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 23 Jun 2021

Share Price 118.00p

Estimated NAV cum income 103.49p

Estimated NAV ex income 102.39p

Dividend Yield 4.2%

Premium / (Discount) to NAV cum income 15.0%

Premium / (Discount) to NAV ex income 16.2%

Issue of New Ordinary Shares

On 12 March 2021, the Board of Aberdeen Standard European Logistics Income was pleased to announce that the Company proposed to issue 18.45 million new Ordinary shares in the capital of the Company at a price of 105 pence per share, raising gross proceeds of £19.37 million. The issue was over-subscribed at the issue price and a scaling back process was undertaken.

It is expected that dealings in the new Ordinary shares will commence on 16 March 2021.

Following the issue of these new Ordinary shares, the total number of voting rights in the Company will be 262,950,001.

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Latest news

Strategic focus on high growth Continental Europe mid box logistics sector delivers strong NAV and earnings growth

Asset and counterparty quality delivered resilient income, with acquisitions supporting growth ambitions:

Strong rent collection with 97% of rent due for the year collected
Portfolio valued at €425 million, reflecting yield compression and new acquisitions; positive progression in valuations expected into 2021
Two acquisitions, totalling €78 million, taking the total portfolio to 15 modern properties, diversified by geography and tenant:
A 43,300 sqm warehouse in Den Hoorn, the Netherlands, purchased for €49.9 million, reflecting a net initial yield of 4.5%
Post year end, the acquisition of a 34,000 sqm warehouse in Lodz, Poland, for €28 million, reflecting a net initial yield of 5.6%
Weighted average unexpired lease term (“WAULT”) increased to 11 years

Modern, fit for purpose portfolio underpinning continued ESG outperformance:

GRESB score of 79/100, which compares favourably with the 68/100 average score for the Western Europe Industrial Distribution Warehouse peer group
Four out of a maximum of five Green Stars awarded

Tony Roper, Chairman, Aberdeen Standard European Income Logistics, commented:

The Continental European logistics market offers a compelling investment case, with e-commerce penetration rates lagging behind other comparable regions. With the pandemic having accelerated the shift to online, businesses have had to urgently future proof their supply chains to meet resulting demand. As a result, we retain a strong conviction in our strategy, which predates many of these market trends and which to date has delivered a high quality portfolio with strong sustainability credentials. Looking forward, a clear priority is to grow the Company, in a sensible and measured way, in order to enjoy the benefits that come with increased scale and liquidity.

AGM presentation by investment manager Evert Casteleinplay_circle_outline

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Key literature

Latest factsheet

Annual Report

Interim Report

Savings Plan/ISA Brochure

Latest QuotedData Research Note

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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 Aberdeen 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 heritage Standard Life Investments in 2016, just before the merger, 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 Aberdeen 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 heritage Standard Life Investments in 2016, just before the merger, 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 European logistic properties such as large ‘big box’ ultra-modern warehouses and local ‘last mile’ distribution centres. Occupier demand is strengthening 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.