Abrdn European Logistics... Share Discussion Threads

[cwa1] 30/9/2021 10:35

Mine are in a trading account rather than an ISA and wonder if they might be doing ISAs first?

[cwa1] 30/9/2021 10:34

Thanks. Interesting. NO email and no holdings in the account with II...yet

[peckers56] 30/9/2021 10:29

CWA1 ' With II. Got a "new corporate action" email at 9:14 this morning. 25% cash returned. Holding appears in account, but cannot buy/sell until tomorrow.

[cwa1] 30/9/2021 10:07

Interims(my bold)...



Highlights...

Focus on high quality and structurally supported Continental Europe mid box and urban warehouse assets delivers another period of strong NAV and earnings growth



Aberdeen Standard European Logistics Income PLC, the Continental European investor in modern warehouses, which is managed by abrdn, today announces its interim results for the six months to 30 June 2021.



Continued NAV and earnings growth:

- Net asset value per ordinary share increased by 3.3% to €1.24 (31 December 2020: €1.20)

- Share price total return of 12.0%

- NAV total return (in Euro terms) of 5.2% for the period and 14.7% for the 12 months to 30 June 2021, primarily driven by ongoing favourable yield movement

- Loan to Value of 31.7% (all in cost of debt 1.36%, average term to maturity 5.5 years)

- Declared dividends of 2.82 Euro cents (equivalent to 2.42 pence) per share in respect of the period, in line with the target for the financial year

- Reflecting the Company's growth ambitions, a £19.4 million oversubscribed equity issuance completed in March 2021, and as announced on 29 September 2021, a post-period end oversubscribed £125 million equity issuance, with strong pipeline of acquisitions identified



Acquisitions and focus on asset and counterparty quality take gross assets to over €500 million:

- Strong rent collection with 99% of rent due for the period collected

- Portfolio valued at €492 million, reflecting yield compression and new acquisitions; on a like for like basis, the portfolio value increased by 3.4% over 31 December 2020

- Two acquisitions, totalling €46.8 million, taking the total portfolio to 16 modern properties, diversified by geography and tenant:

· A 34,000 sqm warehouse in Lodz, Poland, for €28 million, reflecting a net initial yield of 5.5%

· Post-period end, the €18.8 million acquisition of a modern urban logistics warehouse in Barcelona, Spain, reflecting a net reversionary yield of 4.7%

- Weighted average unexpired lease term ("WAULT") of 7.4 years



Further progress delivering on ambitious sustainability targets:

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

- Four out of a maximum of five Green Stars with a GRESB score of 79/100, which compares favourably with the 68/100 average score for the Western Europe Industrial Distribution Warehouse peer group





Tony Roper, Chairman, Aberdeen Standard European Income Logistics, commented:

"To date we have built a diversified portfolio of 16 modern, high quality logistics warehouses with long term, inflation linked income characteristics. Our ambition is to increase the size of Company, while replicating the outperformance delivered by the Manager to date. With the support of both the new and existing shareholders who participated in the successful equity raise and a sizeable pipeline of acquisition opportunities, we are well placed to achieve this ambition and can look forward to the further scale and diversification benefits which additional investment will afford."



Evert Castelein, Lead Fund Manager, Aberdeen Standard European Income Logistics, added:

"The structural changes underpinning the continued growth of the European logistics sector show little sign of abating. Supply chains are being optimised with the demand for logistics boosted by the rise of e-commerce as more people across Europe have adapted to buying online. Alongside this, we are increasingly seeing the growing trend of near-shoring overseas manufacturing closer to home and higher inventory levels, in order to reduce operational risks. The result is a significant demand supply imbalance of modern Grade-A stock, in strong locations, meaning that vacancy rates are at historically low levels.



"The Company's forensic approach to asset selection and strict investment criteria has resulted in another period of strong financial performance. By focusing on property fundamentals and counterparty quality, we feel well placed to capture both rental and capital growth, with the necessary downside protection. Despite the weight of global capital seeking to access the sector, the opportunity in the mid box and urban logistics space for experienced managers with deep local market expertise remains sizeable, underpinning our strong conviction in the Company's prospects."

[cwa1] 30/9/2021 10:02

I haven't heard re my application yet, with ii. If I may ask who are those that HAVE heard their allocation with? Cheers

[petewy] 30/9/2021 09:09

Healthy set of results?

[bathcoup] 30/9/2021 07:52

Yes, my account has been credited shares equivalent to 75% of the amount I applied for.

[alan pt] 29/9/2021 19:17

Looks like I got scaled back 25%, still pretty happy with that

[speedsgh] 23/9/2021 11:02

Savills IM report pinpoints new opportunities in European industrial and logistics sector -

[speedsgh] 23/9/2021 11:02

@elvor - Page 20/21 of that Quoteddata report answers your query. Basically the dividend is declared in euros and has been static in euro terms since the trust has been fully invested post-IPO. The fluctuation of the div payments in sterling terms is therefore due to FX movements. Note that the company does employ currency hedging to provide greater certainty on the level of Sterling distributions paid in
respect of each FY.

[cwa1] 23/9/2021 09:50

Here's something, from just a few posts ago, for you to get your teeth in to research wise:-



HTH

[elvor] 23/9/2021 09:45

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 08:36

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 08:33

Good background note on the sector

[speedsgh] 22/9/2021 07:59

New QuotedData research note...

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

[alan pt] 17/9/2021 12:02

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 14:40

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

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

[speedsgh] 15/9/2021 07:02

‘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 22:52

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

[technowaxy] 14/9/2021 22:09

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

[williamcooper104] 10/9/2021 10:32

And EBOX is raising equity

[speedsgh] 09/9/2021 10:58

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 10:41

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 21:06

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