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Aberdeen Stand.Euro. (ASLI)


Monday 24 May, 2021

Aberdeen Stand.Euro.

Q1 2021 NAV and First Interim Dividend

RNS Number : 6252Z
Aberdeen Standard Eur Lgstc Inc PLC
24 May 2021

Aberdeen Standard European Logistics Income PLC





Unaudited Net Asset Value as at 31 March 2021 and Declaration of First Interim Dividend





24 May 2021 - Aberdeen Standard European Logistics Income PLC (LSE: ASLI), the Company which invests in high quality European logistics properties, announces its unaudited quarterly Net Asset Value ("NAV") and dividend for the quarter to 31 March 2021.



· NAV per Ordinary share increased by 1.25% to 121.6c (GBp - 103.6p 1 ) (31 December 2020: 120.1c (GBp - 107.9p)), reflecting a NAV total return of 13.1% (in Euro terms) for the 12 months to 31 March 2021

· Portfolio valuation increased by 1.6%, or €6.9 million, to €437.1 million (31 December 2020: €430.2 million), primarily as a result of further yield compression

· 97% of the rent due for the quarter ended 31 March 2021 collected

· Oversubscribed issue of 18.45 million new Ordinary shares at a price of 105p per share, raising £19.4 million in gross issue proceeds

· €28 million acquisition of a new warehouse in Lodz, Poland, completed in April 2021, representing a net initial yield of 5.6%, following which the portfolio now comprises 15 strategically located, modern and diversified European logistics assets

· In exclusivity on the purchase of an urban logistics asset, located in a large supply constrained city in Spain, for c.€20 million

· The Company declares a first interim dividend of 1.41 euro cents (equivalent to 1.21 pence) per Ordinary share in respect of its financial year ending 31 December 2021.


New Acquisitions

In April the Company announced   the purchase of a 31,500 square metre property, consisting of 27,888 sqm of warehouse space and 3,612 sqm of office space, for €28 million. The asset is 100% leased, generating a net operating income of €1.59 million and has a weighted average lease term of 6.2 years.


Tenants at the asset include manufacturers Bilplast, Tabiplast and Alfa Laval, logistics operator EGT Express Polska, retailer KAN, which owns the Polish fashion brand Tatuum, and Compal, one of the world's largest computer component manufacturers, which signed a new 7-year lease in February 2021 and supplies the DELL factory located less than 1 kilometre from the site.


Located in Lodz, at the centre of Poland's thriving industrial and manufacturing sector, the site benefits from access to the Intermodal Container Terminal, created to support the Bosch-Siemens campus, which offers direct rail connections with China. Lodz is Poland's third largest city by population and is home to several universities. The Panattoni Park site is highly accessible by local public transport and the A1 and A2 motorways which provide North South, East West access across Europe, whilst Lodz international airport is just 15 minutes away.


The Company also announces that it is in exclusivity to acquire a fully let urban logistics asset located in Spain. It currently expects that the transaction, which will be immediately earnings accretive, will close by the end of June 2021 once due diligence has been completed. Having financed the acquisition of the Lodz asset with the proceeds from the recent oversubscribed equity issue, this new acquisition will initially be financed using the Company's uncommitted loan facility, avoiding associated cash drag. In due course, the Company intends to refinance this asset with long-term fixed debt, taking advantage of the favourable lending opportunities available to the Company.


Subject to completion, this acquisition will represent the Company's sixteenth asset, taking the Company's gross assets to over €500 million, diversified across five countries.


Further updates will be provided  following completion of the due diligence process.


Meung-sur-Loire Tenant Update

A French court hearing is expected to be held shortly to consider the administrator's proposals in relation to offers made for the whole business of Office Dépôt France, the sole tenant occupying the Meung-sur-Loire asset in France. The property serves as the tenant's key national distribution hub, reflecting its strategic location in one of France's fastest-growing logistics regions. As previously stated, the administrator continues to pay rent under the terms of the lease and the Company benefits from a three month rental security deposit.


Declaration of First Interim Dividend

The Directors have today declared a first interim dividend of 1.41 euro cents (equivalent to 1.21 pence) per Ordinary share, in respect of the year ended 31 December 2021 (2020: 1.41 euro cents). This first interim dividend will be paid in sterling on 25 June 2021 to Ordinary shareholders on the register on 4 June 2021 (ex-dividend date of 3 June 2021).


In line with stated policy, the Company declares interim dividends to Shareholders in respect of the quarters ending 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 first interim dividend declared of 1.21 pence per Ordinary share, 0.80 pence is declared as dividend income with 0.41 pence treated as qualifying interest income.



For the year to 31 March 2021, the share price total return (with dividends reinvested) was 24.8%. The net asset value total return over the same period was 13.1% in Euro terms (8.9% in sterling terms) .


