Abrdn European Logistics... Share Discussion Threads

[speedsgh] 22/2/2022 07:46

Unaudited Net Asset Value as at 31 December 2021 -

abrdn European Logistics Income plc (LSE: ASLI), the Company which invests in high quality European logistics properties, announces its unaudited quarterly Net Asset Value ("NAV") for the quarter ended 31 December 2021.

Highlights

· NAV per Ordinary share increased by 1.9% to 129.1c (GBp - 108.5p) (Exchange rate £1 : €1.19 (30 September 2021: £1 : €1.16) (30 September 2021: 126.7c (GBp - 109.0p)), reflecting a NAV total return of 12.4% (in Euro terms) for the 12 months to 31 December 2021

· Portfolio valuation increased by 2.5% or €16.5 million to €666.0 million, reflecting continued yield compression

· Madrid Phase IV, once completed, increases portfolio valuation to €740 million, using agreed purchase price

· Portfolio will comprise 13 urban logistics warehouses and 11 mid-box logistics warehouses, with 18 of the 24 assets constructed since 2018

· 98% of the rent due for the year ended 31 December 2021 collected

· A tenant base diversified across 50 occupiers, consisting predominantly of a mix of domestic and international third-party logistics providers, e-commerce and grocery-focused businesses

Evert Castelein, Fund Manager, abrdn, commented:
"In 2021, we deployed €274 million of capital into ten high-quality logistics assets, nine of which were last-mile logistics warehouses, the subsector which we believe offers the strongest rental growth potential. The portfolio is highly diversified by property, tenant and geography and we remain confident of maintaining the strong performance achieved to date in 2022 and beyond."

Tony Roper, Chairman of the Company, added:
"2021 was a successful year for the Company in terms of both acquisitions and NAV performance, as we continue to benefit from our early entry into what is a fast growing and dominant subsector. A strong commitment to sustainability, demonstrated by the Company's sector-leading GRESB rating with four out of five stars awarded for 2021, together with the inflation linked nature of the portfolio's leases, provides a strong platform for further growth."

[speedsgh] 18/2/2022 14:29

Fourth Interim Distribution -

abrdn European Logistics Income plc (LSE: ASLI), the Company which invests in high quality European logistics properties, announces its fourth interim distribution for the year ended 31 December 2021.

The Directors have today declared a fourth interim distribution of 1.41 euro cents (equivalent to 1.21 pence) per Ordinary share, in respect of the year ended 31 December 2021. This fourth interim dividend will be paid in sterling on 25 March 2022 to Ordinary shareholders on the register on 4 March 2022 (ex-dividend date of 3 March 2022)...

... Of this fourth interim distribution declared of 1.21 pence per Ordinary share, 1.01 pence (equivalent to 1.18 euro cents) is declared as dividend income with 0.20 pence (equivalent to 0.23 euro cents) treated as qualifying interest income...

[alan pt] 16/2/2022 13:39

catch007 Unfortunately it's Tritax management calling the shots now and applying the same primary focus of growing assets under management

Still, I do think it's more healthy longer term to be around par than at a silly premium

[catch007] 16/2/2022 12:17

Added a few at 106.12p yesterday to my ISA. I believe the relatively poor take up of the latest fund raise will see some stability now and allow the share price to recover.

Ian Cowie ststes on II today: I agree with his sentiments

However, I know that I am not the only shareholder to be less than impressed by ASLI’s tendency to issue new stock that knocks the market price, as it did when the latter peaked at 130p last summer. No wonder City cynics claim that ASLI is better at gathering assets than growing shareholders’ capital.

[alan pt] 08/2/2022 13:51

Well, guess I should have waited...

Just had a few more at 107, which is within a whisker of par at end-Sept valuation, might see a bit of bounce when the end-Dec valuation is released

[alan pt] 02/2/2022 09:59

Maybe the time of free money is over and they will need to focus more on managing and turning over their existing stock?

Got to a viable size, just about, so they don't have the sub-scale problem of some of the UK REITs, more focus on management rather than buying might not be a bad thing

Picked up a top-up at 108.82 this morning, which was a nice bonus

[cwa1] 02/2/2022 07:53

Disappointing relative to what they expected but possibly better than I had thought given markets and the ruling share price of ASLI.

Could really do with some good news updates and a bit of decent publicity if they want to go back to the trough any time soon...

[speedsgh] 02/2/2022 07:42

ASLI have managed to raise EUR45.6m (£38m) in their latest placing. They did not have an explicit target but the placing announcement stated that they had a near-term funding requirement of approx. EUR142m so suspect that they may be disappointed with the amount raised.

