Aberdeen Standard European Logistics Income(ASLI) has announced that it has published a circular, convening a general meeting, at which approval will be sought from shareholders for both a £100m equity fundraising and a 12-month share issuance programme. The fundraising is to be a placing, open offer and offer for subscription of 100 million Ordinary Shares, at a price of 98.75p per Ordinary Share. ASLI says that a prospectus relating to these proposals is expected to be published later today, and will also be available shortly on its website. ASLI has the ability to increase the size of the Issue up to 150 million new Ordinary Shares to satisfy available demand.
Background to the fundraising
ASLI says that it has fully deployed the funds raised at its launch in 2017, together with associated gearing. Its portfolio now consists of ten warehouses, comprising of nine operational warehouses, all fully income producing, and one forward funded development project which is due to complete in July 2019. In addition, ASLI has exchanged contracts to acquire an additional operating warehouse in The Netherlands, completion of which acquisition is scheduled for early July 2019. Upon completion, ASLI says that its portfolio will be diversified across five different countries and 28 tenants. With its available capital fully deployed, ASLI says that it is undertaking the current fundraising to enable it to take advantage of further investment opportunities.