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abrdn European Logistics Income plc
Interim / Quarterly Report • Jun 30, 2019
4990_ir_2019-06-30_78fe4c32-7960-4e79-865b-82d42053ab53.pdf
Interim / Quarterly Report
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Aberdeen Standard European Logistics Income PLC
Capturing long-term income from high-quality logistics real estate
Half Yearly Report 30 June 2019
Contents
Overview
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Corporate Information
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The Company
The Company is a UK investment trust with a premium listing on the Main Market of the London Stock Exchange. 7KHb&RPSDQ\LQYHVWVLQKLJKTXDOLW(XURSHDQORJLVWLFVUHDOHVWDWHWRDFKLHYHLWVREMHFWLYHRISURYLGLQJLWVVKDUHKROGHUV with a regular and attractive level of income return together with the potential for long term income and capital growth. 7KH&RPSDQ\DLPVWRLQYHVWLQDSRUWIROLRRIDVVHWVGLYHUVLILHGE\ERWKJHRJUDSK\DQGWHQDQWWKURXJKRXW(XURSH SUHGRPLQDQWO\WDUJHWLQJZHOOORFDWHGDVVHWVDWHVWDEOLVKHGGLVWULEXWLRQKXEVDQGZLWKLQSRSXODWLRQFHQWUHV7KH&RPSDQ\ GRHVQRWKDYHDbIL[HGOLIH
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The Company aims to provide a regular and attractive level of income return together with the potential for long term LQFRPHDQGFDSLWDOJURZWKIURPLQYHVWLQJLQKLJKTXDOLW(XURSHDQORJLVWLFVUHDOHVWDWH
Company Benchmark
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Investment Manager
7KH&RPSDQ\KDVDSSRLQWHG\$EHUGHHQ6WDQGDUG)XQG0DQDJHUV/LPLWHGWKHȊ\$Ζ)0ȋ DVWKH&RPSDQ\ȇVDOWHUQDWLYH LQYHVWPHQWIXQGPDQDJHUIRUWKHSXUSRVHVRIWKH\$Ζ)05XOHV7KH\$Ζ)0KDVGHOHJDWHGSRUWIROLRPDQDJHPHQWWRWKH \$PVWHUGDPEUDQFKRI\$EHUGHHQ6WDQGDUGΖQYHVWPHQWVΖUHODQG/LPLWHGDVΖQYHVWPHQW0DQDJHUWKHȊΖQYHVWPHQW 0DQDJHUȋ 3XUVXDQWWRWKHWHUPVRIWKH0DQDJHPHQW\$JUHHPHQWWKH\$Ζ)0LVUHVSRQVLEOHIRUSRUWIROLRDQGULVN PDQDJHPHQWRQEHKDOIRIWKH&RPSDQ\DQGFDUULHVRXWWKHRQJRLQJRYHUVLJKWIXQFWLRQVDQGVXSHUYLVLRQWRHQVXUH FRPSOLDQFHZLWKWKHDSSOLFDEOHUHTXLUHPHQWVRIWKH\$Ζ)05XOHV7KH\$Ζ)0DQGWKHΖQYHVWPHQW0DQDJHUDUHERWKOHJDOO\ and operationally independent of the Company.
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Overview
| 30 June 2019 | 31 December 2018 | |
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| Six months ended 30 June 2019 |
Period ended 31 December 2018 |
Since inception to 30 June 2019 |
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| 6HSWHPEHU | Announcement of unaudited half yearly results |
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Overview
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'XULQJWKHVL[PRQWKVWR-XQHWKH&RPSDQ\ completed its initial investment programme seeking to LQYHVWRXUVKDUHKROGHUVȇPRQH\LQWRDSRUWIROLRRI attractive logistics warehouses in Europe. The Investment 0DQDJHUDVUHYLHZHGE\WKH%RDUGKDVVRXJKWWREXLOGD portfolio of properties with predominantly long indexed OHDVHVWRVXSSRUWDGXUDEOHDQGJURZLQJLQFRPHVWUHDP IRUVKDUHKROGHUV)ROORZLQJWKHPRUHUHFHQWSXUFKDVHDWȆV +HHUHQEHUJWKH&RPSDQ\QRZRZQVHOHYHQZDUHKRXVHV GLYHUVLILHGE\JHRJUDSK\DQGWHQDQWEDVHZKLFKDUHZHOO ORFDWHGDWHVWDEOLVKHGGLVWULEXWLRQKXEVZLWKLQFORVH proximity to cities with excellent transport links.
6LQFHWKH'HFHPEHU\HDUHQGSURSHUWLHVWKDWWKH Company had already agreed to purchase were secured in (UOHQVHH*HUPDQ\ /HRQ6SDLQ 0HXQJVXU/RLUH )UDQFH DQG2VVDQG=HHZROGHWKH1HWKHUODQGV ΖQb)HEUXDU\WKH&RPSDQ\FRPSOHWHGWKHDFTXLVLWLRQ RIDIUHHKROGORJLVWLFVZDUHKRXVHQHDU.UDNRZ3RODQGIRU DQHWDPRXQWRIȜPLOOLRQ7KLVSURSHUW\LVVLWXDWHGLQ DQHVWDEOLVKHGORJLVWLFVDUHDDQGEHQHILWVIURPLWV SUR[LPLW\WR.UDNRZLWVLQWHUQDWLRQDODLUSRUWDQGHDV\ PRWRUZD\DFFHVVWR*HUPDQ\DQGWKH&]HFK5HSXEOLF
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Placing, Open offer and Offer for Subscription
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Financing
Over the course of the last six months the Investment 0DQDJHUȇVWUHDVXU\WHDPKDVVRXUFHGIL[HGWHUPGHEW IURPEDQNVZKLFKLVVHFXUHGRQFHUWDLQDVVHWVRUJURXSVRI assets within the portfolio. These are non-recourse loans UDQJLQJLQPDWXULWLHVEHWZHHQVL[DQGWHQ\HDUVDQGZLWK LQWHUHVWUDWHVUDQJLQJEHWZHHQDQGSHU annum. The current average interest rate on the total DYDLODEOHIL[HGWHUPGHEWDUUDQJHPHQWVRIȜPLOOLRQ ZKHQIXOO\GUDZQGRZQ LV
Results
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Dividend
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Directorate Change
2XUSUHYLRXV&KDLUPDQ3DVFDO'XYDOGLGQRWVWDQGIRU re-election at the Annual General Meeting which was held RQ-XQHKDYLQJWDNHQRQDQH[HFXWLYHUROHZKLFK would limit the amount of time that he could devote to WKHb&RPSDQ\
The Board would like to place on record its thanks for 3DVFDOȇVZRUNRQEHKDOIRIWKH&RPSDQ\DQGIRUKHOSLQJWR JXLGHXVWKURXJKWKHΖQLWLDO3XEOLF2IIHULQJWRZKHUHZH are today.
Electronic Communications for Registered Shareholders
7KH%RDUGLVSURSRVLQJWRPRYHWRPRUHHOHFWURQLFEDVHG forms of communication with its registered shareholders.
ΖQFUHDVHGXVHRIHOHFWURQLFFRPPXQLFDWLRQVVKRXOGEHD PRUHFRVWHIIHFWLYHIDVWHUDQGPRUHHQYLURQPHQWDOO\ friendly way of providing information to shareholders. 5HJLVWHUHGVKDUHKROGHUVZLOOWKHUHIRUHILQGHQFORVHGZLWK WKLV+DOI<HDUO\5HSRUWDOHWWHUFRQWDLQLQJRXUHOHFWURQLF communications proposals and an opportunity to supply DQHPDLODGGUHVVWRWKH5HJLVWUDUV5HJLVWHUHG shareholders who wish to continue to receive hard copies RIGRFXPHQWVDQGFRPPXQLFDWLRQVE\SRVWDUH HQFRXUDJHGWRVHQGEDFNWKHLUUHSOLHVDVVRRQDVSRVVLEOH EXWLQDQ\HYHQWE\1RYHPEHU
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Outlook
7KH%RDUGDQGWKHΖQYHVWPHQW0DQDJHUEHOLHYHWKDW DbZHOOGLYHUVLILHGSRUWIROLRRIHOHYHQDVVHWVVSUHDGDFURVV ILYH(XURSHDQFRXQWULHVZLWKORQJLQGH[HGOHDVHVKDVEHHQ EXLOWXSLQDPDUNHWWKDWZLOOFRQWLQXHWRRIIHUDWWUDFWLYH RSSRUWXQLWLHV7KHORJLVWLFVPDUNHWLVVL]HDEOHDQG FRQWLQXHVWRJURZDVWKHVHFWRUEHQHILWVIURPWKHUDSLG WDNHXSRIORJLVWLFVIDFLOLWLHVODUJHO\KHOSHGE\WKHJURZWK LQHFRPPHUFHDQGWKHORQJLQIODWLRQOLQNHGOHDVHVWKDW TXDOLW\WHQDQWVDUHSUHSDUHGWRVLJQXSWRLQPDQ\SDUWV RIb(XURSH7KLVVWUDWHJ\ZKLFKLVIRFXVVHGRQLQYHVWPHQWV RQWKH&RQWLQHQWZLWKDWWUDFWLYHSULFLQJLQGH[DWLRQRI leases as standard and lower financing costs underpins our investment policy.
As supply chain management gains importance due to JURZLQJHFRPPHUFHDQGRQJRLQJXUEDQLVDWLRQSULPH ORJLVWLFVVSDFHPD\EHFRPHVFDUFH7KHPDUNHWKDVVWDUWHG to reflect this with increased pricing and lower yields which XQGHUSLQVYDOXDWLRQV+RZHYHUZLWKYDFDQF\UDWHVDW
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\$VVHWVHOHFWLRQSULFHDQGWHQDQWTXDOLW\DUHNH\ considerations and our Investment Manager has continuously sought to add to and improve the portfolio with this in mind. As the Company seeks to deploy the UHFHQWO\UDLVHGIXQGVWKHVHIDFWRUVZLOOEHLPSHUDWLYHLQ GHWHUPLQLQJWKHVKDSHRIWKHSRUWIROLR2QFHFRPPLWWHG DQGDVPDUNHWVDOORZWKH&RPSDQ\ZLOOFRQWLQXHWREXLOG on these foundations and to seek to grow the Company to SURYLGHVKDUHKROGHUVZLWKDPRUHOLTXLGDQGGLYHUVLILHG investment opportunity in this sector.
