Half-yearly Results

RNS Number : 5068A

Aberdeen Standard Eur Lgstc Inc PLC

30 September 2020

 

ABERDEEN STANDARD EUROPEAN LOGISTICS INCOME PLC (the "Company")

Legal Entity Identifier (LEI):  213800I9IYIKKNRT3G50

HALF YEARLY REPORT FOR THE PERIOD ENDED 30 JUNE 2020

The Directors of Aberdeen Standard European Logistics Income PLC today announce the half yearly results for the period from 1 January 2020 to 30 June 2020.

HIGHLIGHTS AND FINANCIAL CALENDAR

FINANCIAL HIGHLIGHTS

	30 June 2020	31 December 2019
Total assets (€'000)	454,933	382,981
Equity shareholders' funds (€'000)	270,266	260,277
Share price - Ordinary share (pence)	105.00p	90.40p
Net asset value per Ordinary share (€)	1.13	1.11
Share price premium/(discount) to sterling net asset value (%)1	1.9	(4.0)

1 Premium / (discount) to net asset value is calculated using the share price (£) and net asset value (£).

Performance (total return)

	Six months ended 30 June 2020	Year ended 31 December 2019	Since inception to 30 June 2020
NAV total return (€) per Ordinary Share (%)2	4.20	8.63	9.68
Share price total return (%)2	19.68	(6.99)	15.41

2 Considered to be an Alternative Performance Measure (see Glossary on page 26 of the published Half Yearly Report for more information).

Financial Calendar

30 September 2020	Announcement of unaudited half yearly results
25 September 2020	Payment of second interim distribution for year ending 31 December 2020
October 2020	Half Yearly Report posted to shareholders
30 December 2020	Payment of third interim distribution for year ending 31 December 2020
26 March 2021	Payment of fourth interim distribution for year ending 31 December 2020
April 2021	Announcement of Annual Financial Report for the year ending 31 December 2020
May 2021	Annual Report available on line (and posted to those registered shareholders who have requested hard copies)
June 2021	Annual General Meeting in London
June 2021	Payment of first interim distribution for the year ending 31 December 2021

INTERIM BOARD REPORT - CHAIRMAN'S STATEMENT

Overview

I am pleased to be presenting the Company's half yearly report for the six months ended 30 June 2020.

As I write this report, despite the easing of the stringent lockdowns that we have seen across Europe and the World, the COVID-19 pandemic still looks set to have far-reaching consequences for many people and businesses globally. I would reiterate though that many of our tenants are involved in key logistic supply chains whether that be in food supply, pharmaceuticals or the ever increasing direct to home delivery services. Despite strong rental income collection to date, we cannot be complacent and our Investment Manager remains in regular communication with our tenants to ensure that they are available to address any concerns that the tenants may have and are supportive where possible.

The Company completed the acquisition of its latest urban located logistics warehouse in Den Hoorn, the Netherlands, in January for a net value of €49.9 million. This newly built warehouse is ideally located between the cities of the Hague and Rotterdam with LED lighting and solar roof panels adding sustainable credentials to the investment. This purchase took the portfolio to a total of fourteen properties valued at €404.9 million spread across five countries with 33 tenants resulting in the Company being fully invested.

The Investment Manager has built a portfolio of properties with predominantly long indexed leases which supports a durable and growing income stream for our shareholders. The Company's assets, diversified by geography and tenant base, are predominantly well located at established distribution hubs within close proximity to cities with excellent transport links providing attractive facilities for current and potential tenants.

Details on the Company's portfolio are provided in the Investment Manager's Report.

Results

The unaudited Net Asset Value ("NAV") per Share as at 30 June 2020 was €1.13 (GBp - 103.00p), compared with the NAV per Share of €1.11 (GBp - 94.21p) at the end of 2019, reflecting, with the interim dividends declared, a NAV total return of 4.2% for the six month period under review, in euro terms.

The closing Ordinary share price at 30 June 2020 was 105.00p (31 December 2019 - 90.40p), representing a premium to the NAV per share of 1.9%. At the date of this report the closing price was 105.0p.

