Business
Portfolio Update and 30 June 2023 Net Asset Value
Portfolio Update and 30 June 2023 Net Asset Value.
About this update from Abrdn European Logistics Income Plc
[{"type":"text","content":"\n\nLEI: 213800I9IYIKKNRT3G50\n \nabrdn European Logistics Income plc\n \nPortfolio Update and Unaudited Net Asset Value as at 30 June 2023\n \nAsset management initiatives and focus on Continental European tenant-critical urban and mid-box warehouses underpinning valuation resilience\n \n22 August 2023 - abrdn European Logistics Income plc (the \"Company\" or \"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 30 June 2023.\n \nSummary\n \n· The portfolio valuation decreased marginally from €722.7 million to €693.5 million, a 1.5% like-for-like valuation decline (excluding sale of Leon during the quarter), reflecting slowing outward yield movement as key medium-term economic indicators improve\n \n· NAV per Ordinary share decreased by 2.6% to 108.3c (GBp - 92.9p¹) (31 March 2023: 111.2c (GBp - 97.7p¹)), reflecting a NAV total return, with quarterly distributions reinvested, of -6.6% in Euro terms (-9.6% in sterling) for the 6 months to 30 June 2023\n \n· EPRA Net Tangible Assets² decreased by 2.8% to 113.1c per Ordinary share (31 March 2023 - 116.4c)\n \n· Completed the sale of the 32,645 sqm warehouse in Leon, Northern Spain, for €18.5 million. The disposal price reflected a small premium to the 31 March 2023 valuation\n \n· Other asset management initiatives executed including:\n \n• a five-year lease extension with AS Watson, at the Company's single-tenant warehouse in Ede, the Netherlands\n• a three-year lease extension with MaxFliz home interiors at the Company's Krakow, Poland warehouse, extending the expiry to July 2027\n \n· Portfolio WAULT improved to 7.1 years to break and 8.7 years to expiry\n \n· Second interim dividend for 2023 of 1.41c (GBP - 1.22p) declared, payable on 22 September 2023\n \n· The Company's loan-to-value...