2XUΖQYHVWPHQW0DQDJHUȇVDVVHWPDQDJHPHQWWHDP DFURVV(XURSHVHHNVWRDGGYDOXHZKHUHSRVVLEOH7KLVFDQ WDNHWKHIRUPRIH[WHQVLRQVWREXLOGLQJVRUWKHDGGLWLRQRI solar roof panels to add incremental revenues. ESG is an LPSRUWDQWHOHPHQWRIWKHΖQYHVWPHQW0DQDJHUȇV LQYHVWPHQWSURFHVVDQGLQFUHDVLQJO\GLVFXVVHGE\RXU tenants helping to ensure it is a strategic focus for us.
The European logistics sector continues to grow with the increasing demand from market participants for newer TXDOLW\ZDUHKRXVLQJGULYHQE\WKHLUGHPDQGIRU LQFUHDVHGbVSDFHDQGWKHULVHLQHFRPPHUFHRSHUDWLRQV 7KHVXVWDLQDEOHLQIODWLRQSURWHFWLRQWKDWZHVHHIURP longer term leases that our tenants are prepared to enter into and their commitment through increased capital spending on internal fittings should give shareholders assurance of the income and growth strategy that the Company is pursuing. Our Investment Manager continues to see opportunities across a variety of European countries and the intention remains to grow the Company WKURXJKUHJXODUHTXLW\UDLVHVDVDQGZKHQPDUNHW conditions allow.
'HWDLOVRQWKH&RPSDQ\DQGLWVSRUWIROLRWRJHWKHUZLWKXS WRGDWHLQIRUPDWLRQLQFOXGLQJWKHODWHVWVKDUHSULFHFDQEH found at: eurologisticsincome.co.uk.
Tony Roper Chairman 6HSWHPEHU
Introduction
Logistics is one of the most sought after sectors for LQYHVWRUVLQFRPPHUFLDOUHDOHVWDWHWKDQNVWRVWUXFWXUDO drivers such as the rise of e-commerce and an attractive return profile compared to other asset classes. Thanks to \$6ΖȇVORFDORIILFHQHWZRUNLQ(XURSHZHKDYHEHHQDEOHWR EXLOGDKLJKTXDOLW\ZHOOGLYHUVLILHGSURSHUW\SRUWIROLR with eleven investments in five countries and twenty eight VWURQJFRYHQDQWWHQDQWV7KHVHQXPEHUVLQFOXGHWKHPRVW UHFHQWSURSHUW\WUDQVDFWLRQLQȆV+HHUHQEHUJZKLFKZDV FRPSOHWHGLQ-XO\*HDULQJKDVEHHQSXWWRZRUN ZLWKbDQH[SHFWHGORDQWRYDOXHUDWLR/79 DWRUDURXQG ZLWKYHU\DWWUDFWLYHILQDQFLQJUDWHVIXUWKHU VXSSRUWLQJIXWXUHLQFRPH)XUWKHURSWLPLVDWLRQRIWKH SRUWIROLRLVXQGHUZD\ZLWKDVWURQJIRFXVRQ(6* LQLWLDOO\bFRQFHQWUDWLQJRQWKHLQVWDOODWLRQRIVRODUSDQHOV )XUWKHUbGLYHUVLILFDWLRQZLOOEHUHDOLVHGIROORZLQJWKHHTXLW\ raise in July and on the completion of the two proposed deals which are currently in advanced due diligence.
Logistics sector benefiting from strong fundamentals
The demand for logistics investment in Europe remains VWURQJZLWKLQYHVWPHQWDFWLYLW\DWKLJKOHYHOVDQGZLWK capital values recording strong growth in most markets. 6RPHRIWKLVDSSUHFLDWLRQLQYDOXHLVGULYHQE\KLJKHU LQYHVWPHQWGHPDQGDQGORZHUUHTXLUHGUDWHVRIUHWXUQ VRXJKWE\LQYHVWRUVEXWZHDUHDOVRVHHLQJLQFUHDVLQJ market rents as a driver in many markets. The capitalisation RIKLJKHUUHQWDOOHYHOVLVH[SHFWHGWREHFRPHDQDGGLWLRQDO VRXUFHRIYDOXHJURZWKRYHUWKHQH[WIHZ\HDUV SDUWLFXODUO\bLQWKHXUEDQORJLVWLFVVHJPHQWDQGLQNH\ logistics areas where land supply constraints are limiting new developments.
:HEHOLHYHWKDWPDQ\RIWKHNH\GULYHUVEHKLQGWKH demand for logistics space in Europe remain strong and DUHOLNHO\WREHORQJWHUPDQGVWUXFWXUDOLQQDWXUHUDWKHU WKDQVLPSO\OLQNHGWRWKHHFRQRPLFF\FOH'HVSLWHWKHPRUH UHFHQWEHQLJQOHYHOVRIHFRQRPLFRXWSXWWKHVWUXFWXUDO shifts in consumption patterns and overall demand drivers DUHOLNHO\WRUHPDLQVXSSRUWLYHZKLOHFRQVWUXFWLRQOHYHOV remain relatively low.
:KLOHWKHRYHUDOORXWORRNIRUORJLVWLFVLVSRVLWLYHZHEHOLHYH WKHUHZLOOEHDJURZLQJGLIIHUHQWLDWLRQEHWZHHQGLIIHUHQW types of logistics property. Our research suggests that ERWKWKHORFDWLRQDQGWKHHIILFLHQF\RIWKHDVVHWDUH EHFRPLQJLQFUHDVLQJO\LPSRUWDQWDQGWKDWWHQDQWVDUH increasingly focused on the environmental impact of their ORJLVWLFVRSHUDWLRQV7KHVHDUHLPSRUWDQWFULWHULDWREH FRQVLGHUHGZKHQEXLOGLQJDUHDOHVWDWHSRUWIROLRWKDWZLOO EHQHILWIURPWKLVVWURQJIXQGDPHQWDOGHPDQGIRUORJLVWLFV in Europe.
Well-diversified property portfolio with PRGHUQbVSHFLILFDWLRQV
7KHILUVWKDOIRIKDVUHVXOWHGLQWKHSXUFKDVHRIVL[ SURSHUWLHVZLWKDQDJJUHJDWHQHWSXUFKDVHSULFHRI ȜbPLOOLRQ LQFOXGLQJILYHQHZO\EXLOWZDUHKRXVHV SDUWO\IXQGHGWKURXJKbIRXUORDQWUDQVDFWLRQV ȜbPLOOLRQ \$FTXLVLWLRQVFRPSOHWHGLQWKHILUVWKDOI RIbZHUH(UOHQVHHQHWSXUFKDVHSULFHRI ȜbPLOOLRQ .UDNRZȜPLOOLRQ /HRQȜPLOOLRQ 0HXQJVXU/RLUHȜPLOOLRQ DQGWKHWZRIRUZDUG IXQGLQJVLQ2VVDQG=HHZROGHȜPLOOLRQDQG ȜbPLOOLRQ ΖQ-XO\DIXUWKHUSURSHUW\WUDQVDFWLRQZDV FORVHGLQȆV+HHUHQEHUJWKH1HWKHUODQGVIRUȜPLOOLRQ which was partly financed with a loan facility of ȜbPLOOLRQSURYLGHGE\%HUOLQ+\S7KHILQDOWUDQFKHRI Db'XWFKORDQIDFLOLW\VWLOOQHHGVWREHGUDZQPRVWOLNHO\LQ 2FWREHUZKLFKZLOOEULQJWKHWRWDOORDQSRUWIROLRWRbD VL]HRIȜPLOOLRQDQGUHVXOWLQJLQDSRUWIROLRFRQVLVWLQJ RIHOHYHQLQFRPHSURGXFLQJDVVHWVZLWKJHDULQJDWRUFORVH WRWKHWDUJHWHGUDWLRRI
\$WWKHHQGRI-XQHWKHWRWDOQHWPDUNHWYDOXHRIWKH SURSHUW\SRUWIROLRZDVȜPLOOLRQH[FOXGLQJWKH ȜbPLOOLRQIRUȆV+HHUHQEHUJ ZLWKLQYHVWPHQWV GLYHUVLILHGDFURVVILYHFRXQWULHV7KH1HWKHUODQGVRQHRI WKHPRVWDWWUDFWLYHORJLVWLFVPDUNHWVLQ(XURSHZLOOKDYH WKHODUJHVWDOORFDWLRQLQWKHSRUWIROLRZLWKRISRUWIROLR YDOXHLQFOXGLQJȆV+HHUHQEHUJ IROORZHGE)UDQFH *HUPDQ\ 3RODQG DQG6SDLQ 4XDOLW\RIWKH SRUWIROLRLVFRQVLGHUHGWREHKLJKZLWKVL[EXLOGLQJV FRQVWUXFWHGLQDOOLQHVWDEOLVKHGORFDWLRQV alongside main transport corridors. The modern specifications of the warehouses provide options for the PDQDJHPHQWRIWKHEXLOGLQJVSDUWLFXODUO\LIZHVHHOHDVH FKDQJHVHQDEOLQJXVWRJHQHUDWHVWDEOHLQFRPHVWUHDPVLQ WKHORQJUXQ:HbEHOLHYHWKDWZHKDYHLQYHVWHGLQWKHPRVW OLTXLGSDUWRIbWKHORJLVWLFVPDUNHWZLWKDQDYHUDJH LQYHVWPHQWSULFHFORVHWRȜPLOOLRQDQGDQDYHUDJH EXLOGLQJVL]HRIVTXDUHPHWUHV7KLVLVDQDFWLYHSDUW of the logistics market giving us plenty of options in terms RISRWHQWLDOOHDVLQJFDQGLGDWHVRUWKHDELOLW\WRVHOOXQGHU WKHULJKWbFRQGLWLRQV
:HFRQVLGHURXUVHOYHVWREHORQJWHUPLQYHVWRUVDQGVHHN to hold the warehouses in the portfolio for a long period of time in order to keep transaction costs low. The average OHDVHOHQJWKRIWKHSRUWIROLRLQFOXGLQJȆV+HHUHQEHUJ LV b\HDUVLQFOXGLQJEUHDNVDQG\HDUVH[FOXGLQJEUHDNV all with indexed leases with strong covenant tenants. 7KLVbSXWVXVLQDJRRGSRVLWLRQUHJDUGLQJERWKLQFRPH generation and capital growth.
