Aberdeen Standard European Logistics Income PLC

Capturing long-term income potential from logistics real estate in Europe

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Daily prices as of 02 Dec 2021

Share Price 112.50p

Estimated NAV cum income 109.88p

Estimated NAV ex income 109.00p

Dividend Yield 4.4%

Premium / (Discount) to NAV cum income 3.8%

Premium / (Discount) to NAV ex income 4.6%

Issue of New Ordinary Shares

The Board of Aberdeen Standard European Logistics Income PLC (the "Company" or "ASLI") is pleased to announce the result of the Company's Initial Issue, comprising a Placing, Open Offer and Offer for Subscription as set out in the Company's prospectus published on 8 September 2021.

The Initial Issue was significantly oversubscribed with strong support from existing and new investors. In light of this, and given further positive developments with regard to the near-term pipeline of investment opportunities, the Board has determined to issue a total of 114.7 million new Ordinary Shares, raising gross proceeds of £125 million at the Issue Price of 109.0 pence per new Ordinary Share. The new Ordinary Shares to be issued comprise 91.7 million Ordinary Shares issued pursuant to the Initial Issue (representing the maximum size of the Initial Issue), and an additional 23 million new Ordinary Shares issued pursuant to the Company’s existing general non-pre-emptive issuance authority as granted at the Company's annual general meeting in 2021.

Notwithstanding this increase, a scaling back exercise has been undertaken as investor demand significantly exceeded £125 million. All valid applications under the Open Offer will be satisfied in full up to an applicant’s Basic Entitlement.

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Issue of Shares – Summary

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Latest news

GRESB 2021 SURVEY RESULTS - AWARDED REGIONAL SECTOR LEADER STATUS

We are pleased to announce that in the 2021 survey by GRESB (the 'Global Real Estate Sustainability Benchmark') Aberdeen Standard European Logistics Income PLC (ASLI) was awarded Regional Sector Leader status.

We have been placed first in the Listed European Industrial - Distribution Warehouse - segment, reflecting the continued work that the Investment Manager has undertaken improving the sustainability credentials of the portfolio.

Our 2021 GRESB score of 84/100 represents an improvement on our 2020 GRESB survey score of 79/100. It also compares favourably versus the 64/100 average peer score and 73/100 overall average 2021 GRESB score.

We have maintained our high Green Star rating with 4 out of a maximum 5 stars and outperformed the benchmark average score in almost every category.

Evert Castelein, Fund Manager of ASLI, commented:

"To attain Regional Sector Leader status and be placed first in our segment is real testament to the work we have undertaken to enhance our sustainability credentials and reflects our absolute commitment to delivering positive impact for our occupiers, local stakeholders and shareholders.

"The European logistics market is large and continues to develop rapidly; growing tenant demand is fuelled by the strong growth of e-commerce across Europe and the consequent supply chain reconfiguration as operators embrace this technological advancement. Of additional note is the rapid acceleration of interest and demand amongst logistics occupiers to adhere to higher ESG standards and the Investment Manager both recognises and has embraced this fundamental change in occupational demand for sustainable buildings."

Read the latest article by our manager Evert

Read the full GRESB announcement

Access the Company's latest Regulatory News Service (RNS) announcements

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Key literature

Latest factsheet

Annual Report

Interim Report

Savings Plan/ISA Brochure

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Key people

Evert Castelein

Fund Manager

Evert has been one of the key persons responsible for the launch of ASELI in December 2017. Before this he worked for six years as Fund Manager of the Aberdeen European Balanced Property Fund. Evert joined the company in 2008 as a senior analyst within the property research and strategy team. Besides research and portfolio analysis, Evert has been responsible for the asset management of a small German and Swedish Fund. Previously, he worked for FGH Bank, a market leader in the financing of Dutch commercial real estate, as a research analyst.
Evert graduated with a Masters degree in Economic Geography from the University of Groningen and has a Masters of Science in Real Estate (MSRE). He speaks Dutch, English, French, German and Frysian.

