abrdn European Logistics Income plc


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

Daily prices as of 11 Aug 2022

Share Price 106.00p

Dividend Yield 4.6%

Source: Morningstar

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30 May 2022: Unaudited Q1 2022 NAV and Company Update

abrdn European Logistics Income plc (ASLI), the Company which invests in high quality European logistics properties, announces its unaudited quarterly Net Asset Value (“NAV”) for the quarter ended 31 March 2022.

Highlights:
• Portfolio valuation increased by 2.5%, or €16.8 million to €682.8 million, reflecting inflation-linked rental growth and further yield compression 
• NAV per Ordinary share increased by 1.9% to 131.6c (GBp – 111.3p 1) (31 December 2021: 129.1c (GBp – 108.5p 1)), reflecting a NAV total return of 13.0% (in Euro terms) for the 12 months to 31 March 2022
• EPRA Net Tangible Assets2 increased by 2.2% to 139.4c per Ordinary share (31 December 2021: 136.4c)
• 100% of Q1 2022 rent collected
• First interim dividend for 2022 of 1.41c (GBp – 1.19p) declared, payable on 24 June 2022
• Construction of Madrid Phase IV scheduled to complete in late Q2 2022, increasing portfolio valuation to €763 million, using agreed purchase price
• Agreement signed for the purchase of three French urban logistics assets, for €32.5 million, on completion of which the portfolio will comprise 16 urban logistics warehouses and 11 mid-box logistics warehouses
• Issue of new equity raising £38 million (€45.6 million) to support near-term acquisition strategy

Evert Castelein, Fund Manager, abrdn, commented:
It is very pleasing to report another quarter of NAV growth. This reflects both the strength of the European logistics market and the high quality nature of our diversified, modern portfolio.

Logistics is a long-term growth story, fuelled by the acceleration of e-commerce across Europe, and increasingly the changes in how companies manage their supply chains. There continues to be an acute supply-demand imbalance across the entire European logistics market, with vacancy rates sitting at historically low levels and this is particularly true in urban areas where there is greater demand from other land uses. We believe our portfolio is also well positioned to benefit from rising inflation, with 70% of the portfolio’s current income subject to full annual indexation

 

Discrete performance (%):

Year ending 31/03/22 31/03/21 31/03/20 31/03/19 31/03/18
Share price (GBp) 5.8 24.8 (0.9) (4.7) -
NAV (Eur)* 13.0 13.1 12.2 (1.7) -
NAV (Converted to GBp)* 12.1 8.9 15.2 (3.4) -

Past performance is not a guide to future results.
*Total return; NAV to NAV, net income reinvested. The Company launched on 15 December 2017, therefore discrete performance figures are not available for full years prior to 2018.

Latest manager update

Watch a short update from fund manager Evert Castelein:


*This is third-party research. You will leave abrdn European Logistics Income's website and enter Quoted Data’s to view.

Key people

Everet Castelein

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.

Attlia Molnar

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.

Geoff Hepburn

Geoff Hepburn

Deputy Fund Manager

Geoff Hepburn is Deputy Fund Manager of ASELI based in Edinburgh. Responsibilities include developing and implementing Fund strategy, client reporting, managing transactions and ensuring the delivery of the ESG strategy. Since joining abrdn in January 2012 he has had responsibility as Investment Manager and Deputy Fund Manager for several balanced UK institutional funds. He joined abrdn from a London property company as Development & Investment Manager responsible for two large Central London office projects as well as a mixed use regional investment and development portfolio. Previously, Geoff worked for Ediston Properties having begun his client-side career at Standard Life Investments as Portfolio Manager on the Pooled Pension Fund in 2001. In a varied career spanning more than 20 years, Geoff has transacted and developed over £1bn of real estate.

Geoff graduated LLB Bachelor of Scots Law, followed by a Postgraduate Diploma in Land Economy (with commendation) in 1999. Both degrees were awarded by the University of Aberdeen. Geoff qualified as a Chartered Surveyor (MRICS) with DTZ in 2001. He speaks English and French.

  • Everet Castelein

    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.

  • Attlia Molnar

    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.

  • Geoff Hepburn

    Geoff Hepburn

    Deputy Fund Manager

    Geoff Hepburn is Deputy Fund Manager of ASELI based in Edinburgh. Responsibilities include developing and implementing Fund strategy, client reporting, managing transactions and ensuring the delivery of the ESG strategy. Since joining abrdn in January 2012 he has had responsibility as Investment Manager and Deputy Fund Manager for several balanced UK institutional funds. He joined abrdn from a London property company as Development & Investment Manager responsible for two large Central London office projects as well as a mixed use regional investment and development portfolio. Previously, Geoff worked for Ediston Properties having begun his client-side career at Standard Life Investments as Portfolio Manager on the Pooled Pension Fund in 2001. In a varied career spanning more than 20 years, Geoff has transacted and developed over £1bn of real estate.

    Geoff graduated LLB Bachelor of Scots Law, followed by a Postgraduate Diploma in Land Economy (with commendation) in 1999. Both degrees were awarded by the University of Aberdeen. Geoff qualified as a Chartered Surveyor (MRICS) with DTZ in 2001. He speaks English and French.

tony

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 holds a MA in Engineering from Cambridge University and is an ACMA.

Caroline

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

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 L500 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

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

    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 holds a MA in Engineering from Cambridge University and is an ACMA.

  • Caroline

    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

    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 L500 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

    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

abrdn 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

Contact us for further information:
Luke Mason
Office: +44 (0)207 463 5971
luke.mason@abrdn.com

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.