Aberdeen Standard European Logistics Income (ASLI) has raised £125m in a significantly oversubscribed issue.
A total of 114.7 million new shares will be issued at a price of 109.0p. The board said despite the oversubscription, a scaling back exercise had to be undertaken with investor demand substantially exceeding £125m.
Tony Roper, chairman, said: “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 £125m.
“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.”
ASLI : ASLI raises £125m in oversubscribed issue