Property portfolio
| Country | Location | Built | WAULT incl breaks in yrs |
WAULT excluding breaks in yrs |
% of Fund |
|---|---|---|---|---|---|
| )UDQFH | Avignon | ||||
| )UDQFH | Meung sur Loire | ||||
| Germany | Erlensee | ||||
| Germany | )O¸UVKHLP | ||||
| Netherlands | Ede | ||||
| Netherlands | Oss | ||||
| Netherlands | Waddinxveen | ||||
| Netherlands | =HHZROGH | ||||
| 3RODQG | Krakow | ||||
| Spain | Leon | ||||
| Total 30 June 19 (1) | 8.8 | 10.0 | 91.9 | ||
| 1HWKHUODQGV | V+HHUHQEHUJFORVHGLQ-XO\ | ||||
| Total (1+2) | 9.1 | 10.2 | 100.0 |
Income boosted by low financing costs
Monetary easing has created very attractive financing FRQGLWLRQVHVSHFLDOO\RQWKH&RQWLQHQW\$OOLQLQWHUHVWUDWH FRVWVIRUWKHSRUWIROLRRQFHDOOORDQVDUHGUDZQZLOOEH DSSUR[LPDWHO\ZLWKDQDYHUDJHGXUDWLRQRI\HDUV 7KHUHFHQWDGGLWLRQLQȆV+HHUHQEHUJZKLFKFORVHGLQ-XO\ KDVVHHQWKHEHVWUDWHDFKLHYHGWRGDWHDWSHU annum over a six year term. Interest fixing for the loan IDFLOLW\LQ2VVZLOOWDNHSODFHDWGUDZGRZQPRVWOLNHO\LQ 2FWREHUDQGZLOOEHDGGHGWRWKHH[LVWLQJSRUWIROLR ILQDQFLQJIRU(GHDQG:DGGLQ[YHHQ7KHGHEWVWUDWHJ\RI the Company is to finance properties in the countries ZKHUHILQDQFLQJFRVWVDUHORZHVWVXFKDVWKH1HWKHUODQGV )UDQFHDQG*HUPDQ\DQGWRGLYHUVLI\ORDQPDWXULWLHVDV
PXFKDVSRVVLEOH7KHbWDUJHW/79IRUSRUWIROLRVWUXFWXUDO JHDULQJUHPDLQVDWbRUDURXQGDQGWKLVLVWKHOHYHOWKH 0DQDJHUH[SHFWVWRbDFKLHYHZLWKWKHFRQFOXVLRQRIWKH ORDQIDFLOLWLHVIRUȆV+HHUHQEHUJDQG2VV
\$QDGGLWLRQDOFUHGLWOLQHRI*%3PLOOLRQLVLQSODFHDWWKH &RPSDQ\OHYHOILQDQFHGE\6RFL«WH*HQHUDOHWRIXQG ZRUNLQJFDSLWDOUHTXLUHPHQWV7RJHWKHUZLWKDJURXSRI EDQNVWKHΖQYHVWPHQW0DQDJHULVFXUUHQWO\LQYHVWLJDWLQJ the implementation of a larger revolving credit facility in RUGHUWRSURYLGHPRUHIOH[LELOLW\WRIXQGDGGLWLRQDO purchases or provide funding guarantees.
Loan portfolio 30 June 2019
| Country | Property | Bank | Existing loan € million |
End date Loan |
Duration Years |
Interest (incl margin) |
|---|---|---|---|---|---|---|
| Germany | Erlensee | '=+\S | )HEUXDU\ | |||
| Germany | )O¸UVKHLP | '=+\S | )HEUXDU\ | |||
| )UDQFH | Avignon + Meung sur Loire | Berlin Hyp | )HEUXDU\ | |||
| Netherlands | Ede + Waddinxveen | Berlin Hyp | -XQH | |||
| Total (1) | 92.9 | 7.3 | 1.46% |
Pending loan facilities
| Country | Property | Bank | Existing loan € million |
End date Loan |
Duration Years |
Interest (incl margin) |
|---|---|---|---|---|---|---|
| Germany | ȆV+HHUHQEHUJ | Berlin Hyp | -XQH | |||
| Netherlands | Oss | Berlin Hyp | -XQH | N/A | ||
| Total (2) | 16.0 | 6.0 | ||||
| Total (1+2) | 108.9 | 7.1 |
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ESG a key driver for future performance
\$EHUGHHQ6WDQGDUGΖQYHVWPHQWV\$6Ζ YLHZVUHVSRQVLEOH SURSHUW\LQYHVWPHQWDVDIXQGDPHQWDOSDUWRIRXUEXVLQHVV Our ESG team is committed to providing full support for the Company to ensure ESG matters remain front and centre and the teams on the ground are well informed.
'XULQJ+WKHΖQYHVWPHQW0DQDJHUH[SORUHGYDULRXV RSWLRQVWREXLOGRQ(6*DFURVVWKHSRUWIROLRDQGKDV LGHQWLILHGVHYHUDOZHOOGHILQHGSURMHFWVWRH[HFXWHGXULQJ DQGEH\RQG\$FXUUHQWIRFXVLVLQYHVWLJDWLQJWKH leasing of warehouse roofs to solar energy investors and/ or installing solar photovoltaic cells on properties in the portfolio. We currently have one such agreement in place at the asset in Avignon where the roof is leased to Larcos IRUȜSHUDQQXPRQD\HDUWHUP:HDUHLQWKH final stages of negotiating lease agreements in Ede and ȆVb+HHUHQEHUJERWKRQ\HDUWHUPVDQGKDYHDSSOLHGIRU JRYHUQPHQWVXEVLGLHVLQ2VVDQGb=HHZROGH \$QbH[SHULHQFHGFRQVXOWDQWLVDGYLVLQJXVbZLWKWKH implementation of solar panels on the assets outside RIbWKH1HWKHUODQGV
2XUILUVW*5(6%UHVXOWVVKRXOGEHDYDLODEOHVKRUWO\ *5(6%bLVD*OREDO5HDO(VWDWH6XVWDLQDELOLW\%HQFKPDUN DVVHVVPHQWZKLFKLVXVHGWRPHDVXUHWKHSRUWIROLRȇV(6* SHUIRUPDQFHDJDLQVWDSHHUJURXSRIFRPSDUDEOHIXQGV UHVXOWLQJLQDFHUWDLQQXPEHURIJUHHQVWDUVZLWKD PD[LPXPRI\$VD*URXS\$6ΖLVYHU\H[SHULHQFHGZLWK WKLVEHQFKPDUNDQGKDVFROOHFWHGVWDUVRYHU :HbEHOLHYHWKDWWKHSRUWIROLRLVRIKLJKTXDOLW\ZLWKVL[ EUDQGQHZDVVHWVDQG/('OLJKWLQJLQDOORIRXU warehouses and this first assessment should help guide our thinking on wider initiatives.
2WKHUJUHHQLQLWLDWLYHVIRFXVRQLQFUHDVLQJWKHQXPEHU RIb*UHHQOHDVHVZLWKWHQDQWVLQRUGHUWRFUHDWHDPXWXDO LQWHUHVWEHWZHHQXVDQGWKHWHQDQWZLWKWKHDLPRI UHGXFLQJHQHUJ\FRVWV7KHDELOLW\WRFROOHFWDQGPHDVXUH data for energy and water usage and waste disposal are NH\EHQHILWVRIVXFKD*UHHQOHDVHZKLFKLVQHHGHGWRKHOS define further improvements. We have engaged with a consultant specialised in occupier surveys to create IXUWKHUDOLJQPHQWEHWZHHQWKHWHQDQWVȇLQWHUHVWVDQG those of the Company. Tenant satisfaction is key to keeping the occupancy of our warehouses at the PD[LPXPSRVVLEOHUDWH
Capital growth reflected in higher valuations
ΖQWKHILUVWKDOIRISURSHUW\YDOXHVKDYHLQFUHDVHGE\ WRȜPLOOLRQ7KLVLVEDVHGRQ-XQH YDOXDWLRQVDQGSXUFKDVHSULFHVH[FOXGLQJDFTXLVLWLRQFRVWV for new investments made in the period. The capital JURZWKLVPDLQO\GULYHQE\DQLQZDUG\LHOGPRYHPHQW &DSLWDODSSUHFLDWLRQZLOODOVREHWULJJHUHGWKURXJKDQQXDO indexation of rents and market rental growth supported E\VWURQJGHPDQGIRUORJLVWLFVDVVHWVDODFNRIVXSSO\DQG increasing construction costs for new developments.
Pipeline
7KHDGGLWLRQDOHTXLW\FDSLWDOUDLVHGLQ-XO\ZLOOHQDEOHXV WRbDFTXLUHWZREUDQGQHZZDUHKRXVHVLQWKH1HWKHUODQGV DQG3RODQGZKHUHZHKDYHVWURQJWLHVWKURXJKRXU dedicated ASI transaction managers. Both warehouses KDYHDVWURQJXUEDQORFDWLRQZLWKWKH3ROLVKRQHDVD SULPHH[DPSOHRIXUEDQORJLVWLFVEHLQJYHU\FORVHWRWKH city centre. The additional diversification these deals will EULQJZLOOEHQHILWWKHSRUWIROLRDQGIXUWKHUGLYHUVLI\WKH WHQDQWEDVH0RUHbLQIRUPDWLRQZLOOEHUHOHDVHGIROORZLQJ GXHGLOLJHQFHRQFHWKHDVVHWVDUHDFTXLUHG
Outlook
\$VDQLQYHVWPHQWWKHORJLVWLFVVHFWRUUHPDLQVDYHU\ compelling asset class thanks to strong market IXQGDPHQWDOVHVSHFLDOO\LQWKHPRVWOLTXLGSDUWRIWKH PDUNHWWKDWWKH&RPSDQ\KDVLQYHVWHGLQ:HEHOLHYH JURZWKLQWKHVHFWRULVVWUXFWXUDOLQQDWXUHDQGQRW F\FOLFDOZLWKWKHULVHRIHFRPPHUFHDVDNH\GULYHU6WURQJ demand from investors and the lack of modern facilities for logistics companies should support property values DQGFDSLWDOJURZWKQRWRQO\WKURXJKNHHQHU\LHOGVEXWDOVR with the prospect of increasing rents.