Rent collection

During the Q2 period, the Company successfully concluded negotiations with certain tenants negatively impacted by the COVID-19 pandemic and following the conclusion of the quarter, the Company confirmed that 85% of Q2 rental income due was collected, slightly in excess of the forecast collection percentage of 82%.

As previously reported, for the remaining outstanding rental income, the Investment Manager has agreed short-term rent deferrals and a small number of rent-free periods, in exchange for material lease extensions.

It is pleasing to report that no new requests for support have been received from tenants and rent collection remains strong.

We have now seen total rent collection of 100% in Q1, 85% in Q2 and 96% in Q3 as at mid-September. All rents due under the terms of deferral agreements have been paid on time. With the majority of the deferred rents to be received in H2 2020 or early 2021, 97% of full year 2020 rental income is expected to be received by year end.

Dividend

On 26 May 2020 the Directors declared a first interim distribution of 1.41 euro cents (equivalent to 1.24p) per Ordinary share in respect of the year ending 31 December 2020. This was paid in sterling on 26 June 2020.

On 25 August 2020 a second interim distribution of 1.41 euro cents (equivalent to 1.24p per Ordinary share was declared, paid in sterling on 25 September 2020 with a record date of 4 September 2020 (ex-dividend date of 3 September 2020).

It is very encouraging to note both the rent collection statistics to date and the agreements that our Investment Manager has negotiated with some of our tenants with respect to rent deferrals and lease extensions in return for rent free periods. The Board is of course rightly mindful of any further impact to tenants from the COVID-19 virus but it remains the intention to continue to pay quarterly interim dividends in line with our policy.

Dividends continue to be declared in respect of the quarters ending on the following dates: 31 March, 30 June, 30 September and 31 December in each year.

Share issuance

The Investment Manager continues to review a steady pipeline of possible acquisitions for the Company for which additional capital will be required and for which a proposed new banking agreement, referred to below, may be used for temporary acquisition financing.

Pleasingly, on 23 June 2020 the Board announced the issue of five million new Ordinary shares at a price of 105 pence per share in response to specific investor demand. On 30 July 2020 the Company issued a further five million new Ordinary shares at a price of 104 pence. In aggregate these issues raised an additional £10.45 million (equivalent to approximately €11.5 million) which may be used for further asset purchases. Following the issues, shareholder authority remains to issue an additional 18,450,000 new Ordinary shares on a non-pre-emptive basis to satisfy future demand.

Such shares will only be issued at a premium to the NAV per Ordinary share at the time of issue.

Following the issue of these new Ordinary shares, the total number of shares in issue and therefore of voting rights in the Company is now 244,500,001 shares.

Revolving Credit Facility

The Company is in advanced discussions with Investec Bank regarding the provision of a €40 million Revolving Credit Facility ("RCF"). The RCF will increase the Company's flexibility to acquire new assets prior to raising fresh equity, and will reduce the impact of cash drag on the Company's investment returns. Further details will be announced by the Company when the agreement has been signed.

Financing

The Investment Manager's treasury team has sourced fixed term debt from banks which is secured on certain assets or groups of assets within the portfolio.

These non-recourse loans range in maturities between six and ten years with interest rates ranging between 0.94% and 1.62% per annum.

As part of the acquisition of the property in Den Hoorn, the Company finalised and drew down long term financing secured on the properties at Den Hoorn and Zeewolde in the Netherlands. The secured facility was arranged with Berlin HYP AG for a total value of €35.7 million at an all-in interest rate of 1.25% and fixed for an eight year term, bringing asset level gearing to 33.5%, slightly below the Company's target level of 35%.

The current average interest rate on the total fixed term debt arrangements of €144.6 million is 1.4%. The Board continues to keep the level of borrowings under review, calculated at the time of drawdown for a property purchase. The actual level of gearing may fluctuate over the Company's life as and when new assets are acquired or whilst short term asset management initiatives are being undertaken. Banking covenants are reviewed by the Investment Manager and the Board on a regular basis.

