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abrdn European Logistics Income PLC said on Thursday its net asset value per share was down while it agreed two new debt facilities with ING Group NV’s ING Bank.
The investment fund focusing on European logistics real estate said its NAV per share on September 30 was 129.2 euro cents, down 1.3% from 130.9c on June 30, reflecting a NAV total return of 6.5% in the year that ended September 30.
Shares in abrdn European were up 0.6% to 73.60 pence in London on Thursday morning.
Its portfolio valuation excluding four new acquisitions increased by 19% to €807.4 million from €675.7 million on December 31 last year, although third quarter results for 2002 saw its portfolio like-for-like valuation down by 1.0%.
abrdn European said it reached an €100 million debt agreement with ING Bank held across two debt facilities, secured against abrdn European’s Spanish portfolio assets at a blended all-in interest rate of 2.9%. It added its loan to value ratio remains within its target range at 35%.
It also completed four acquisitions during the quarter that ended September 30 for a total €44.6 million, including three freehold French properties leased to Dachser Group SE & Co KG’s Dachser Logistics and a 6,900 square metre warehouse in Horst, the Netherlands. The acquisitions take the company portfolio to 27 assets across five countries.
‘The European logistics market continues to be characterised by record low supply and robust demand from a breadth of businesses, allowing landlords to capture strong rental growth. This limited supply of good quality buildings with increasing construction costs and higher interest rates, together with strong occupier demand for urban locations together with long indexed-linked leases underpins our strategy,’ said Fund Manager Troels Andersen, who replaced Evert Castelein in October.
A third 2022 interim dividend was also declared of 1.41c, unchanged from a year prior.
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