Business
Q2 2024 Unaudited NAV and Second Interim Dividend
Q2 2024 Unaudited NAV and Second Interim Dividend.
About this update from Abrdn European Logistics Income Plc
[{"type":"text","content":"\n\nabrdn European Logistics Income plc\nUnaudited Net Asset Value as at 30 June 2024 and declaration of Second Interim Dividend\n \n23 August 2024 - abrdn European Logistics Income plc (the \"Company\" or \"ASLI\"), the Company which is invested in a diversified portfolio of European logistics real estate, announces its unaudited Net Asset Value (\"NAV\") for the quarter ended 30 June 2024.\nSummary\n- On 24 June 2024, on recommendation of the Board, shareholders voted against the continuation of the Company and on 23 July 2024 approved a new Investment Policy to implement a managed wind-down of the Company. Following these meetings, the Company no longer prepares its net asset value on the going concern basis of accounting\n \n- NAV per Ordinary share decreased by 4.2% to 87.9c (GBp - 74.4p) (31 March 2024: 91.8c (GBp - 78.5p)) with the decrease largely attributable to the recognition of the estimated costs of realising the portfolio. Excluding these costs, the NAV per Ordinary share decrease was 0.6%\n \n- EPRA Net Tangible Assets decreased by 4.3% to 89.7c per Ordinary share (31 March 2024 - 93.7c)\n \n- The portfolio valuation itself increased 0.17% to €607.35 million (31 March 2024: €606.29 million), as asset values in aggregate stabilised\n \n- Loan to Value ('LTV') is 39.0% - fixed debt facilities totalled €248.5 million at an average all-in interest rate of 2.0%, with no major refinancings until mid-2025\n \n- Following the quarter end, the Company partially repaid €2.9 million of the variable loan with ING Spain and reduced the hedging exposure by the same amount. The repayment reduced the LTV to 38.7% and the all-in interest rate to 1.99%.\nIntroduction\nOn 20 May 2024, following a detailed review of the options available to the Company and after consultation with its advisers, as well as taking into account feedback received from a number of larger shareholders, the Board announced its conclusion that it would be in the best...