Abrdn European Logistics... Share Discussion Threads

[giltedge1] 05/4/2024 10:15

Very slow at reporting sale talks with two parties Sold vacant french unit, oldest held & relet Madrid both positives. All units modern & well let so if windup should get close to NAV. Vote at this years AGM. Would expect windup proceeds within a year as no offices & a strong market in logistics.

[stun12] 22/3/2024 10:03

Indeed. Some of the rise in debt yields which damaged the share price should start to reverse as longer term rates fall. Logistics is still the sweet spot in the CMBS market with a few big players (M7, Blackstone) hoovering up assets to add to their 'last mile' funds.

[williamcooper104] 22/3/2024 09:34

It is especially with euro rates trending down the forward looking NAV likely to be higher than current NAV Not that we will get a premium but will make it easier to get liquidity at book values

[stun12] 22/3/2024 09:22

I'd forgotten to look at the news. ASLI secured a new tenant for the Madrid warehouse at 8.7% above the previous rent. They didn't get a lease break fee from Arrival, but decided that getting them out was a better idea. New tenant will pay for site improvements.



Share price is looking a bit neglected down here - added a bit at just over 61p.

[williamcooper104] 04/3/2024 07:52

Remember Abdrn manage this and EBOX (they one 60 percent of Tritax with options to buy out the rest)

[williamcooper104] 03/3/2024 21:30

They'll do it as a property sale of whole Refet than a corporate disposal so should be less of a discount Plus they ought to have comprehensive vendor dd lined up So really ought to be NAV or maybe a little less - say 5% - for a quick sale 10% and either sue the valuers or sell assets individually I think they'll try and merge it with EBOX - I'd rather that than a sale at a big discount

[giltedge1] 03/3/2024 17:32

Guess no acquirer will offer NAV probably 10% discount so around £0.72 any thoughts?.

[stun12] 27/2/2024 15:48

Quite enjoying the slow rise here. I was tempted in by the NAV and the possibility of a portfolio or asset sale. No reason to leave yet, despite a very lacklustre market elsewhere. EBOX doing well too - wish I'd followed my instinct and bought when it dipped below 50p.

[neilyb675] 19/2/2024 14:45

62.30 - 62.60 (GBX) at 14:39:56
on Market (LSE)

[williamcooper104] 19/2/2024 12:39

Expect it will be round up like EPIC (though hopefully at a better price/close to NAV) Part of reason why I'm comfortable with EBOXs tight divi cover as either they make it post the 2026 refi or else they cut and are forced to sell up

[spectoacc] 19/2/2024 08:38

"...The Board is encouraged by the progress made to date and the Company's advisers are actively engaging with a select number of parties..." seemed reasonably positive to me. Wasn't expecting anyone to be interested in the co as a whole, thought they'd have to sell properties piecemeal.

Not currently a holder mind.

[cwa1] 19/2/2024 08:36

TBF, it would've been much worse if they had said: sorry guys, nobody is interested at a remotely sensible price and we're back to the drawing board! It shows there's still enough interest from more than one party to take it to the next stage.

MILDLY positive is the way I'm looking at it...

[frazboy] 19/2/2024 08:27

Surprised the market is so keen on that announcement - the only good news is that there are two or more parties interested enough to proceed to due diligence. Which is what you would expect, surely? Beyond that it basically sticks to the previous script.

[speedsgh] 19/2/2024 07:30

Discussions ongoing with third parties that have made non-binding proposals. Q4 dividend axed; payments to be recommenced as per previous timetable subject to outcome of strategic review. But at what level?

Update on Strategic Review & Fourth Int. Dividend -

The Board of abrdn European Logistics Income plc (the "Company") provides an update in respect of the strategic review announced on 27 November 2023 (the "Strategic Review").

Since 27 November 2023, the Company has received a number of broad ranging preliminary, indicative non-binding proposals. While there can be no certainty at this stage that the final terms of any proposal will prove to be sufficiently attractive to merit a Board recommendation to the Company's shareholders, the Board is encouraged by the progress made to date and the Company's advisers are actively engaging with a select number of parties to satisfy their due diligence requirements. The Board will provide further updates as appropriate.

Fourth Interim Dividend

In light of the initial response to the Strategic Review, the Board and its advisers are keen to ensure that the Company is optimally positioned, and that it maintains the maximum flexibility, to allow it to advance any particular proposal. As a result, the Board has taken the decision to forgo declaring a fourth interim distribution for the quarter ended 31 December 2023, which has historically been declared in February and paid in March each year.

Subject to the outcome of the Strategic Review, the Board intends to recommence dividend payments in line with the Company's standard dividend timetable.

[stun12] 10/1/2024 12:57

DELETED as not what I thought.

[williamcooper104] 10/1/2024 12:53

Buying back in here The divi is not sustainable but that's been admitted by ASLI so the cut must be nearly fully priced in In any event, ASLI is up for sale, so buying for capital gain not for income (A merger with EBOX will likely be Abrdn's preferred outcome but think a sale more likely given the discount)

[hugepants] 10/1/2024 12:21

Did not expect these to drop back to 56p level with the strategic review ongoing.

[stun12] 09/1/2024 11:54

Does indeed seem to be a seller around. I just picked up a small number just above the bid, as a starting position which I'll add to upon further weakness.

[frazboy] 08/1/2024 08:43

I’m guessing the strategic review excitement is wearing off and I haven’t seen any positive announcements regarding Arrival (note, only 93% of rent collected in last quarter reported predominantly due to their failure to pay) which must be weighing on the share - realistically Arrival are going to be a bad debt.

I’ll look to add but there appears to be a seller so now is not the time given the recent reversal in interest rate sentiment.

[skyship] 17/12/2023 15:20

ASLI beginning to look interesting as the share price drifts back below 60p; and as other REITs continue strong recoveries.

A 732k UT trade at 59p after hours on Friday, so may well be on offer below 60p tomorrow. At 59.8p the discount is 30.7% (03'23) and the yield 8.01% - the yield now one of the highest across the board for the "sensible" players; in spite of the ongoing Strategic Review.

NB: The dividend is uncovered and would be "rebased" if the company continues; so prospective possibly just 6.75%-7.0%.

[williamcooper104] 27/11/2023 12:49

Ought to be able to get close to it especially if that's an EPRA NAV so doesn't have swap mark to markets

[clever] 27/11/2023 12:15

How likely they will be able to realise value at 86.3p NAV if all assets are to be sold?