ESG and Asset Management

ESG (environmental, social and governance) is embedded in our business processes, not only for the Company and Investment Manager but also with our investors and the tenants in our portfolio. The Investment Manager has continued to work on a strategy with an action plan for each warehouse with an ambition to reduce carbon emissions. A focal point for the Company has been to implement Green Lease agreements with our tenants.

This creates a commitment for the landlord and tenants to maintain and use the buildings in a green way. A really important component is the obligation for the tenant to share volumetric data on energy use, waste disposal and water consumption so that we can see where potential improvements to the building could have most impact.

Information collected, through the use of smart meters, will help us understand how much carbon is produced and where reductions can be made.

The Investment Manager also continues to follow up on its tenant satisfaction survey to understand crucially our tenants views on properties and services and to gauge where there may be room for improvements with a special focus on ESG. The Company learns from such communications and this helps create strong long-term relationships.

The addition of solar panels for green energy and other initiatives should enhance our scoring for the GRESB Survey whilst both the Company and its tenants seek to concentrate efforts on sustainability issues.

Asset management will add and maintain value across our portfolio. Our Investment Manager continues to engage with our tenants where additional warehousing space will be required. Several of our assets provide the option for extensions for tenants and we will support these initiatives where we are able to add value for tenants and shareholders.

Now more than ever the Investment Manager's people on the ground act as an important conduit to our tenants, seeking to maintain clear communication links to understand how they are operating, any ongoing concerns and their requirements for the future.

EPRA Index Inclusion

During the review period, it was pleasing to advise shareholders that effective from 22 June 2020 the Company was included in the FTSE EPRA/NAREIT Global Real Estate Index Series. This can only be beneficial for the Company, helping to increase the liquidity of the Ordinary shares by further broadening the Company's investor base.

Outlook

The Board and the Investment Manager continue to observe strong structural tailwinds benefitting the European logistics sector and believe these have been further reinforced following the experiences of the COVID-19 pandemic.

Notwithstanding the unprecedented economic environment we are now operating within, the Board and Investment Manager continue to believe that logistics will remain one of the most favoured sectors for real estate investors in the coming years. The logistics industry has and is experiencing unprecedented disruption as a result of systemic changes to the way global economies are functioning and these challenges are manifesting themselves in different ways across different sectors. So far, logistics assets have benefited from additional occupier demand arising from necessary supply chain restructuring.

New technology is creating challenges for supply chains as clients demand frequency and more complexity whilst the nature of e-commerce, where Europe has lagged the UK, has increasingly required operators to adapt faster to future shifts in consumption, particularly so since the European lockdowns. Our Investment Manager has built a portfolio of properties, predominantly around 30,000 square metres in size located close to cities, airports and major motorway routes. These urban fringe facilities while structured for current tenants tend to be in the more liquid part of the sector where reconfiguration is easier and tenant demand strongest helping to provide facilities with optionality at the maturity of a lease.

Leasing 'tension' has been robust and land values under pressure from competing uses with income growth prospects potentially stronger than for 'ultra big-boxes' where risk is higher at maturity of the lease as the number of potential occupiers are limited.

The European logistics sector continues to grow with the increasing demand from market participants for newer, quality warehousing driven by their demand for increased space, both for re-shoring of operations and to address the rise in e-commerce demands. The sustainable income and inflation protection that we see from our longer term, predominantly indexed, leases 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 through regular equity raises as and when market conditions allow.

Details on the Company and its portfolio, together with up to date information including the latest share price can be found at: eurologisticsincome.co.uk

Tony Roper

Chairman

29 September 2020

INTERIM BOARD REPORT - INVESTMENT MANAGER'S REVIEW

Overview

The first half of 2020 witnessed unprecedented challenges with the recognition and spread of COVID-19 and its disruptive impact felt on supply chains and economies worldwide. Despite this, the Company ("ASELI") has performed strongly, delivering NAV growth and an impressive shareholder total return.

As a sector, European logistics has outperformed most other European real estate sectors, benefitting from the shift to working from home and the social distancing rules. Strong growth in e-commerce and the restructuring of supply chains are key drivers supporting the demand for logistics warehouse space, which is increasingly becoming a favoured asset class among investors. With a portfolio of fourteen high quality assets, spread across five European countries, ASELI is in a strong position going forward.