:HEHOLHYHWKHFXUUHQWSRUWIROLRLVLQDYHU\JRRGSRVLWLRQ WRGHOLYHULWVWDUJHWUHWXUQV3URSHUW\TXDOLW\LVKLJK ZLWKbVL[QHZO\EXLOWZDUHKRXVHVLQWKHSRUWIROLRDOOZLWK long indexed leases to financially strong counterparties. :LWKbRXUORFDODVVHWPDQDJHUVZHDUHVWURQJO\IRFXVVHG RQbNHHSLQJRXUWHQDQWVVDWLVILHGDQGWKHEXLOGLQJVLQJRRG VKDSH\$OVRZHVHHNWRDGGDGGLWLRQDOYDOXHWKURXJKDFWLYH asset management with an ever stronger focus on ESG.
Aberdeen Standard Investments Ireland Limited 6HSWHPEHU
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Principal Risks and Uncertainties
The principal risks and uncertainties affecting the &RPSDQ\DUHVHWRXWLQGHWDLORQSDJHVDQGRI WKHb\$QQXDO5HSRUWDQG)LQDQFLDO6WDWHPHQWVIRUWKH SHULRGHQGHG'HFHPEHUDQGKDYHQRWFKDQJHG 7KHULVNVbLQFOXGH
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Going Concern
7KH&RPSDQ\ȇVDVVHWVSUHGRPLQDQWO\FRQVLVWRIKLJK TXDOLW\ZDUHKRXVHVORFDWHGDFURVV(XURSHWRJHWKHU ZLWKbFDVK\$QDQDO\VLVRIWKHOHYHORIUHQWDOSD\PHQWV IURPbWHQDQWVWRJHWKHUZLWKRSHUDWLRQDODQGRWKHU FRPSDQ\FRVWVLQGLFDWHVSRVLWLYHFDVKIORZΖQDGGLWLRQ the Company maintains an overdraft facility with Societe Generale which allows the Company to draw down DGGLWLRQDOIXQGVLIXQH[SHFWHGVKRUWWHUPOLTXLGLW\LVVXHV ZHUHWRDULVH7KH'LUHFWRUVKDYHDUHDVRQDEOHH[SHFWDWLRQ WKDWWKH&RPSDQ\KDVDGHTXDWHUHVRXUFHVWRFRQWLQXH LQbRSHUDWLRQDOH[LVWHQFHIRUWKHIRUHVHHDEOHIXWXUH \$FFRUGLQJO\WKH\FRQWLQXHWRDGRSWWKHJRLQJFRQFHUQ EDVLVLQSUHSDULQJWKHILQDQFLDOVWDWHPHQWV
Directors' Responsibility Statement
7KH'LUHFWRUVDUHUHVSRQVLEOHIRUSUHSDULQJWKLVKDOI\HDUO\ ILQDQFLDOUHSRUWLQDFFRUGDQFHZLWKDSSOLFDEOHODZDQG UHJXODWLRQV7KH'LUHFWRUVFRQILUPWKDWWRWKHEHVWRI WKHLUbNQRZOHGJH
- the condensed set of financial statements contained ZLWKLQWKHKDOI\HDUO\ILQDQFLDOUHSRUWKDVEHHQSUHSDUHG in accordance with International Accounting Standard bȆΖQWHULP)LQDQFLDO5HSRUWLQJȇDQGJLYHVDWUXHDQGIDLU YLHZRIWKHDVVHWVOLDELOLWLHVILQDQFLDOSRVLWLRQDQGQHW UHWXUQRIWKH&RPSDQ\DVDW-XQHDQG
- WKHΖQWHULP%RDUG5HSRUWFRQVWLWXWLQJWKHLQWHULP PDQDJHPHQWUHSRUW LQFOXGHVDIDLUUHYLHZRIWKH LQIRUPDWLRQUHTXLUHGE\UXOH5RIWKH8./LVWLQJ \$XWKRULW\'LVFORVXUH*XLGDQFHDQG7UDQVSDUHQF\5XOHV EHLQJDQLQGLFDWLRQRILPSRUWDQWHYHQWVWKDWKDYH occurred during the first six months of the financial \HDUbDQGWKHLULPSDFWRQWKHFRQGHQVHGVHWRIILQDQFLDO statements and a description of the principal risks DQGbXQFHUWDLQWLHVIRUWKHUHPDLQLQJVL[PRQWKVRIWKH ILQDQFLDO\HDU DQG5EHLQJUHODWHGSDUW\ transactions that have taken place during the first six months of the financial year and that have materially affected the financial position of the Company during WKDWSHULRG
Tony Roper
Chairman
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Property Portfolio as at 30 June 2019
| Property | Tenure | Principal Tenant |
|---|---|---|
)O¸UVKHLP*HUPDQ\ |
)UHHKROG | Ernst Schmitz |
\$YLJQRQ)UDQFH |
)UHHKROG | Biocoop |
(GH7KH1HWKHUODQGV |
)UHHKROG | Kruidvat |
2VV7KH1HWKHUODQGV |
)UHHKROG | Orangeworks |
=HHZROGH7KH1HWKHUODQGV |
)UHHKROG | 96+)LWWLQJV |
:DGGLQ[YHHQ7KH1HWKHUODQGV |
)UHHKROG | &RPELORΖQWHUQDWLRQDO |
(UOHQVHH*HUPDQ\ |
)UHHKROG | Bergler |
/HRQ6SDLQ |
)UHHKROG | 'HFDWKORQ |
| 0HXQJVXU/RLUH)UDQFH | )UHHKROG | 2IILFH'HSRW |
.UDNRZ3RODQG |
)UHHKROG | Lynka |
Properties Acquired Post 30 June 2019
| Property | Tenure | Principal Tenant |
|---|---|---|
ȆV+HHUHQEHUJ |
)UHHKROG | JCL |
Unaudited Condensed Consolidated Statement of Comprehensive Income
For the period ended 30 June 2019
| 1 January to | 2FWREHUbWR | 25 October 2017 to | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 30 June 2019 | 30 June 2018 | 31 December 2018 | ||||||||
| Revenue | Capital | Total | Revenue | Capital | Total Revenue Capital | Total | ||||
| Notes | €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | |
| REVENUE | ||||||||||
| 5HQWDOLQFRPH | - | - | - | |||||||
| 3URSHUW\VHUYLFHFKDUJHLQFRPH | - | - | - | - | - | - | ||||
| Other operating income | - | - | - | |||||||
| Total Revenue | 2 | 6,000 | - | 6,000 | 417 | - | 417 | 2,534 | - | 2,534 |
| GAINS/LOSSES ON INVESTMENTS | ||||||||||
| *DLQVORVVHV RQUHYDOXDWLRQRILQYHVWPHQW | - | - | - | |||||||
| properties | ||||||||||
| Total Income and gains/losses on investments | 6,000 | 2,226 | 8,226 | 417 | (909) | (492) | 2,534 | (4,080) | (1,546) | |
| EXPENDITURE | ||||||||||
| Investment management fee | - | - | - | |||||||
| 'LUHFWSURSHUW\H[SHQVHV | - | - | - | |||||||
| 639SURSHUW\PDQDJHPHQWIHH | - | - | - | |||||||
| Other expenses | - | - | ||||||||
| Total expenditure | - | (637) | - | - | ||||||
| 1HWRSHUDWLQJUHWXUQEHIRUHȴQDQFHFRVWV | 3,013 | 2,226 | 5,239 | (220) | (909) | (1,129) | 691 | (4,080) | (3,389) | |
| FINANCE COSTS | ||||||||||
| )LQDQFHFRVWV | - | - | - | |||||||
| 1HWUHWXUQEHIRUHWD[DWLRQ | ||||||||||
| Taxation | - | - | - | - | - | - | - | |||
| Net return for the period | ||||||||||
| OTHER COMPREHENSIVE INCOME TO BE | ||||||||||
| RECLASSIFIED TO PROFIT OR LOSS | ||||||||||
| Currency translation differences | - | - | ||||||||
| Currency translation on conversion of | - | - | - | |||||||
| GLVWULEXWLRQSD\PHQWV | ||||||||||
| Other comprehensive income | - | |||||||||
| Total comprehensive return for the period | 2,622 | 1,709 | 4,331 | (602) | (502) | (1,104) | 40 | (3,780) | (3,740) | |
| Basic and diluted earnings per share | 6 | 1.40c | 0.91c | 2.31c | (0.40c) | (0.61c) | (1.01c) | 0.02c | (2.47c) | (2.45c) |
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As at 30 June 2019
| 30 June 2019 | 30 June 2018 | 31 December 2018 | ||
|---|---|---|---|---|
| Notes | €'000 | €'000 | €'000 | |
| NON-CURRENT ASSETS | ||||
| Investment properties | ||||
| 272,314 | 20,400 | 148,918 | ||
| CURRENT ASSETS | ||||
| 7UDGHDQGRWKHUUHFHLYDEOHV | ||||
| &DVKDQGFDVKHTXLYDOHQWV | ||||
| Total current assets | 34,089 | 188,308 | 61,812 | |
| Total assets | 306,403 | 208,708 | 210,730 | |
| CURRENT LIABILITIES | ||||
| 7UDGHDQGRWKHUSD\DEOHV | ||||
| 'HHUHGWD[OLDELOLW\ | - | - | ||
| Total current liabilities | 9,955 | 463 | 8,657 | |
| NON-CURRENT LIABILITIES | ||||
| Bank Loans | - | - | ||
| Net current assets | 24,134 | 187,845 | 53,155 | |
| Net assets | 203,548 | 208,245 | 202,073 | |
| SHARE CAPITAL AND RESERVES | ||||
| Share capital | ||||
| 6SHFLDOGLVWULEXWDEOHUHVHUYH | ||||
| Capital reserve | ||||
| 5HYHQXHUHVHUYH | ||||
| (TXLW\VKDUHKROGHUV IXQGV |
||||
| Net asset value per share | 7 | € 1.09 | € 1.11 | € 1.08 |