Attila Molnár

Deputy Fund Manager

Attila is deputy Fund Manager of ASELI and based in Frankfurt. Attila joined Dresdner Bank’s property fund management business (DEGI) in 2006, shortly before the business was acquired by heritage Aberdeen Asset Management. Attila has been involved in the planning and establishment of new product lines for institutional clients and has been part of the management teams of those funds. Prior to that Attila worked for PricewaterhouseCoopers where he was responsible for a diverse range of audit and due diligence projects in the property funds sector.
Attila graduated with a MSc in Accounting and Finance from Budapest University of Economics and speaks English, German and Hungarian.

James Wythe

Deputy Fund Manager

James is deputy Fund Manager of ASELI and based in Amsterdam. He joined the company in 2016 to assist with the management of a balanced Dutch and Swedish portfolio. He took over responsibility for managing the Portfolio during 2018 before joining ASELI in 2019.
James graduated with a BSc in Biology from The University of Nottingham and has an MSc in Real Estate from the University of Reading. He is also a member of the RICS.

Evert Castelein

Fund Manager
Evert has been one of the key persons responsible for the launch of ASELI in December 2017. Before this he worked for six years as Fund Manager of the Aberdeen European Balanced Property Fund. Evert joined the company in 2008 as a senior analyst within the property research and strategy team. Besides research and portfolio analysis, Evert has been responsible for the asset management of a small German and Swedish Fund. Previously, he worked for FGH Bank, a market leader in the financing of Dutch commercial real estate, as a research analyst.
Evert graduated with a Masters degree in Economic Geography from the University of Groningen and has a Masters of Science in Real Estate (MSRE). He speaks Dutch, English, French, German and Frysian.
Attila Molnár

Deputy Fund Manager
Attila is deputy Fund Manager of ASELI and based in Frankfurt. Attila joined Dresdner Bank’s property fund management business (DEGI) in 2006, shortly before the business was acquired by heritage Aberdeen Asset Management. Attila has been involved in the planning and establishment of new product lines for institutional clients and has been part of the management teams of those funds. Prior to that Attila worked for PricewaterhouseCoopers where he was responsible for a diverse range of audit and due diligence projects in the property funds sector.
Attila graduated with a MSc in Accounting and Finance from Budapest University of Economics and speaks English, German and Hungarian.
James Wythe

Deputy Fund Manager
James is deputy Fund Manager of ASELI and based in Amsterdam. He joined the company in 2016 to assist with the management of a balanced Dutch and Swedish portfolio. He took over responsibility for managing the Portfolio during 2018 before joining ASELI in 2019.
James graduated with a BSc in Biology from The University of Nottingham and has an MSc in Real Estate from the University of Reading. He is also a member of the RICS.

Tony Roper

Chairman

Tony started his career as a structural engineer with Ove Arup and Partners in 1983. In 1994 he joined John Laing plc to review and make equity investments in infrastructure projects both in the UK and abroad and then in 2006 he joined HSBC Specialist Investments (‘HSIL’) to be the fund manager for HICL Infrastructure Company Limited. In 2011, Tony was part of the senior management team that bought HSIL from HSBC, renaming it InfraRed Capital Partners. Tony was a Managing Partner and a senior member of the infrastructure management team at InfraRed Capital Partners until June 2018. He remains a non-executive director for them on Affinity Water Limited. He holds a MA in Engineering from Cambridge University and is an ACMA. He is a director of SDCL Energy Efficiency Income Trust plc.

Caroline Gulliver

Audit Chair & Senior Independent Director

Caroline is a chartered accountant with over 25 years’ experience at Ernst & Young LLP, latterly as an executive director before leaving in 2012. During that time, she specialised in the asset management sector and developed an extensive experience of investment trusts. She is a director of a number of other investment companies including JP Morgan Global Emerging Markets Income Trust plc, International Biotechnology Trust plc and Civitas Social Housing PLC.

John Heawood

Non-Executive Director

John has 40 years' experience as a Chartered Surveyor advising a broad range of investors, developers and occupiers. He was a partner, and subsequently a director, of DTZ responsible for the London-based team dealing with industrial, logistics and business park projects across the UK. In 1996 he was appointed to the board of SEGRO plc and was responsible for its UK business for the next 12 years. From 2009-2013 he was managing director of the Ashtenne Industrial Fund, a £500 million multi-let industrial and logistics portfolio managed by Aviva on behalf of 13 institutional investors. John is currently a member of Council and member of the finance and general purposes committee of the Royal Veterinary College and a trustee of Marshalls Charity.