Over the first half of 2020, the Investment Manager has focused on protecting future cash flows through closely liaising and where necessary, supporting our tenants. While a large proportion of our tenants have experienced steady or increased trading volumes, a number of our tenants required some form of support through the early stages of the COVID-19 pandemic. These tenants were supported through a small number of rent deferrals or rent free periods in return for material lease extensions. The Investment Manager is pleased with the results of the rent collections for the first half of the year and also for Q3 2020 so far. This, in turn, has given the Board the confidence to declare interim dividends in line with guidance at the start of the year. Notably, this, together with the demand for good quality European logistics exposure has resulted in the share price consistently trading at a small premium to the NAV since June.

Our ambition remains to grow the portfolio and create further country and tenant diversification whilst continuing to improve the overall green credentials of the portfolio.

A strong logistics sector

The European economy is working its way through a sudden and unexpected recession due to COVID-19. The depth of this downturn is very hard to quantify, but our best estimate is that GDP will have contracted by approximately 20% over the first half of 2020.

The recovery over the second half of the year and beyond is likely to be slower than the initial shock. Euro member states that have been able to control the virus more rapidly, such as Germany and the Netherlands where the portfolio has a high allocation of assets, should experience shallower recessions and quicker recoveries; while those with larger outbreaks, such as Italy and Spain, seem to be facing deeper recessions and slower recoveries.

Long term drivers for the logistics story remain strong, with the recent pandemic accentuating and accelerating the positive trends already witnessed. The immediate impact was a disruption of the global supply chain, not only for more internationally exposed companies but also for businesses operating in the discretionary retail, automotive industries and restaurant sub-sectors.

Businesses related to groceries, pharmaceuticals and packaging have shown more stable or growing sales, particularly where e-commerce spending has surged as more people have become accustomed, often through necessity, to buying more online.

Over the medium and long-term, we expect the sector to benefit from de-globalisation and the moves to bring production closer to home, with inventory building, both to make the supply chain more resilient to shocks and to address further expected growth in e-commerce. This will further support demand for logistics space in Europe going forwards.

In general the European logistics market remains undersupplied with average vacancy rates below 4%. There is a lack of modern warehousing stock with limited speculative developments taking place.

Prudent asset selection

With an income driven strategy, our key focus has been on generating consistent durable income streams.

This means the Company should never comprise on quality and liquidity although at the same time realising that we are not always able to buy the best asset in the best location with the longest lease. 'Absolute Core' is the area of the market where competition is strongest and sometimes dominated by the application of indiscriminate capital. We believe that we can be smarter by using the deep market knowledge and sourcing skills of our local European-based transaction managers. Out of the fourteen warehouses currently in the portfolio, nine were sourced on an off-market basis where we negotiated directly with the owner or developer resulting in limited direct competition from other buyers in a bidding round. Our network with developers is strong, illustrated by the eight brand-new buildings we have added to the portfolio since inception structured as either a forward funding or forward commitment deal. A good example of our strategy was the largest warehouse the Company owns which we bought in January 2020 in Den Hoorn, the Netherlands, for a total net purchase price of €49.9 million. This new building is centrally located within the Randstad region, the most densely populated area in the Netherlands, close to the cities of the Hague and Rotterdam with access to the A4 connecting Den Hoorn with the port of Rotterdam and Schiphol airport.

This urban profile is ideal for last-mile deliveries making this an attractive asset. The building is currently leased out to a strong covenant transport company with a long history and benefits from a fully indexed ten year lease.

Given its location and liquid lot size of 43,280 square metres, with the flexibility to split into two parts if required, the warehouse has a good second life option making it well positioned to generate a durable income stream. We are working on further value creation by adding solar panels to the roof and at the same time seeking to minimise the carbon footprint of the building.

For this purchase the Company used long term debt financing secured on this warehouse in a cross- collateralised portfolio financing with the warehouse owned in Zeewolde. This secured loan facility has been arranged with Berlin Hyp for a total value of €35.7 million and is fixed for an eight year term at an attractive all-in interest rate of 1.25%. The other warehouses in the portfolio have comparable characteristics with locations alongside main transport corridors and modern specifications. By the end of June 2020, the portfolio was valued at €404.9 million, unchanged from 30 March 2020, with investments diversified across five countries.

