions shortly.

Dividends

Following a thorough review of the latest rent collection statistics and the recent tenant discussions, the Board has today declared a first interim dividend in respect of the year ending 31 December 2020 of 1.41 euro cents per Ordinary share (equivalent to 1.24 pence). This will be paid in sterling on 26 June 2020 to Ordinary shareholders on the register on 5 June 2020 (ex-dividend date of 4 June 2020). Of this first interim dividend declared of 1.24 pence per Ordinary share, 1.05 pence is declared as dividend income with 0.19 pence treated as qualifying interest income.

The Board, through the Investment Manager, continues to monitor the situation and the impact this is having on all of our tenants. While it remains the Board's intention to pay quarterly interim dividends in line with the dividend policy, the quantum of these distributions will ultimately depend on the ability of our tenants to maintain rental payments in line with the expected agreed terms. The Board views these terms to be favourable to both shareholders and the impacted tenants, while permitting the Company to maintain quarterly dividend payments in line with policy.

[speedsgh] 21/5/2020 10:30

#ASLI #BBOX #EBOX

Bargain trusts and big yields -

In his latest weekly column, Ian Cowie finds high-yielding bargains exposed to the biggest and most long-lasting of all the consequences of the coronavirus crisis.

[speedsgh] 28/4/2020 07:47

Q1 2020 rents collected in full. Currently collected 67% of rents in respect of Q2. Negotiations ongoing with some tenants experiencing short-term financial difficulties; significant proportion of tenants (those in food, pharmaceuticals and delivery sectors) continue to see high demand for their goods/services.

Dividend under review. Possible longer term positives as the manager predicts that the crisis may lead to an acceleration of adoption of e-commerce on the continent and increased demand for logistics warehousing in an already constrained market...

Portfolio Update -

Financial Position

In line with the Company's gearing policy, the Company's loan-to-value as at 31 March 2020 is approximately 35%, with an overall average fixed interest rate of 1.36%. Across the Company's six debt facilities, the weighted average debt maturity is 6.5 years, with the first refinancing date occurring in 2025. The Company maintains significant headroom on both its interest coverage and loan-to-value debt covenants. Interest coverage covenants range from 250% to 300% and rental income would therefore have to fall by 69% on average before a breach of covenant would occur. Loan-to-value covenants range from 45% to 65% and asset valuations would have to fall by 21% on average before a soft covenant breach would occur and 31% on average before breaching a hard covenant. The Company continues to maintain an open dialogue with its banks.

Dividends

The Board is acutely aware of the importance of quarterly dividends to shareholders and on 27 March 2020, the fourth 2019 quarterly dividend of 1.27p was paid in full to shareholders. As detailed above, the Company remains in a favourable position with a number of underlying tenants experiencing unprecedented trading demand. Despite 100% rent collection for Q1 2020, it is clear that a number of our tenants will continue to experience some trading difficulties at least in the short to medium term. The Board will continue to monitor rent collection closely and the evolution of COVID-19 and its impact on the Company's tenants. While the Board remains committed to the payment of quarterly dividends, the level of these payments over the short-term will remain under review as the Company finalises its negotiations with the tenants who have sought assistance for their short term financial challenges. The Company expects to conclude these negotiations in the coming weeks and will provide more specific dividend guidance at that time.

Outlook

Notwithstanding the COVID-19 pandemic which has impacted the world greatly during the initial phases of government imposed lock downs, the Board and the Investment Manager believe that the European market will continue to offer attractive opportunities as the logistics segment grows. There will clearly be a period of time where many businesses will be severely impacted through the effective halting of trade and the shutdown of economies as governments attempt to tackle the pandemic. During this difficult period, however, we see that businesses involved in essential services and supplies like food production and supply, pharmaceuticals and parcel deliveries to homes and businesses are faring well and are often requiring additional logistics facilities or space. This crisis will likely see businesses speeding up their adoption of e-commerce use with a resultant increase in take-up of warehouse capacity. We believe that the size segment that we are invested into is the most attractive and liquid part of the logistics sector with the urbanisation trend across Europe driving demand and growth.

With previously close to 10% of retail sales on average in the EU resulting from online transactions and with a double digit growth rate, the economic pressures on the demand side of the logistics sector prior to the crisis were evident, particularly on urban freight infrastructure.

Despite what will no doubt be some short-term headwinds, we expect the current environment to accelerate this demand led growth and this gives confidence that we are well positioned in an expanding area of the real estate market.

[masurenguy] 05/3/2020 08:16

Quarterly XD date today @1.27p.