Diane Wilde

Non-Executive Director

Diane was managing director at Gartmore Scotland Ltd, managing investment trust assets from 1993 – 2000. Following a period of managing similar assets at Aberdeen Asset Managers between 2000 and 2003, she joined Barclays Wealth as Head of Endowment Funds in Scotland, and managing clients in the multi asset space until 2014. She was an adviser at Allenbridge, an investment consulting firm until May 2018. She is also a board member of the Social Growth Fund, managed by Social Investment Scotland (SIS), a leading social enterprise and impact investor in Scotland and the United Kingdom.

Tony Roper

Chairman
Tony started his career as a structural engineer with Ove Arup and Partners in 1983. In 1994 he joined John Laing plc to review and make equity investments in infrastructure projects both in the UK and abroad and then in 2006 he joined HSBC Specialist Investments (‘HSIL’) to be the fund manager for HICL Infrastructure Company Limited. In 2011, Tony was part of the senior management team that bought HSIL from HSBC, renaming it InfraRed Capital Partners. Tony was a Managing Partner and a senior member of the infrastructure management team at InfraRed Capital Partners until June 2018. He remains a non-executive director for them on Affinity Water Limited. He holds a MA in Engineering from Cambridge University and is an ACMA. He is a director of SDCL Energy Efficiency Income Trust plc.
Caroline Gulliver

Audit Chair & Senior Independent Director
Caroline is a chartered accountant with over 25 years’ experience at Ernst & Young LLP, latterly as an executive director before leaving in 2012. During that time, she specialised in the asset management sector and developed an extensive experience of investment trusts. She is a director of a number of other investment companies including JP Morgan Global Emerging Markets Income Trust plc, International Biotechnology Trust plc and Civitas Social Housing PLC.
John Heawood

Non-Executive Director
John has 40 years' experience as a Chartered Surveyor advising a broad range of investors, developers and occupiers. He was a partner, and subsequently a director, of DTZ responsible for the London-based team dealing with industrial, logistics and business park projects across the UK. In 1996 he was appointed to the board of SEGRO plc and was responsible for its UK business for the next 12 years. From 2009-2013 he was managing director of the Ashtenne Industrial Fund, a £500 million multi-let industrial and logistics portfolio managed by Aviva on behalf of 13 institutional investors. John is currently a member of Council and member of the finance and general purposes committee of the Royal Veterinary College and a trustee of Marshalls Charity.
Diane Wilde

Non-Executive Director
Diane was managing director at Gartmore Scotland Ltd, managing investment trust assets from 1993 – 2000. Following a period of managing similar assets at Aberdeen Asset Managers between 2000 and 2003, she joined Barclays Wealth as Head of Endowment Funds in Scotland, and managing clients in the multi asset space until 2014. She was an adviser at Allenbridge, an investment consulting firm until May 2018. She is also a board member of the Social Growth Fund, managed by Social Investment Scotland (SIS), a leading social enterprise and impact investor in Scotland and the United Kingdom.

Financial calendar

Year End	31 December
Accounts published	April
Annual General Meeting	June
Dividend Paid	March, July, October, December

Trust details

Aberdeen Standard European Logistics Income PLC

Registered Office:
Bow Bells House
1 Bread Street
London
EC4M 9HH

The Company was incorporated in England and Wales on 25 October 2017 with registered number 11032222

Launch Date: 15 December 2017

The Company seeks to tap into the rapid growth of e-commerce across Europe by investing in quality European logistics real estate. It aims to provide a regular and attractive level of income return together with the potential for long term income and capital growth from investing in a portfolio of well-located single and multi-let assets diversified by both geography and tenant at established distribution hubs and within population centres. Occupier demand continues to strengthen and, typically, these properties benefit from long-term continuous leases which are annually inflation linked, thereby providing solid rental income alongside the potential for capital growth.

Risk warning

Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. Please refer to the relevant Key Information Document (KID) prior to making an investment decision. Please be aware of scams that can affect investors.