The Netherlands, considered one of the most attractive logistics markets in Europe by the Investment Manager, has the largest allocation in the portfolio with 47% by portfolio value, followed by France (18%), Germany (15%), Poland (13%) and Spain (7%). We see ourselves as 'stock-pickers' trying to find the best possible deal at the right price. The country allocation is partly a result of this bottom-up approach although the overweight position to the Netherlands is deliberate and supported by our macro view. The Netherlands plays a crucial role for logistics in Europe given its strategic geographical position as gateway to the European market with the port of Rotterdam being one of the largest ports in the world. In addition, land for new developments in this densely populated country is scarce, further fuelled by the current debate on the impact of big-box logistics on the landscape and some very strict EU regulations related to nitrogen emissions. We consider that this puts ASELI in a good position with the six Dutch assets already held in the portfolio.

Liquidity of this high quality portfolio is also reflected in the property valuations which have held up well reflecting the strong position of logistics as an asset class.

The portfolio's average lease length is 8.4 years including break options and 9.2 years excluding break options, all with indexed leases creating an effective inflation hedge on future cashflows.

Property portfolio

Country	Location	Built	WAULT incl breaks in yrs	WAULT excluding breaks in yrs	% of Fund
France	Avignon	2018	7.1	9.9	11.7
France	Meung sur Loire	2004	6.3	6.3	6.2
Germany	Erlensee	2018	4.7	8.2	9.3
Germany	Flörsheim	2015	4.6	6.7	5.9
Netherlands	Den Hoorn	2020	9.5	9.5	12.8
Netherlands	Ede	1999/ 2005	7.4	7.4	7.0
Netherlands	Oss	2019	14.0	14.0	4.0
Netherlands	s Heerenberg	2009/ 2011	11.5	11.5	6.6
Netherlands	Waddinxveen	1983/ 1994/ 2002/ 2018	13.4	13.4	9.1
Netherlands	Zeewolde	2019	14.0	14.0	7.5
Poland	Krakow	2018	3.4	4.3	6.4
Poland	Warsaw	2019	7.1	7.1	6.7
Spain	Leon	2019	8.7	8.7	4.3
Spain	Madrid	1999	6.5	9.5	2.5
TOTAL			8.4	9.2	100

Loan portfolio 30 June 2020

Country	Property	Bank	Existing loan € million	End date Loan	Duration Years	Interest (incl margin)
Germany	Erlensee	DZ Hyp	17.8	February 2029	10.0	1.62%
Germany	Flörsheim	DZ Hyp	12.4	February 2026	7.0	1.54%
France	Avignon + Meung sur Loire	BayernLB	33.0	February 2026	7.0	1.57%
Netherlands	Ede + Oss + Waddinxveen	Berlin Hyp	37.7	June 2025	6.0	1.18%
Netherlands	s Heerenberg	Berlin Hyp	8.0	June 2025	6.0	0.94%
Netherlands	Den Hoorn + Zeewolde	Berlin Hyp	35.7	January 2028	8.0	1.25%
Total			144.6		7.3	1.36%

 

Healthy rent collection supports dividend

The Investment Manager is pleased with the rent collection over the first half of the year. The COVID-19 pandemic has impacted economies worldwide with disruptive effects on supply chains and significant negative effects for retail and hospitality oriented companies. Conversely, many companies focused on food distribution, pharmaceuticals and home deliveries have experienced materially increased levels of trading demand. While the majority of the Company's tenants continued to see strong trading demand following the onset of the pandemic, as expected, a number of tenants were negatively impacted and requested short-term rent amendments.

Aberdeen Standard Investments has 25 offices across Europe and employs over 250 real estate professionals, including over 80 real estate asset managers and 29 transaction managers. These local "feet on the ground" ensure that we are close to these tenants and have an excellent ongoing understanding of their business operations. The relationships our asset managers have built with tenants, coupled with a deep understanding of their local logistics markets, ensured that all tenant discussions were highly productive from the start.

