Aberdeen Standard European Logistics Income (ASLI) has reported a 6% increase in the value of its portfolio over the quarter to the end of December 2020.
The company’s portfolio of 14 continental European logistics assets are now worth €430.2m, up from €405.7m at September 2020.
The group said net asset value (NAV) at 31 December 2020 is expected to increase materially. A NAV announcement is expected on or around 19 February 2021.
The valuation increase was predominantly the result of 25 basis points of yield compression across the entire portfolio, driven by the strength of the European logistics real estate market, both from an investment and occupier demand point of view.
This has been reflected in strong rent collection figures at ASLI. In the calendar year of 2020, the group said it had collected 97% of rent billed (including 100% for the final quarter), with the balance consisting of agreed rent deferrals and rent free periods granted in exchange for material lease extensions (all of which were agreed at the start of the pandemic in the second quarter of the year).
Outlook
The company is in the process of closing an investment deal to acquire its 15th asset, located in Poland, for €26m.
Manager Evert Castelein said the company was focused on growing: “There are continued attractive opportunities across Europe to invest in high-quality, modern and well-located assets. We believe that the outlook for European logistics real estate remains compelling, supported by a level of income which is inflation proofed through long indexed leases.”
[QuotedData published an annual overview research note on ASLI in December 2020. To read it click here.]
ASLI : ASLI reports 6% increase in portfolio value