Business
Company Update and Unaudited 31 December 2022 NAV
Company Update and Unaudited 31 December 2022 NAV.
About this update from Abrdn European Logistics Income Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n LEI: 213800I9IYIKKNRT3G50\n \n \n \n \n \n \n abrdn European Logistics Income plc\n \n \n \n \n \n \n \n \n \n Company Update and Unaudited Net Asset Value as at 31 December 2022\n \n \n \n \n \n \n \n \n 23 February 2023 -\n abrdn European Logistics Income plc\n (LSE: ASLI), the Company which invests in a diversified portfolio of European logistics real estate, announces its unaudited quarterly Net Asset Value (\"NAV\") for the quarter ended 31 December 2022.\n \n \n \n \n \n \n Summary\n \n \n \n \n \n \n \n \n ·\n The portfolio valuation decreased by €48.6 million, or 6%, from €807.4 million to €758.7 million, primarily driven by market wide outward yield movements as a result of rising interest rates\n \n \n \n \n \n ·\n NAV per Ordinary share decreased by 8.0% to 118.9c (GBp - 105.4p\n 1\n ) (30 September 2022: 129.2c (GBp - 114.1p\n 1\n )), reflecting a NAV total return, with distributions reinvested, of -3.8% in Euro terms (+1.7% in sterling) for the 12 months to 31 December 2022\n \n \n \n \n \n ·\n EPRA Net Tangible Assets\n 2\n decreased by 8.7% to 125.5c per Ordinary share (30 September 2022 - 137.4c)\n \n \n \n \n \n ·\n Fourth interim dividend for 2022 of 1.41c (GBp - 1.20p) declared, payable on 24 March 2023 \n \n \n \n \n \n ·\n The Company's Loan to Value remains within the stated target range at 34%, with the Investec €70 million master loan undrawn at year end. The Company's fixed debt facilities totalled €270.3 million at an average all-in interest rate of 2.0% with the earliest re-financing required in mid-2025\n \n \n \n \n \n ·\n Post quarter end, completed a 4,000 sqm long-term lease renewal in Niort, France, significantly ahead of ERV\n \n \n \n \n \n \n Troels Andersen, Fund Manager, abrdn, commented:\n \n \n \n \"The portfolio valuation fell in the final quarter of 2022 as property yields moved out and values weakened across all parts of the real estate sector, a result of rapid central bank rate rises.\n Despite this, the portfolio has demonstrated its resilience versus the greater declines witnessed in the wider listed sector, reflecting the strategic location of our assets, the strength of the occupational market supported by historically low vacancy rates and that the majority of our leases are subje...