29th Sep 2021 17:32
Aberdeen Standard European Logistics Income PLC - investment firm - Raises GBP125 million through the placing, open offer and subscription of 91.7 million shares at a price of 109.0 pence each, as well as the issue of an extra 23 million shares in line with the company's general issuance authority.
However, a scaling back exercise will be undertaken as investor demand exceeded GBP125 million.
"The very positive response to the company's fundraising from both existing shareholders and new investors is a clear endorsement of the strategy and performance of the Trust to date. The issue was significantly over-subscribed and with the near-term pipeline of acquisition opportunities growing since early September, after careful consideration the board decided to increase the size of the issue to GBP125 million," says Chair Tony Roper.
"Our confidence in the Investment Manager's ability to continue sourcing on and off-market opportunities for the company remains high, given its significant local presence across Europe and track record in amassing the current portfolio. With a continuing focus on mid-box and urban logistics warehouses in key European logistics hubs, we are confident that the proceeds of this fundraise will be deployed in a timely manner, providing shareholders with further attractive returns from this increasingly critical asset class," Roper adds.
Aberdeen Standard European will have 377.6 million shares issued overall.
Current stock price: 109.00 pence, down 2.2%
Year-to-date change: up 0.5%
By Dayo Laniyan; [email protected]
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