Business
Q3 NAV Announcement
Q3 NAV Announcement.
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 September 2023\n \nAlignment with structurally supported Continental European tenant-critical urban and mid-box warehouses\n \n27 November 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 September 2023.\n \nSummary\n \n· The portfolio declined 4.9% to €659.75 million (30 June 2023: €693.5 million), driven by continued outward yield movement but with key medium-term economic indicators starting to improve\n \n· NAV per Ordinary share decreased by 7.8% to 99.8c (GBp - 86.3p) (30 June 2023: 108.3c (GBp - 92.9p)), reflecting a NAV total return, with quarterly distributions reinvested, of -12.7% in Euro terms (-14.6% in sterling) for the 9 months to 30 September 2023\n \n· EPRA Net Tangible Assets decreased by 7.8% to 104.3c per Ordinary share (30 June 2023 - 113.1c)\n \n· Lease extension completed with Chef's Culinar at the Company's warehouse in Krakow, Poland, extending the expiry to November 2026, at a 10%+ uplift on the valuer's ERV\n \n· Portfolio WAULT of 7.2 years to break and 8.6 years to expiry\n \n· Ranked first in its peer group in the 2023 GRESB (Global Real Estate Sustainability Benchmark) awards, achieving 89/100 points and a 5-star rating\n \n· Third interim dividend for 2023 of 1.41c (GBP - 1.23p) declared, payable on 29 December 2023\n \n· 37.1% Loan to Value ('LTV'), with the Investec €70 million facility undrawn at the quarter end. The Company's fixed debt facilities totalled €259.5 million at an average all-in interest rate of 2.0%, with no re-financings until mid-2025\n \n· As announced separately today, commencement of a Strategic Review to explore all options available to the Company.\n \nTroels Andersen, Lead Fund Manager, abrdn, com...