Business
Half-year Results
Half-year Results.
About this update from Abrdn European Logistics Income Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4633N\n Aberdeen Standard Eur Lgstc Inc PLC\n 30 September 2021\n \n \n \n \n 29 September 2021\n \n \n \n \n \n ABERDEEN STANDARD EUROPEAN LOGISTICS INCOME PLC (the \"Company\")\n \n \n LEI: 213800I9IYIKKNRT3G50\n \n \n \n \n \n INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2021\n \n \n \n \n \n Focus on high quality and structurally supported Continental Europe mid box and urban warehouse assets delivers another period of strong NAV and earnings growth\n \n \n \n \n \n Aberdeen Standard European Logistics Income PLC, the Continental European investor in modern warehouses, which is managed by abrdn, today announces its interim results for the six months to 30 June 2021.\n \n \n \n \n \n Continued NAV and earnings growth: \n \n \n - \n Net asset value per ordinary share increased by 3.3% to €1.24 (31 December 2020: €1.20)\n \n \n - \n Share price total return of 12.0%\n \n \n - \n NAV total return (in Euro terms) of 5.2% for the period and 14.7% for the 12 months to 30 June 2021, primarily driven by ongoing favorable yield movement\n \n \n - \n Loan to Value of 31.7% (all in cost of debt 1.36%, average term to maturity 5.5 years)\n \n \n - \n Declared dividends of 2.82 Euro cents (equivalent to 2.42 pence) per share in respect of the period, in line with the target for the financial year\n \n \n - \n Reflecting the Company's growth ambitions, a £19.4 million oversubscribed equity issuance completed in March 2021, and as announced on 29 September 2021, a post-period end oversubscribed £125 million equity issuance, with strong pipeline of acquisitions identified\n \n \n \n \n \n Acquisitions and focus on asset and counterparty quality take gross assets to over €500 million: \n \n \n - \n Strong rent collection with 99% of rent due for the period collected \n \n \n - \n Portfolio valued at €492 million, reflecting yield compression and new acquisitions; on a like for like basis, the portfolio value increased by 3.4% over 31 December 2020 \n \n \n - \n Two acquisitions, totalling €46.8 million, taking the total portfolio to 16 modern properties, diversified by geography and tenant:\n \n \n · \n A 34,000 sqm warehouse in Lodz, Poland, for €28 million, reflecting a net initial yield of 5.5%\n \n \n · \n Post-period end...