Business
Unaudited Q1 2022 NAV and Company Update
Unaudited Q1 2022 NAV and Company Update.
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 Unaudited Q1 2022 NAV and Company Update\n \n \n \n \n \n \n \n \n \n Occupational demand and increasing focus on urban warehousing underpinning further valuation and NAV growth\n \n \n \n \n \n \n \n \n 30 May 2022 -\n abrdn European Logistics Income plc\n (LSE: ASLI), the Company which invests in high quality European logistics properties, announces its unaudited quarterly Net Asset Value (\"NAV\") for the quarter ended 31 March 2022.\n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n \n \n ·\n Portfolio valuation increased by 2.5%, or €16.8 million to €682.8 million, reflecting inflation-linked rental growth and further yield compression\n \n \n \n \n \n ·\n NAV per Ordinary share increased by 1.9% to 131.6c (GBp - 111.3p\n 1\n ) (31 December 2021: 129.1c (GBp - 108.5p\n 1\n )), reflecting a NAV total return of 13.0% (in Euro terms) for the 12 months to 31 March 2022\n \n \n \n \n \n ·\n EPRA Net Tangible Assets\n 2\n increased by 2.2% to 139.4c per Ordinary share (31 December 2021: 136.4c)\n \n \n \n \n \n ·\n 100% of Q1 2022 rent collected\n \n \n \n \n \n ·\n First interim dividend for 2022 of 1.41c (GBp - 1.19p) declared, payable on 24 June 2022\n \n \n \n \n \n ·\n Construction of Madrid Phase IV scheduled to complete in late Q2 2022, increasing portfolio valuation to €763 million, using agreed purchase price\n \n \n \n \n \n ·\n Agreement signed for the purchase of three French urban logistics assets\n ,\n for\n €32.5 million, on completion of which the portfolio will comprise 16 urban logistics warehouses and 11 mid-box logistics warehouses\n \n \n \n \n \n ·\n Issue of new equity raising £38 million (€45.6 million) to support near-term acquisition strategy\n \n \n \n \n \n \n Evert Castelein, Fund Manager, abrdn, commented:\n \n \n \n \n \n \n \"It is very pleasing to report another quarter of NAV growth. This reflects both the strength of the European logistics market and the high quality nature of our diversified, modern portfolio.\n \n \n \n \n \n \"Logistics is a long-term growth story, fuelled by the acceleration of e-commerce across Europe, and increasingly the changes in how com...