Aberdeen Standard European Logistics Income

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Attractive yield and 'on the ground' team presence

Aberdeen Standard European Logistics Income was launched in December 2017, when it raised gross proceeds of £187.5m (€212.0m) in its IPO. The fund aims to provide a regular and attractive level of income, together with the potential for long-term income and capital growth, from investing in and managing a diversified portfolio of ‘big box’ logistics warehouses and ‘last mile’ urban logistics assets in Europe. The fund’s lead manager since inception is Evert Castelein, who is supported by deputy fund managers Attila Molnar and James Whyte. Aberdeen Standard Investments manages approximately €4bn across 160 logistics properties in 11 countries.

The fund is targeting a 5% yield on the issue price and a total return of 7.5% per annum, both in Euro terms. This dividend target was reduced from 5.5% in December 2018 following a period of significant yield compression. Dividends are paid in Sterling and the full amount of the Euro dividend target is hedged on a one-year forward basis. Dividends totalling 5.64 Euro cents per share have been declared in respect of 2019, equivalent to 5.08p per share, which reflects a yield of 5.9% on the current share price.

In the year to 31 December 2019 the IFRS NAV per share increased by 2.8% from €1.08 to €1.11, while in Sterling terms, the NAV per share fell 2.6% from 96.7p to 94.2p. Since launch in December 2017, Aberdeen Standard European Logistics Income has delivered a NAV total return (in Sterling terms) of 2.8%, while its share price has fallen by 6.9% in total return terms.

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