7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKH)LQDQFLDO6WDWHPHQWV
## Unaudited Condensed Consolidated Statement of Changes LQ(TXLW\
For the period ended 30 June 2019
| Special | |||||||
|---|---|---|---|---|---|---|---|
| Share | distributable | Capital | Share | Revenue | |||
| capital | reserve | reserve | Premium | reserve | Total | ||
| Notes | €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | |
| %DODQFHDW-DQXDU\ | - | ||||||
| Total comprehensive return for the period | - | - | - | ||||
| ΖQWHULP'LVWULEXWLRQVSDLG | - | - | - | - | |||
| %DODQFHDW-XQH | - | ||||||
| %DODQFHDW2FWREHU | - | - | - | - | - | - | |
| Original Share Issue | - | - | - | ||||
| Share Issue costs | - | - | - | - | |||
| Share premium conversion | - | - | - | - | |||
| Net Losses for the period | - | - | - | ||||
| %DODQFHDW-XQH | - | ||||||
| %DODQFHDW2FWREHU | - | - | - | - | - | - | |
| Original Share Issue | - | - | - | ||||
| Share Issue costs | - | - | - | - | |||
| Share premium conversion | - | - | - | - | |||
| Total Comprehensive return for the period | - | - | - | ||||
| ΖQWHULP'LVWULEXWLRQVSDLG | - | - | - | ||||
| %DODQFHDW'HFHPEHU | - |
7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKH)LQDQFLDO6WDWHPHQWV
Unaudited Condensed Consolidated Cash Flow Statement
For the period ended 30 June 2019
| 30 June 2019 | 1 January to 25 October 2017 to 30 June 2018 |
25 October 2017 to 31 December 2018 |
||
|---|---|---|---|---|
| Notes | €'000 | €'000 | €'000 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Net gain/(loss) for the period before taxation | 4,058 | (1,511) | (4,047) | |
| Adjustments for: | ||||
| Gains/(losses) on investment properties | 8 | (2,226) | 909 | 4,080 |
| Decrease in operating trade and other receivables | 1,292 | (161) | (11,679) | |
| (Decrease)/increase in operating trade and other payables |
(1,323) | 463 | 2,727 | |
| Finance costs | 3 | 461 | 382 | 658 |
| Cash generated by operations | (1,796) | 1,593 | (8,261) | |
| Net cash inflow from operating activities | 2,262 | 82 | (8,261) | |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Purchase of investment properties | 8 | (118,549) | (21,309) | (147,068) |
| Currency translation differences | 273 | 407 | 307 | |
| Net cash outflow from investing activities | (118,276) | (20,902) | (146,761) | |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Dividends paid | (2,856) | (3,536) | ||
| Interest paid | 3 | (461) | (382) | (658) |
| Bank loans drawn | 92,900 | |||
| Proceeds from original share issue | 212,224 | 212,224 | ||
| Issue costs relating to original share issue | (2,875) | (2,875) | ||
| Net cash outflow from financing activities | 89,583 | 208,967 | 205,155 | |
| Net increase in cash and cash equivalents | (26,431) | 188,147 | 50,133 | |
| Opening balance | 50,133 | |||
| Closing cash and cash equivalents | 10 | 23,702 | 188,147 | 50,133 |
| REPRESENTED BY | ||||
| Cash at bank | 23,702 | 9,142 | 6,279 | |
| Money market funds | 179,005 | 43,854 | ||
| 23,702 | 188,147 | 50,133 |
The accompanying notes are an integral part of the Financial Statements.
1.
The Unaudited Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standard ("IFRS") IAS 34 'Interim Financial Reporting' and are consistent with the accounting policies set out in the statutory accounts of the Group for the period ended 31 December 2018.
The condensed Unaudited Consolidated Financial Statements for the period ended 30 June 2019 do not include all of the information required for a complete set of IFRS financial statements and should be read in conjunction with the Consolidated Financial Statements of the Group for the period ended 31 December 2018, which were prepared under full IFRS requirements as adopted by the EU. Those financial statements have been delivered to the Registrar of Companies and included the report of the auditor which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.
2. Revenue
| Half year ended | Period ended | Period ended | |
|---|---|---|---|
| 2019 | 30 June 2018 | 31 December 2018 | |
| €'000 | €'000 | € 000 | |
| Rental income | 5,058 | 343 | 2,323 |
| Other income | 6 | 74 | 211 |
| Property service charge income | 936 | ||
| Total revenue | 6,000 | 417 | 2,534 |
Finance costs 3.
| Half year ended | Period ended | Period ended | |
|---|---|---|---|
| 2019 | 30 June 2018 | 31 December 2018 | |
| €'000 | €"000 | € 000 | |
| Liquidity fund interest paid | 58 | 382 | 658 |
| Interest on bank loans | 403 | ||
| Total finance costs | 461 | 382 | 658 |
4. Taxation
| Half year ended | Period ended | Period ended | |
|---|---|---|---|
| 2019 | 30 June 2018 | 31 December 2018 | |
| €'000 | €"000 | € 000 | |
| Taxation on profit on ordinary activities comprises: |
|||
| Deferred tax | 720 | ||
| Total taxation | 720 |
5. Distributions
| 30 June 2019 | |
|---|---|
| €'000 | |
| 7KLUGΖQWHULPGLYLGHQGRISSHU6KDUHSDLG0DUFK | |
| Total Dividends Paid | 2,856 |
\$ILUVWTXDUWHUO\LQWHULPGLVWULEXWLRQRISSHU6KDUHZDVSDLGRQ-XO\WRVKDUHKROGHUVRQWKHUHJLVWHURQ -XQH7KHGLVWULEXWLRQZDVVSOLWSGLYLGHQGLQFRPHDQGSTXDOLI\LQJLQWHUHVWLQFRPH\$OWKRXJKWKH SD\PHQWUHODWHVWRWKHKDOI\HDUHQGHG-XQHXQGHUΖQWHUQDWLRQDO)LQDQFLDO5HSRUWLQJ6WDQGDUGVWKH GLVWULEXWLRQLVUHFRJQLVHGZKHQSDLGDQGLWZLOOEHDFFRXQWHGIRULQWKH\HDUHQGLQJ'HFHPEHU
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6. Earnings per share (basic and diluted)
| 30 June 2019 | 30 June 2018 | 31 December 2018 | |
|---|---|---|---|
| 5HYHQXHQHWUHWXUQORVV DWWULEXWDEOHWR2UGLQDU\VKDUHKROGHUV Ȝȇ |
|||
| :HLJKWHGDYHUDJHQXPEHURIVKDUHVLQLVVXHGXULQJWKHSHULRG | |||
| Total revenue return/(loss) per ordinary share | 1.40c | (0.40)c | 0.02c |
| &DSLWDOUHWXUQORVV DWWULEXWDEOHWR2UGLQDU\VKDUHKROGHUVȜȇ | |||
| :HLJKWHGDYHUDJHQXPEHURIVKDUHVLQLVVXHGXULQJWKHSHULRG | |||
| Total capital return/(loss) per ordinary share | 0.91c | (0.61)c | (2.47)c |
| Total return per ordinary share | 2.31c | (1.01c) | (2.45c) |
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7. Net asset value per share
| 30 June 2019 | 30 June 2018 | 31 December 2018 | |
|---|---|---|---|
| 1HWDVVHWVDWWULEXWDEOHWRVKDUHKROGHUVȜȇ | |||
| 1XPEHURIVKDUHVLQLVVXH | |||
| 108.6 | 111.1 | 107.8 |
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8. Investment properties
| 30 June 2019 | 30 June 2018 | 31 December 2018 | |
