25th Sep 2019 11:24
(Alliance News) - Aberdeen Standard European Logistics Income PLC said Wednesday net asset value rose over the first half of 2019, in a performance driven by expansion of the company's portfolio.
As at June 30, the European logistics-focused property investor reported a net asset value of EUR1.09 per share, down from EUR1.11 the same date the year before, but up from EUR1.08 at the end of 2018.
During the period, Aberdeen Standard European purchased six properties at a aggregate net purchase price of EUR140.8 million, bringing the company's total property portfolio value as at June 30 to EUR272.7 million, rising sharply from EUR20.4 million the prior year, and from EUR148.9 million at the end of December.
The portfolio itself delivered a total property return of 1.78% in the period. Due to the larger portfolio, rental income for the six month period increased sharply to EUR5.1 million from EUR343,000 the year before.
Aberdeen Standard European declared an total interim dividend of 2.82 euro cents per share, made from two equal quarterly dividend of 1.41 cents.
"We have been able to build a high quality, well-diversified property portfolio with eleven investments in five countries and twenty eight strong covenant tenants. We have invested in the most liquid part of the logistics market with an average investment price close to EUR27.0 million and an average building size of 28,000 square metres. This is an active part of the logistics market giving us plenty of options in terms of potential businesses from a wide range of sectors to lease to," said Portfolio Manager Evert Castletein.
Shares in Aberdeen Standard European Logistics Income were up 1.0% at 92.92 pence on Wednesday.
By Dayo Laniyan; [email protected]
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