Following these discussions, the Company agreed on six rent deferrals and seven rent free periods in exchange for material lease extensions resulting in a total rent collection of 100% in Q1, 85% in Q2 and 96% in Q3 as at mid-September. All rents due under the terms of these agreements have been paid on time and no new requests have been made for further rent amendments.

The successful conclusion of these discussions, alongside the continued impressive NAV performance, supported the Board's decision to declare interim dividends in respect of Q1 and Q2 2020 in line with guidance given at the start of the year. Based on current data, we believe the net impact on short-term cash flows will be limited as the majority of the deferred rents will be received in H2 2020 or early 2021. 97% of full year 2020 rental income is expected to be received by year end.

Discussions on lease prolongations in exchange for rent-free periods were mainly with smaller tenants in our multi-tenant buildings, typically with shorter lease durations. The Investment Manager is pleased with the outcome of these negotiations and believes that these agreements strike a satisfactory balance between assisting our tenants and securing future longer-term income for the Company.

Since restrictions have eased, the Investment Manager has not received and does not envisage further requests from tenants to amend payment terms. However, if a situation arose where a tenant needed to be replaced, we are in a good position to find a replacement quickly given the quality of the locations and the size of the warehouses held in the portfolio.

ESG one of key focus areas

Environmental and Social Governance (ESG) is one of the key strategic goals where the Investment Manager wants to distinguish itself from its peer group. Our ambition remains to obtain an additional green star in the Global Real Estate Sustainability Benchmark assessment (GRESB), which is used to measure the portfolio's ESG performance against a peer group of comparable funds. In the first submission for the year 2018, the Company's previously much smaller portfolio earned two out of the maximum five stars, which was close to the market average.

Results from the 2019 submission, with thirteen warehouses then incorporated, should be received shortly. We have an ambition to reduce the Company's carbon footprint and add ESG credentials to the portfolio where possible. Good examples here are the progress made on solar panel projects in Den Hoorn and Ede which are due to be operational in Q1 of next year, the collection of energy and water consumption statistics which is monitored and analysed in a program called Envizi, light sustainability audits in Erlensee and Waddinxveen and a regular tenant satisfaction survey. Based upon the conversations we have with our tenants, we recognise that ESG is not only important to us but also to our tenants and their underlying customer base. An increased focus here should increase the 'stickiness'

of our tenants and their desire to stay beyond the term of the lease.

Our regular tenant survey continuously improves our understanding of our tenants' thoughts and requirements and the consumption data collated guides us to where improvements and savings can be made. This is clearly good for reporting but also for our tenants when better energy efficiency and cost savings will help support their businesses.

Outlook

The pandemic has had a very direct and disruptive effect on global supply chains with economies falling into deep recessions. Clearly, there are short-term challenges for companies that have links to parts of the economy that have been hit hardest such as retail, restaurants or the automotive industry. However, demand for logistics is, and continues to be, supported by strong growth in online sales, the re-shoring of manufacturing activities and the building of inventory levels to make supply chains more resilient. This and the undersupplied market across Europe makes logistics one of the preferred sectors for many real estate investors with a focus on quality and 'Core' logistics. This gives confidence that the logistics market is well-positioned to outperform the majority of the real estate market.

Our on-the-ground asset managers remain in close dialogue with our 33 tenants, regularly discussing value enhancement opportunities. Discussions are on-going regarding the expansion of our warehouse in Meung-sur-Loire.

Aberdeen Standard Investments' European real estate research team underpins and supports our views not only on the logistics sector but also the most favourable country locations for growth. We continue to engage regularly to better understand the likely impact of changing global trade on regions where we do or indeed may invest.

The pipeline of possible purchases remains strong despite the competitive market and discussions continue over new acquisition options including short term development opportunities. It remains our desire to increase the size of the portfolio to provide increased country and tenant diversification and provide shareholders with solid, reliable returns from what is an exciting area of the real estate market.