|---|---|---|---|
| €'000 | €'000 | €'000 | |
| Opening carrying value | - | - | |
| 3XUFKDVHVDWFRVW | |||
| Gains/losses on revaluation to fair value | |||
| Total Carrying value | 272,314 | 20,400 | 148,918 |
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9. Trade and other receivables
| 30 June 2019 | 30 June 2018 | 31 December 2018 | |
|---|---|---|---|
| €'000 | €'000 | €'000 | |
| 5HQWVUHFHLYDEOH | - | ||
| Accrued income | |||
| &DVKKHOGE\6ROLFLWRUV | - | - | |
| Lease incentives | - | ||
| 2WKHUUHFHLYDEOHV | |||
| Total receivables | 10,387 | 161 | 11,679 |
10. Cash and cash equivalents
| 30 June 2019 | 30 June 2018 | 31 December 2018 | |
|---|---|---|---|
| €'000 | €'000 | €'000 | |
| &DVKDWEDQN | |||
| Money market funds | - | ||
| Total cash and cash equivalents | 23,702 | 188,147 | 50,133 |
11. Current Liabilities
| 30 June 2019 | 30 June 2018 | 31 December 2018 | |
|---|---|---|---|
| €'000 | €'000 | €'000 | |
| 5HQWDOLQFRPHUHFHLYHGLQDGYDQFH | - | ||
| \$FFUXHGDFTXLVLWLRQDQGGHYHORSPHQWFRVWV | |||
| &RPSDQ\VHFUHWDULDOIHHVSD\DEOH | - | - | |
| ΖQYHVWPHQW0DQDJHPHQWIHHSD\DEOH | |||
| \$OORWKHUIHHVSD\DEOH | |||
| 'HIHUUHGWD[OLDELOLW\ | - | - | |
| Total payables | 9,955 | 463 | 8,657 |
2WKHUIHHVSD\DEOHLQFOXGHWHQDQWGHSRVLWVRIȜPWUDGHFUHGLWRUVRIȜPDQGDFFUXHGH[SHQGLWXUHRIȜP
12. Bank Loans
| 30 June 2019 | 30 June 2018 | 31 December 2018 | ||||
|---|---|---|---|---|---|---|
| €'000 | €'000 | €'000 | ||||
| External Bank Loans | - | - | ||||
| 92,900 | - | - | ||||
| Property | Country | Loan | Start date | End date | Lender | Interest Rate |
| Erlensee | Germany | '=+\S | ||||
| )ORUVKHLP | Germany | '=+\S | ||||
| Avignon + Meung Sur Loire | )UDQFH | Berlin Hyp | ||||
| Ede + Waddinxveen | Netherlands | Berlin Hyp | ||||
| 92,900 |
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13. Share capital
| Half year ended 2019 |
Period ended 30 June 2018 |
Period ended 31 December 2018 |
|
|---|---|---|---|
| €'000 | €'000 | €'000 | |
| 2SHQLQJEDODQFH | - | ||
| Managers shares issued in the period | - | ||
| Managers shares redeemed in the period | - | ||
| Ordinary shares issued on incorporation | - | ||
| Ordinary shares issued on admission | - | ||
| Ending balance | 2,122 | 2,122 | 2,122 |
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14. Financial instruments and investment properties
#### )DLUYDOXHKLHUDUFK\
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7KHIROORZLQJWDEOHVKRZVDQDQDO\VLVRIWKHIDLUYDOXHVRILQYHVWPHQWSURSHUWLHVUHFRJQLVHGLQWKHEDODQFHVKHHWE\ level of the fair value hierarchy:
| Level 1 | Level 2 | Level 3 | Total fair value | |
|---|---|---|---|---|
| 30 June 2019 | €'000 | €'000 | €'000 | €'000 |
| Investment properties | - | - | ||
| -XQH | ||||
| Investment properties | - | - | ||
| 'HFHPEHU | ||||
| Investment properties | - | - |
7KHORZHVWOHYHORILQSXWLVWKHXQGHUO\LQJ\LHOGVRQHDFKSURSHUW\ZKLFKLVDQLQSXWQRWEDVHGRQREVHUYDEOH PDUNHWbGDWD
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| 30 June 2019 | Level 1 | Level 2 | Level 3 | Total fair value |
|---|---|---|---|---|
| €'000 | €'000 | €'000 | €'000 | |
| /RDQ)DFLOLWLHV | - | 95,528 | - | - |
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15. Related party transactions
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16. Post balance sheet events
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17. Ultimate parent company
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18. Half Yearly Report
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19. 7KLV+DOI<HDUO)LQDQFLDO5HSRUWZDVDSSURYHGE\WKH%RDUGRQ6HSWHPEHU
Corporate Information *ORVVDU\RI7HUPVDQG'HȴQLWLRQVDQG\$OWHUQDWLYH 3HUIRUPDQFH0HDVXUHV
| Aberdeen Standard Investments or ASI | \$EHUGHHQ6WDQGDUGΖQYHVWPHQWVLVDEUDQGRIWKHLQYHVWPHQWEXVLQHVVHVRI 6WDQGDUG/LIH\$EHUGHHQSOF |
|---|---|
| AIC | Association of Investment Companies |
| AIC SORP | \$VVRFLDWLRQRIΖQYHVWPHQW&RPSDQLHV6WDWHPHQWRI5HFRPPHQGHG3UDFWLFH )LQDQFLDO6WDWHPHQWVRIΖQYHVWPHQW7UXVW&RPSDQLHVDQG9HQWXUH&DSLWDO 7UXVWVLVVXHG1RYHPEHUDQGXSGDWHG)HEUXDU\ |
| AIFMD | 7KH\$OWHUQDWLYHΖQYHVWPHQW)XQG0DQDJHUV'LUHFWLYH |
| AIFM | 7KHDOWHUQDWLYHLQYHVWPHQWIXQGPDQDJHUEHLQJ\$6)0/ |
| Alternative Performance Measures | \$OWHUQDWLYHSHUIRUPDQFHPHDVXUHVDUHQXPHULFDOPHDVXUHVRIWKH&RPSDQ\ȇV FXUUHQWKLVWRULFDORUIXWXUHSHUIRUPDQFHILQDQFLDOSRVLWLRQRUFDVKIORZV RWKHUWKDQILQDQFLDOPHDVXUHVGHILQHGRUVSHFLILHGLQWKHDSSOLFDEOHILQDQFLDO IUDPHZRUN7KH&RPSDQ\ȇVDSSOLFDEOHILQDQFLDOIUDPHZRUNLQFOXGHVΖ)56DQG WKH\$Ζ&6253 |
| Annual Rental Income | Cash rents passing at the Balance Sheet date |
| ASFML or AIFM or Manager | \$EHUGHHQ6WDQGDUG)XQG0DQDJHUV/LPLWHG |
| ASIIL or the Investment Manager | \$EHUGHHQ6WDQGDUGΖQYHVWPHQWVΖUHODQG/LPLWHGLVDZKROO\RZQHGVXEVLGLDU\ RI6WDQGDUG/LIH\$EHUGHHQSOFDQGDFWVDVWKH&RPSDQ\ȇVLQYHVWPHQWPDQDJHU |
| Asset Cover | 7KHYDOXHRIDFRPSDQ\ȇVQHWDVVHWVDYDLODEOHWRUHSD\DFHUWDLQVHFXULW\ \$VVHWFRYHULVXVXDOO\H[SUHVVHGDVDPXOWLSOHDQGFDOFXODWHGE\GLYLGLQJWKH QHWDVVHWVDYDLODEOHE\WKHDPRXQWUHTXLUHGWRUHSD\WKHVSHFLILFVHFXULW\ |
| Contracted Rent | 7KHFRQWUDFWHGJURVVUHQWUHFHLYDEOHZKLFKEHFRPHVSD\DEOHDIWHUDOOWKH occupier incentives in the letting have expired |
| Covenant Strength | 7KLVUHIHUVWRWKHTXDOLW\RIDWHQDQWȇVILQDQFLDOVWDWXVDQGLWVDELOLW\WR perform the covenants in a lease |
| Discount | 7KHDPRXQWE\ZKLFKWKHPDUNHWSULFHSHUVKDUHRIDQLQYHVWPHQWWUXVWLV lower than the net asset value per share. The discount is normally expressed as a percentage of the NAV per share |
| Earnings Per Share | 3URILWIRUWKHSHULRGDWWULEXWDEOHWRVKDUHKROGHUVGLYLGHGE\WKHDYHUDJH QXPEHURIVKDUHVLQLVVXHGXULQJWKHSHULRG |
| EPRA | (XURSHDQ3XEOLF5HDO(VWDWH\$VVRFLDWLRQ |
| ERV | 7KHHVWLPDWHGUHQWDOYDOXHRIDSURSHUW\SURYLGHGE\WKHSURSHUW\YDOXHUV |
| ESG | (QYLURQPHQWDOVRFLDODQGJRYHUQDQFHFULWHULDVHWVWDQGDUGVIRUD &RPSDQ\ȇVbRSHUDWLRQV |
| Europe | 7KHPHPEHUVWDWHVRIWKH(XURSHDQ8QLRQWKH(XURSHDQ(FRQRPLF\$UHD Ȋ((\$ȋ DQGWKHPHPEHUVRIWKH(XURSHDQ)UHH7UDGH\$VVRFLDWLRQȊ()7\$ȋ DQGLQFOXGLQJDOZD\VWKH8QLWHG.LQJGRPZKHWKHURUQRWLWLVDPHPEHU VWDWHRIWKH(XURSHDQ8QLRQWKH((\$RUDPHPEHURI()7\$ |
| Green Leases | \$JUHHPHQWVEHWZHHQDODQGORUGDQGDWHQDQWDVWRKRZDEXLOGLQJLVWREH RFFXSLHGRSHUDWHGDQGPDQDJHGLQDVXVWDLQDEOHZD\ |
| Group | 7KH&RPSDQ\DQGLWVVXEVLGLDULHV |
| Gross Assets | The aggregate value of the total assets of the Company as determined in DFFRUGDQFHZLWKWKHDFFRXQWLQJSULQFLSOHVDGRSWHGE\WKH&RPSDQ\IURP time to time |