Result of Placing and Retail Offer -

[alan pt] 12/1/2022 13:01

Interesting to see they are now spending a lot on development and looking at further sites with development potential

Seems reasonable - adds a bit of risk, but avoids overpaying for completed assets in a competitive market and should help support the dividend

[speedsgh] 12/1/2022 12:27

EXPECTED TIMETABLE

Placing Opens - 12 January 2022
Latest time and date for applications under the Placing - 2.00 p.m. on 1 February 2022
Result of Placing Announced - 7.00 a.m. on 2 February 2022
Admission and commencement of dealings in New Ordinary Shares - 8.00 a.m. on 4 February 2022

[speedsgh] 12/1/2022 12:24

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.

[petewy] 05/1/2022 16:48

Now I can sleep

[riverman77] 05/1/2022 16:42

Such an improvement on the previous name.

[cwa1] 05/1/2022 16:31

Well, that's a relief and should make ALL the difference:-

5 January 2022

Aberdeen Standard European Logistics Income PLC (the "Company")

LEI: 213800I9IYIKKNRT3G50

The Company announces that, as anticipated in the Half Yearly Report published in September 2021, the Company's name has changed from Aberdeen Standard European Logistics Income PLC to abrdn European Logistics Income plc with effect from today's date.

The Company's trading symbol (or "TIDM") and ISIN code for the Company's Ordinary shares listed on the London Stock Exchange both remain unchanged.

[bathcoup] 28/12/2021 12:18

Quarterly dps has been static at 1.41 euro cents. since 2019. Has anyone asked the company whether they'll raise dps, at least in euro.

[alan pt] 14/12/2021 10:54

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...

[cwa1] 14/12/2021 07:35

Aberdeen Standard European Logistics Income PLC (the "Company" or "ASLI") announces the acquisition of a portfolio of newly constructed last-mile logistics warehouses with excellent sustainability credentials, located in the first ring of Madrid, Spain, for an acquisition price of €227 million.

· Acquisition Price: the Portfolio has been acquired for €227 million, representing a net initial yield of 3.4%. All leases are upward only, annual inflation linked, with strong rental growth potential. Attractive unexpired lease term of 14.8 years to expiry and 8.7 years to break

A bit "slim"? Hopefully there are real opportunities to grow rentals.

I suppose you have to say they've invested the cash raise quickly if nothing else!

[cwa1] 02/12/2021 08:26

So, gone XD this morning, pay day 30/12

[cwa1] 23/11/2021 16:25

The Directors have today declared a third interim distribution of 1.41 euro cents (equivalent to 1.21 pence) per Ordinary share, in respect of the year ending 31 December 2021. This third interim dividend will be paid in sterling on 30 December 2021 to Ordinary shareholders on the register on 3 December 2021 (ex-dividend date of 2 December 2021).

The Company intends to declare quarterly interim distributions to Shareholders in respect of the quarters ending on the following dates: 31 March, 30 June, 30 September and 31 December in each year. Any such distribution 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 distribution declared of 1.21 pence per Ordinary share, 0.97 pence (equivalent to 1.13 euro cents) is declared as dividend income with 0.24 pence (equivalent to 0.28 euro cents) treated as qualifying interest income.

[speedsgh] 19/11/2021 08:12

NAV increased by 2.5% to 126.7c (GBP 109.0p).

"The Investment Manager is undertaking due diligence on a significant portfolio in one of its key geographies, which is under exclusivity and would see the majority of available equity deployed."

Unaudited Net Asset Value as at 30 September 2021 -

[cwa1] 09/11/2021 11:24

Pulling off recent bottoms?

[cwa1] 08/10/2021 13:21

Refund cash from II has finally hit the account from the offer

[cwa1] 04/10/2021 16:03

FWIW, I got this back from II on the situation:-

Upon checking our records, I can confirm that no refunds have been issued
to II clients who participated in the Open Offer. This cash will be returned
to clients upon receipt from the registrars which usually takes up to two weeks
from the completion of the event. I can advise that clients that participated
in the IPO have had their refunds from the scale back. The difference between
the two events is that as part of processing the Open Offer the cash has to
credited to the registrar at the same time we make the election. With the IPO
the allocation of shares and scale back is known prior to us making payment and
as such we only pay for the shares that are allocated in the IPO and refunds
can then be processed at this point.

[alan pt] 04/10/2021 13:20

Bit of market indigestion after that big raise, picked up my missing 25% for 109.3