Aberdeen Standard Investments Ireland Limited

29 September 2020

PROPERTY PORTFOLIO

	Property	Tenure	Principal Tenant
1	France, Avignon (Noves)	Freehold	Biocoop
2	France, Meung sur Loire	Freehold	Office Depot
3	Germany, Erlensee	Freehold	Bergler
4	Germany, Flörsheim	Freehold	DS Smith
5	Poland, Krakow	Freehold	Lynka
6	Poland, Warsaw	Freehold	DHL
7	Spain, Leon	Freehold	Decathlon
8	Spain, Madrid	Freehold	DHL
9	the Netherlands, Ede	Freehold	AS Watson (Kruidvat)
10	the Netherlands, Oss	Freehold	Orangeworks
11	the Netherlands, 's Heerenberg	Freehold	JCL Logistics
12	the Netherlands, Waddinxveeen	Freehold	Combilo
13	the Netherlands, Zeewolde	Freehold	VSH Fittings
14	the Netherlands, Den Hoorn	Leasehold	van der Helm

INTERIM BOARD REPORT - DISCLOSURES

Principal Risks and Uncertainties

The principal risks and uncertainties affecting the Company are set out on pages 10 to 14 of the Annual Report and Financial Statements for the year ended 31 December 2019 (the "2019 Annual Report") together with details of the management of the risks and the Company's internal controls. These risks have not changed and can be summarised as follows:

-  Strategic Risk: Strategic Objectives and Performance;

-  Investment and Asset Management Risk: Investment Strategy;

-  Investment and Asset Management Risk: Developing and Refurbishing Property;

-  Investment and Asset Management Risk: Health and Safety;

-  Investment and Asset Management Risk: Environment;

-  Financial Risk: Macroeconomic;

-  Financial Risk: Gearing;

-  Financial Risk: Liquidity and FX Risk;

-  Financial Risk: Credit Risk;

-  Financial Risk: Insufficient Income Generation;

-  Regulatory Risk: Compliance

-  Regulatory Risk: Service Providers; and

-  Operational risk: Business Continuity.

The Board also has a process in place to identify emerging risks. If any of these are deemed to be significant, these risks are categorised, rated and added to the Company's risk matrix.

The Board has reviewed the risks related to the COVID-19 pandemic. COVID-19 is continuing to impact the underlying tenants in the Company's warehouse portfolio in varying degrees due to the disruption of supply chains and demand for products and services, increased costs and potential issues around changes in cash flow forecasts.

The pandemic has significantly impacted world stock markets as well as creating uncertainty around the timing of future revenues. However, the Board notes the Investment Manager's robust and disciplined investment process which continues to focus on high quality warehouses located across Europe and prudent cash flow management. The pandemic has also impacted the Company's third party service providers, with business continuity and home working plans having been implemented. The Board, through the Manager, has been closely monitoring all third party service arrangements and is pleased to report that it has not seen any reduction in the level of service provided to the Company to date.

There remains uncertainty surrounding Brexit in the run up to the expiry of transitional arrangements on 31 December 2020. The Board will continue to monitor developments.

Related Party Transactions

ASFML acts as Alternative Investment Fund Manager, Aberdeen Standard Investments Ireland Limited acts as Investment Manager and Aberdeen Asset Management PLC acts as Company Secretary to the Company; details of the service and fee arrangements can be found in the 2019 Annual Report, a copy of which is available on the Company's website. Details of the transactions with the Manager including the fees payable to Aberdeen Standard group companies are disclosed in note 16 of this Half Yearly Report.

Going Concern

In accordance with the Financial Reporting Council's Guidance on Risk Management, Internal Control and Related Financial and Business Reporting, the Directors have undertaken a rigorous review and consider that there are no material uncertainties and that the adoption of the going concern basis of accounting is appropriate. This review included the additional risks relating to the ongoing COVID-19 pandemic and, where appropriate, action taken by the Manager and Company's service providers in relation to those risks. An analysis of the level of rental payments from tenants together with operational and other Company costs has been modelled covering a range of potential COVID-19 scenarios. In addition, the Company maintains an overdraft facility with Societe Generale which allows the Company to draw down additional funds if unexpected short term liquidity issues were to arise. The Board notes that the Manager remains in regular contact with tenants and third party suppliers and continues to have a constructive dialogue with all parties. Accordingly, the Directors believe that the Company has adequate financial resources to continue in operational existence for the foreseeable future and at least 12 months from the date of this Half Yearly Report. Accordingly, the Directors continue to adopt the going concern basis in preparing these financial statements.