|---|---|
| FRC | )LQDQFLDO5HSRUWLQJ&RXQFLO |
| IFRS | ΖQWHUQDWLRQDO)LQDQFLDO5HSRUWLQJ6WDQGDUGV |
| Index Linked | 7KHSUDFWLFHRIOLQNLQJWKHUHYLHZRIDWHQDQWȇVSD\PHQWVXQGHUDOHDVHWRD SXEOLVKHGLQGH[PRVWFRPPRQO\WKH5HWDLO3ULFHΖQGH[53Ζ EXWDOVRWKH &RQVXPHU3ULFHΖQGH[&3Ζ )UHQFK7HUWLDU\$FWLYLWLHV5HQWΖQGH[Ζ/\$7 |
| Key Information Document or KID | 7KH3DFNDJHG5HWDLODQGΖQVXUDQFHEDVHGΖQYHVWPHQW3URGXFWV35ΖΖ36 5HJXODWLRQUHTXLUHVWKH0DQDJHUDVWKH&RPSDQ\ȇV35ΖΖ3ȊPDQXIDFWXUHUȋ WRSUHSDUHDNH\LQIRUPDWLRQGRFXPHQWȊ.Ζ'ȋ LQUHVSHFWRIWKH&RPSDQ\ 7KLV.Ζ'PXVWEHPDGHDYDLODEOHE\WKH\$Ζ)0WRUHWDLOLQYHVWRUVSULRUWRWKHP PDNLQJDQ\LQYHVWPHQWGHFLVLRQDQGLVDYDLODEOHYLDWKH&RPSDQ\ȇVZHEVLWH 7KH&RPSDQ\LVQRWUHVSRQVLEOHIRUWKHLQIRUPDWLRQFRQWDLQHGLQWKH.Ζ'DQG LQYHVWRUVVKRXOGQRWHWKDWWKHSURFHGXUHVIRUFDOFXODWLQJWKHULVNVFRVWVDQG SRWHQWLDOUHWXUQVDUHSUHVFULEHGE\ODZ7KHILJXUHVLQWKH.Ζ'PD\QRWUHIOHFW the expected returns for the Company and anticipated performance returns FDQQRWEHJXDUDQWHHG |
| Lease incentive | \$SD\PHQWXVHGWRHQFRXUDJHDWHQDQWWRWDNHRQDQHZOHDVHIRUH[DPSOHE\ DODQGORUGSD\LQJDWHQDQWDVXPRIPRQH\WRFRQWULEXWHWRWKHFRVWRID WHQDQWȇVILWRXWRIDSURSHUW\RUE\DOORZLQJDUHQWIUHHSHULRG |
| Leverage | )RUWKHSXUSRVHVRIWKH\$OWHUQDWLYHΖQYHVWPHQW)XQG0DQDJHUV'LUHFWLYH OHYHUDJHLVDQ\PHWKRGZKLFKLQFUHDVHVWKH&RPSDQ\ȇVH[SRVXUHLQFOXGLQJ WKHERUURZLQJRIFDVKDQGWKHXVHRIGHULYDWLYHVΖWLVH[SUHVVHGDVDUDWLR EHWZHHQWKH&RPSDQ\ȇVH[SRVXUHDQGLWVQHWDVVHWYDOXHDQGFDQEH FDOFXODWHGRQDJURVVDQGDFRPPLWPHQWPHWKRG8QGHUWKHJURVVPHWKRG H[SRVXUHUHSUHVHQWVWKHVXPRIWKH&RPSDQ\ȇVSRVLWLRQVDIWHUWKHGHGXFWLRQ RIVWHUOLQJFDVKEDODQFHVZLWKRXWWDNLQJLQWRDFFRXQWDQ\KHGJLQJDQG QHWWLQJDUUDQJHPHQWV8QGHUWKHFRPPLWPHQWPHWKRGH[SRVXUHLV FDOFXODWHGZLWKRXWWKHGHGXFWLRQRIVWHUOLQJFDVKEDODQFHVDQGDIWHUFHUWDLQ hedging and netting positions are offset against each other |
| NAV total return | 7KHUHWXUQWRVKDUHKROGHUVH[SUHVVHGDVDSHUFHQWDJHRIRSHQLQJ1\$9 FDOFXODWHGRQDSHUVKDUHEDVLVE\DGGLQJGLYLGHQGVSDLGLQWKHSHULRGWRWKH LQFUHDVHRUGHFUHDVHLQ1\$9'LYLGHQGVDUHDVVXPHGWRKDYHEHHQUHLQYHVWHG LQWKHTXDUWHUWKH\DUHSDLGH[FOXGLQJWUDQVDFWLRQFRVWV |
| Net Asset Value or NAV | 7KHYDOXHRIWRWDODVVHWVOHVVOLDELOLWLHV/LDELOLWLHVIRUWKLVSXUSRVHLQFOXGH FXUUHQWDQGORQJWHUPOLDELOLWLHV7KHQHWDVVHWYDOXHGLYLGHGE\WKHQXPEHU of shares in issue produces the net asset value per share |
| Ongoing Charges | 5DWLRRIH[SHQVHVDVDSHUFHQWDJHRIDYHUDJHGDLO\VKDUHKROGHUVȇIXQGVFDOFXODWHG as per the industry standard. |
| Passing Rent | 7KHUHQWSD\DEOHDWDSDUWLFXODUSRLQWLQWLPH |
| PIDD | 7KHSUHLQYHVWPHQWGLVFORVXUHGRFXPHQWPDGHDYDLODEOHE\WKH\$Ζ)0LQ relation to the Company |
| Premium | 7KHDPRXQWE\ZKLFKWKHPDUNHWSULFHSHUVKDUHRIDQLQYHVWPHQWWUXVW exceeds the net asset value per share. The premium is normally expressed as a percentage of the net asset value per share |
|---|---|
| Prior Charges | 7KHQDPHJLYHQWRDOOERUURZLQJVLQFOXGLQJORQJDQGVKRUWWHUPORDQVDQG RYHUGUDIWVWKDWDUHWREHXVHGIRULQYHVWPHQWSXUSRVHVUHFLSURFDOIRUHLJQ FXUUHQF\ORDQVFXUUHQF\IDFLOLWLHVWRWKHH[WHQWWKDWWKH\DUHGUDZQGRZQ LQGH[OLQNHGVHFXULWLHVDQGDOOW\SHVRISUHIHUHQFHRUSUHIHUUHGFDSLWDO irrespective of the time until repayment |
| Portfolio fair value | 7KHPDUNHWYDOXHRIWKHFRPSDQ\ȇVSURSHUW\SRUWIROLRZKLFKLVEDVHGRQWKH H[WHUQDOYDOXDWLRQSURYLGHGE\&%5(/LPLWHG |
| The Royal Institution of Chartered Surveyors (RICS) |
7KHJOREDOSURIHVVLRQDOERG\SURPRWLQJDQGHQIRUFLQJWKHKLJKHVW LQWHUQDWLRQDOVWDQGDUGVLQWKHYDOXDWLRQPDQDJHPHQWDQGGHYHORSPHQWRI ODQGUHDOHVWDWHFRQVWUXFWLRQDQGLQIUDVWUXFWXUH |
| Share price total return | 7KHUHWXUQWRVKDUHKROGHUVH[SUHVVHGDVDSHUFHQWDJHRIRSHQLQJVKDUH SULFHFDOFXODWHGRQDSHUVKDUHEDVLVE\DGGLQJGLYLGHQGVSDLGLQWKHSHULRG WRWKHLQFUHDVHRUGHFUHDVHLQVKDUHSULFH'LYLGHQGVDUHDVVXPHGWRKDYH EHHQUHLQYHVWHGLQWKHTXDUWHUWKH\DUHSDLGH[FOXGLQJWUDQVDFWLRQFRVWV |
| SPA | Sale and purchase agreement |
| SPV | Special purpose vehicle |
| Standard Life Aberdeen Group or SLA Group |
WKH6WDQGDUG/LIH\$EHUGHHQSOFJURXSRIFRPSDQLHV |
| Standard Life Aberdeen | 6WDQGDUG/LIH\$EHUGHHQSOFZKLFKZDVIRUPHGE\WKHPHUJHURI\$EHUGHHQ \$VVHW0DQDJHPHQW3/&DQG6WDQGDUG/LIHSOFRQ\$XJXVW |
| Total Assets | 7RWDODVVHWVOHVVFXUUHQWOLDELOLWLHVEHIRUHGHGXFWLQJSULRUFKDUJHVDVGHILQHG DERYH |
| Total Return | Total return involves reinvesting the net dividend in the month that the share SULFHJRHVH[GLYLGHQG7KH1\$9WRWDOUHWXUQLQFOXGLQJGLOXWHG LQYROYHV investing the same net dividend in the NAV of the trust on the date to which that dividend was earned |
| WAULT | Weighted Average Unexpired Lease Term. The average time remaining until WKHQH[WOHDVHH[SLU\RUEUHDNGDWH |
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How to Invest
ΖQYHVWRUVFDQEX\DQGVHOOVKDUHVLQ\$EHUGHHQ6WDQGDUG (XURSHDQ/RJLVWLFVΖQFRPH3/&WKHȊ&RPSDQ\ȋ GLUHFWO\ WKURXJKDVWRFNEURNHURUDQRQOLQHGHDOLQJDQGLQYHVWPHQW SODWIRUPRULQGLUHFWO\WKURXJKDODZ\HUDFFRXQWDQWRU RWKHUSURIHVVLRQDODGYLVHU\$OWHUQDWLYHO\IRUUHWDLOFOLHQWV VKDUHVFDQEHERXJKWGLUHFWO\WKURXJKWKH\$EHUGHHQ 6WDQGDUGΖQYHVWPHQW7UXVW6KDUH3ODQΖQGLYLGXDO6DYLQJV \$FFRXQWȊΖ6\$ȋ RUΖQYHVWPHQW3ODQIRU&KLOGUHQ
Aberdeen Standard Investment Trust Share Plan
\$EHUGHHQ6WDQGDUGΖQYHVWPHQWVRSHUDWHVDQΖQYHVWPHQW 7UXVW6KDUH3ODQWKHȊ3ODQȋ WKURXJKZKLFKVKDUHVLQWKH &RPSDQ\FDQEHSXUFKDVHG7KHUHDUHQRGHDOLQJFKDUJHV RQWKHLQLWLDOSXUFKDVHRIVKDUHVDOWKRXJKLQYHVWRUVZLOO VXIIHUWKHELGRIIHUVSUHDGZKLFKFDQRQVRPHRFFDVLRQV EHDVLJQLILFDQWDPRXQW/XPSVXPLQYHVWPHQWVVWDUWDW eZKLOHUHJXODUVDYHUVPD\LQYHVWIURPeSHU PRQWKΖQYHVWRUVVLPSO\SD\*RYHUQPHQW6WDPS'XW\ FXUUHQWO\ RQHQWU\6HOOLQJFRVWVDUHe9\$7 There is no restriction on how long an investor need LQYHVWLQD3ODQDQGUHJXODUVDYHUVFDQVWRSRUVXVSHQG SDUWLFLSDWLRQE\LQVWUXFWLQJ\$EHUGHHQ6WDQGDUG Investments in writing at any time.
Aberdeen Standard Investment Trust ISA
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7KHUHDUHQREURNHUDJHRULQLWLDOFKDUJHVIRUWKHΖ6\$ DOWKRXJKLQYHVWRUVZLOOVXIIHUWKHELGRIIHUVSUHDG ZKLFKFDQEHDVLJQLILFDQWDPRXQWΖQYHVWRUVRQO\SD\ *RYHUQPHQW6WDPS'XW\FXUUHQWO\ RQSXUFKDVHV 6HOOLQJFRVWVDUHe9\$77KHDQQXDOΖ6\$DGPLQLVWUDWLRQ FKDUJHLVe9\$7FDOFXODWHGDQQXDOO\DQGDSSOLHGRQ 0DUFKRUWKHODVWEXVLQHVVGD\LQ0DUFK DQGFROOHFWHG VRRQWKHUHDIWHUHLWKHUE\GLUHFWGHELWRULIWKHUHLVQRYDOLG GLUHFWGHELWPDQGDWHLQSODFHIURPWKHDYDLODEOHFDVKLQ WKHΖ6\$SULRUWRWKHGLVWULEXWLRQRUUHLQYHVWPHQWRIDQ\ LQFRPHRUZKHUHWKHUHLVLQVXIILFLHQWFDVKLQWKHΖ6\$ from the sale of investments held in the ISA. Under FXUUHQWOHJLVODWLRQLQYHVWPHQWVLQΖ6\$VFDQJURZIUHHRI capital gains tax.
