abrdn European Logistics Income plc (LSE: 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 31 March 2023.

Summary

•The portfolio valuation decreased from €758.7 million to €722.7 million, a 4.7% like-for-like valuation decline, reflecting continued market wide outward yield movements related to higher interest rates.
•NAV per Ordinary share decreased by 6.5% to 111.2c (GBp – 97.7p*) (31 December 2022: 118.9c (GBp – 105.4p*)), reflecting a NAV total return, with quarterly distributions reinvested, of -5.3% in Euro terms (-6.2% in sterling) for the 3 months to 31 March 2023.
•EPRA Net Tangible Assets** decreased by 7.3% to 116.4c per Ordinary share (31 December 2022 – 125.5c).
•First interim dividend for 2023 of 1.41c (GBP – 1.23p) declared, payable on 23 June 2023.  
•Successful asset management initiatives completed at Avignon, Ede and Niort, across 72,500 sqm of space, securing long-term income and improving the overall portfolio WAULT metrics from 6.7 years to break to 7.7 years and from 8.9 years to expiry to 9.6 years.
•The Company’s Loan to Value (“LTV”) was 35.6%, with the Investec €70 million facility undrawn at the quarter end. The Company’s fixed debt facilities totalled €270.3 million at an average all-in interest rate of 2.0% with the earliest re-financings required in mid-2025. Post the sale of Leon, this falls to €259.5m with an LTV of 34.7%.
 * Exchange rate £1 : €1.14 (31 December 2022: £1 : €1.13) ** EPRA Net Tangible Assets focuses on reflecting a company’s tangible assets and the calculation assumes entities buy and sell assets, thereby crystallising certain levels of deferred tax liability

Troels Andersen, Lead Fund Manager, abrdn, commented:

“The portfolio has again demonstrated its resilience despite wider market uncertainty, reflecting the strategic location of our assets, the strength of the occupational market, low vacancy rates, and rents which are underpinned by annual indexation. The recent asset management successes are a demonstration of the competitive advantages of abrdn’s asset management and transaction teams across our European offices as well as the ongoing liquidity for good quality logistics.”