Equity Issue

On 10 March 2021, the Company announced a non-pre-emptive issue of new Ordinary shares for up to 18.45 million shares, representing the total remaining authority granted by shareholders at the Annual General Meeting of the Company held on 30 June 2020. On 12 March 2021, the Company announced that the issue was oversubscribed and that 18.45 million new shares had been issued at a price of 105 pence per share, raising gross issue proceeds of £19.4 million. The Board was very pleased with the support shown from existing and new shareholders.



The Company level loan to value ratio is currently 29.5%. This figure will increase subject to the completion of the planned acquisition, however it will remain well below the long term target of 35.0%, providing additional capacity to fund the Company's pipeline.


Breakdown of NAV movement

Set out below is a breakdown of the change to the unaudited net asset value per Ordinary Share over the period from 1 January 2021 to 31 March 2021. The unaudited net asset value has been prepared under International Financial Reporting Standards ("IFRS").



Per Share (€cents)

Attributable Assets (€m)



Net assets as at 31 December 2020




Unrealised change in valuation of property portfolio



Capital values increased €6.9m, a 1.25% increase on a like-for-like basis in respect of 14 assets.

Capital expenditure at the Company's Ede warehouse in the Netherlands relates to preparatory roof works to facilitate the installation of solar panels.

Capital expenditure during the period



Income earned during the period



Income from the 14 property portfolio and associated running costs.

Expenses for the period



Deferred tax liability



Net deferred tax liability on the difference between book cost and fair value of the portfolio.

FX hedge mark to market revaluation



Movement in the mark to market value of a hedge entered into in March 2021 to fix the EUR:GBP conversion of the 2021 dividend.

Dividend paid 26 March 2021



Fourth interim dividend of 1.41 euro cents (1.24 pence) per Ordinary share.

Share issuance 16 March 2021



Issue of 18,450,000 Ordinary shares.

Foreign currency gain



Foreign currency gain in the period.

Other movements in reserves



Movement in lease incentives in the quarter.

Net assets as at 31 March 2021





EPRA Net Tangible Assets per share is 128.4 Euro cents, which excludes deferred tax liability and fair value of the FX derivative.


Net Asset Value analysis as at 31 March 2021 (unaudited)



% of net assets

Property Portfolio



Adjustment for lease incentives



Fair value of property portfolio






Other Assets



Total Assets



Bank Loans



Other Liabilities



Deferred Tax Liability



Total Net Assets




The property portfolio valuation is based on the independent external valuation of the Company's direct property portfolio undertaken by CBRE GmbH.


The NAV per share at 31 March 2021 is based on 262 ,950,001 shares of 1 pence each, being the total number of Ordinary shares in issue at that time.


Evert Castelein, Fund Manager, Aberdeen Standard Investments, commented:

"The quality of the portfolio continues to be reflected in increasing valuations, with a further 1.6% uplift delivered over the most recent quarter. Alongside an ever-widening pool of businesses needing to future proof their operations to meet increasing e-commerce penetration, as the successful vaccination roll out gains momentum, we expect economies to rebound, which will further support consumer spending.


"Closing the Lodz deal in early April added another high quality asset to the portfolio, whilst enabling us to quickly deploy the funds raised in March. The pipeline remains strong, with the Company in exclusivity to purchase a well-located urban logistics warehouse with strong growth prospects. In line with our strategy, the modern property, built in 2019, is located in a market characterised by a shortage of high quality warehouse space, which underpins our confidence that this asset, which will be immediately earnings enhancing,  will deliver on its return potential in the medium term.


"At a macroeconomic level, we are entering a period of rising inflation. Against this backdrop, we believe the long income nature of our assets, with annual indexation, is an even more compelling investment proposition and protection against the threat of rising interest rates."


Tony Roper, Chairman of the Company, added:

"Despite growing competition for exposure to the industrial sector, we continue to benefit from our Manager's network of local teams across Europe and execution track record, allowing us to originate and transact on earnings accretive opportunities. Our ambition to continue scaling the Company remains undimmed, building on a first mover position established at IPO in 2017, to further diversify the asset and tenant base and improve the quality and visibility of the income. The portfolio continues to deliver attractive returns for our shareholders and today's update again illustrates the value of the assets sourced by our highly experienced Investment Manager and the appeal of long term indexed income to our shareholders."


The Board is not aware of any other significant events or transactions which have occurred between 31 March 2021 and the date of publication of this statement which would have a material impact on the financial position of the Company.


Details of the Company and its property portfolio may also be found on the Company's website which can be found at:


For further information please contact:

Aberdeen Standard Fund Managers Limited  +44 (0) 20 7463 6000

Luke Mason

Gary Jones


Investec Bank plc  +44 (0) 20 7597 4000

Dominic Waters

Neil Brierley

Will Barnett

Alice Douglas

David Yovichic

Denis Flanagan


FTI Consulting  +44 (0) 20 3727 1000

Dido Laurimore

Richard Gotla

James McEwan


The above information is unaudited.

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