ISA Transfer
Investors can choose to transfer previous tax year LQYHVWPHQWVWR\$EHUGHHQ6WDQGDUGΖQYHVWPHQWV ZKLFKFDQEHLQYHVWHGLQWKH&RPSDQ\ZKLOHUHWDLQLQJWKHLU ISA wrapper. The minimum lump sum for an ISA transfer is eDQGLVVXEMHFWWRDPLQLPXPSHUWUXVWRIe
Aberdeen Standard Investment Plan for Children
\$EHUGHHQ6WDQGDUGΖQYHVWPHQWVRSHUDWHVDQΖQYHVWPHQW 3ODQIRU&KLOGUHQWKHȊ&KLOGUHQȇV3ODQȋ ZKLFKFRYHUVD QXPEHURILQYHVWPHQWFRPSDQLHVXQGHULWVPDQDJHPHQW LQFOXGLQJWKH&RPSDQ\$Q\RQHFDQLQYHVWLQWKH&KLOGUHQȇV 3ODQVXEMHFWWRWKHHOLJLELOLW\FULWHULDDVVWDWHGZLWKLQWKH WHUPVDQGFRQGLWLRQV LQFOXGLQJSDUHQWVJUDQGSDUHQWV and family friends. All investments are free of dealing FKDUJHVRQWKHLQLWLDOSXUFKDVHRIVKDUHVDOWKRXJK LQYHVWRUVZLOOVXIIHUWKHELGRIIHUVSUHDGZKLFKFDQ RQVRPHRFFDVLRQVEHDVLJQLILFDQWDPRXQW/XPSVXP LQYHVWPHQWVVWDUWDWeSHUWUXVWZKLOHUHJXODUVDYHUV PD\LQYHVWIURPeSHUPRQWKΖQYHVWRUVVLPSO\SD\ *RYHUQPHQW6WDPS'XW\FXUUHQWO\ RQHQWU\ 6HOOLQJFRVWVDUHe9\$77KHUHLVQRUHVWULFWLRQRQKRZ ORQJDQLQYHVWRUQHHGLQYHVWLQWKH&KLOGUHQȇV3ODQDQG UHJXODUVDYHUVFDQVWRSRUVXVSHQGSDUWLFLSDWLRQE\ LQVWUXFWLQJ\$EHUGHHQ6WDQGDUGΖQYHVWPHQWVLQZULWLQJDW any time.
Nominee Accounts and Voting Rights
ΖQFRPPRQZLWKRWKHUVFKHPHVRIWKLVW\SHDOO LQYHVWPHQWVLQWKH\$EHUGHHQ6WDQGDUGΖQYHVWPHQWV &KLOGUHQȇV3ODQΖQYHVWPHQW7UXVW6KDUH3ODQDQG Investment Trust ISA are held in nominee accounts and investors have full voting and other rights of share ownership.
Dividend Tax Allowance
The annual tax-free personal allowance on dividend LQFRPHIRU8.LQYHVWRUVLVeIRUWKHWD[ \HDU\$ERYHWKLVDPRXQWLQGLYLGXDOVSD\WD[RQWKHLU dividend income at a rate dependent on their income tax EUDFNHWDQGSHUVRQDOFLUFXPVWDQFHV7KH&RPSDQ\ provides registered shareholders with a confirmation of GLVWULEXWLRQVE\WKH&RPSDQ\DQGDQ\GLYLGHQGLQFRPH VKRXOGEHLQFOXGHGZLWKDQ\RWKHUGLYLGHQGLQFRPH UHFHLYHGZKHQFDOFXODWLQJDQGUHSRUWLQJWR+05&WRWDO GLYLGHQGLQFRPHUHFHLYHGΖWLVWKHVKDUHKROGHUȇV UHVSRQVLELOLW\WRLQFOXGHDOOLQFRPHZKHQFDOFXODWLQJDQ\ WD[OLDELOLW\
Keeping You Informed
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If investors would like details on the Company or literature and application forms on Aberdeen Standard investment trust products please telephone 0808 500 0040 or write to:-
Aberdeen Standard Investment Trusts PO Box 11020 Chelmsford Essex CM99 2DB
Details are also available at: invtrusts.co.uk. Terms and conditions for the Aberdeen Standard investment trust products can be found under the Literature section of this website.
If you have an administrative query which relates to a direct shareholding in the Company, please contact Equiniti Limited, the Company's Registrars (see Corporate Information for details).
Key Information Document ("KID")
The KID relating to the Company and published by the AIFM can be found on the Company's website, eurologisticsincome.co.uk under 'Key Information'.
Suitable for Retail/NMPI Status
The Company's shares are intended for investors, primarily in the UK, including retail investors, professionally-advised private clients and institutional investors who are seeking exposure to European logistics real estate and who understand and are willing to accept the risks of exposure to equities.
Investors should consider consulting a financial adviser who specialises in advising on the acquisition of shares and other securities before acquiring shares. Investors should be capable of evaluating the risks and merits of such an investment and should have sufficient resources to bear any loss that may result.
The Company currently conducts its affairs so that the securities issued by the Company can be recommended by a financial adviser to ordinary retail investors in accordance with the Financial Conduct Authority's rules in relation to non-mainstream pooled investments ("NMPIs") and intends to continue to do so for the foreseeable future. The Company's securities are excluded from the Financial Conduct Authority's restrictions which apply to NMPIs because they are securities issued by an investment trust.
Online Dealing providers and platforms
There are a number of online dealing platforms for private investors that offer share dealing, ISAs and other means to invest in the Company, such as self-invested personal pension (SIPP). Real-time execution-only stockbroking services allow you to trade online, manage your portfolio
and buy UK listed shares. These sites do not give advice. Some comparison websites also look at dealing rates and terms. Some well-known online providers, which can be found through internet search engines, include:
AJ Bell You Invest; Alliance Trust Savings; Barclays Stockbrokers; Charles Stanley Direct; Halifax Share Dealing; Fidelity Personal Investing; Hargreave Hale; Hargreaves Lansdown; Idealing; Interactive Investor; Selftrade; The Share Centre; Stocktrade.
Discretionary Private Client Stockbrokers
lf you have a large sum to invest, you may wish to contact a discretionary private client stockbroker. They can manage your entire portfolio of shares and will advise you on your investments. To find a private client stockbroker visit The Personal Investment Management & Financial Advice Association at: pimfa.co.uk.
Financial Advisers
To find an adviser who recommends on investment trusts, visit: unbiased.co.uk
Regulation of Stockbrokers
Before approaching a stockbroker, always check that they are regulated by the Financial Conduct Authority: Tel: 0800 111 6768 or at register.fca.org.uk/ Email: [email protected]
Investor Warning: Be alert to share fraud and boiler room scams
Aberdeen Standard Investments has been contacted by investors informing us that they have received telephone calls and emails from people who have offered to buy their investment company shares, purporting to work for Aberdeen Standard Investments or for third party firms. Aberdeen Standard Investments has also been notified of emails claiming that certain investment companies under their management have issued claims in the courts against individuals. These may be scams which attempt to gain your personal information with which to commit identity fraud or could be 'boiler room' scams where a payment from you is required to release the supposed payment for your shares. These callers/senders do not work for Aberdeen Standard Investments and any third party making such offers/claims has no link with Aberdeen Standard Investments.
Aberdeen Standard Investments does not 'cold-call' investors in this way. If you have any doubt over the veracity of a caller, do not offer any personal information, end the call and contact the Investment Manager's Customer Services Department using the details under Keeping You Informed.
7KH)LQDQFLDO&RQGXFW\$XWKRULW\SURYLGHVDGYLFHZLWK UHVSHFWWRVKDUHIUDXGDQGERLOHUURRPVFDPVDWIFDRUJ uk/consumers/scams.
Note
3OHDVHUHPHPEHUWKDWSDVWSHUIRUPDQFHLVQRWDJXLGHWR the future. Stock market and currency movements may cause the value of shares and the income from them to fall DVZHOODVULVHDQGLQYHVWRUVPD\QRWJHWEDFNWKHDPRXQW they originally invested.
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ΖQYHVWRUVVKRXOGIXUWKHUEHDULQPLQGWKDWWKHYDOXHRIDQ\ tax relief will depend on the individual circumstances of WKHLQYHVWRUDQGWKDWWD[UDWHVDQGUHOLHIVDVZHOODVWKH WD[WUHDWPHQWRIΖ6\$VPD\EHFKDQJHGE\IXWXUH legislation.
The above information has been approved for the purposes of Section 21 of the Financial Services and Markets Act 2000 (as amended by the Financial Services Act 2012) by Aberdeen Asset Managers Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom.
Corporate Information
Directors
\$QWKRQ\5RSHU&KDLUPDQ Caroline Gulliver John Heawood 'LDQH:LOGH
Registered Office
Bow Bells House %UHDG6WUHHW /RQGRQ(&0++
AIFM
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Investment Manager
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Company Secretary
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Stockbroker
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UK Legal Advisers
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Registrar and Receiving Agent
(TXLQLWL/LPLWHG Aspect House 6SHQFHU5RDG Lancing :HVW6XVVH[%1'\$
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Depositary
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Auditor
.30*//3 6W9LQFHQW6WUHHW *ODVJRZ*\$6
Website
eurologisticsincome.co.uk
Foreign Account Tax Compliance Act ("FATCA") IRS Registration Number ("GIIN")
')79/6/
Legal Entity Identifier
ΖΖ<Ζ..157*
Registered Number
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Visit us online eurologisticsincome.co.uk
121038205 09/19