Directors' Responsibility Statement

The Directors are responsible for preparing this half-yearly financial report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge:

-  the condensed set of financial statements contained within the half-yearly financial report has been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and gives a true and fair view of the assets, liabilities, financial position and net return of the Company as at 30 June 2020; and

-  the Interim Board Report (constituting the interim management report) includes a fair review of the information required by rule 4.2.7R of the UK Listing Authority Disclosure Guidance and Transparency Rules (being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year) and 4.2.8R (being related party 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 that period).

Tony Roper

Chairman

29 September 2020

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the period ended 30 June 2020

Notes		Revenue	Capital	1 January to 30 June 2020 Total	Revenue	Capital	1 January to 30 June 2019 Total
		€'000	€'000	€'000	€'000	€'000	€'000
REVENUE
Rental Income		9,896	-	9,896	5,058	-	5,058
Property service charge income		1,492	-	1,492	936	-	936
Other operating income		88	-	88	6	-	6
Total Revenue	2	11,476	-	11,476	6,000	-	6,000
GAINS ON INVESTMENTS
Gains on Revaluation of investment properties	8	-	7,218	7,218	-	2,226	2,226
Total Income and gains on investments		-	7,218	7,218	6,000	2,226	8,226
EXPENDITURE
Investment management fee		(993)	-	(993)	(755)	-	(755)
Direct property expenses		(597)	-	(597)	(1,127)	-	(1,127)
Property service charge exposure		(1,492)	-	(1,492)	-	-	-
SPV property management fee		(63)	-	(63)	(56)	-	(56)
Other expenses		(481)	-	(481)	(1,049)	-	(1,049)
Total expenditure		(3,626)	-	(3,626)	(2,987)	-	(2,987)
Net operating return before finance costs		7,850	7,218	15,068	3,013	2,226	5,239
FINANCE COSTS
Finance costs	3	(1,226)	-	(1,226)	(461)	-	(461)
Net return before taxation		6,624	7,218	13,842	2,552	2,226	4,778
Taxation	4	(124)	(2,024)	(2,148)	-	(720)	(720)
Net return for the period		6,500	5,194	11,694	2,552	1,506	4,058
OTHER COMPREHENSIVE INCOME TO BE RECLASSIFIED TO PROFIT OR LOSS
Currency translation differences on initial capital proceeds		-	190	190	70	203	273
Currency translation on conversion of distribution payments		(783)	7	(776)	-	-	-
Effect of foreign exchange differences		(243)	-	(243)	-	-	-
Other comprehensive income		(1,026)	197	(829)	70	203	273
Total comprehensive return for the period		5,474	5,391	10,865	2,622	1,709	4,331
Basic and diluted earnings per share	6	2.77¢	2.21¢	4.98¢	1.36¢	0.80¢	2.16¢

The accompanying notes are an integral part of the Financial Statements.

The total column of the Condensed Statement of Comprehensive Income is the profit and loss account of the Company.

All revenue and capital items in the above statement derive from continuing operations

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Cont'd)

Notes		Revenue	Capital	1 January to 31 December 2019 Total
		€'000	€'000	€'000
REVENUE
Rental Income		13,376	-	13,376
Property service charge income		2,233	-	2,233
Other operating income		23	-	23
Total Revenue	2	15,632	-	15,632
GAINS ON INVESTMENTS
Gains on Revaluation of investment properties	8	-	16,852	16,852
Total Income and gains on investments		15,632	16,852	32,484
EXPENDITURE
Investment management fee		(1,695)	-	(1,695)
Direct property expenses		(265)	-	(265)
Property service charge exposure		(2,233)	-	(2,233)
SPV property management fee		(154)	-	(154)
Other expenses		(1,728)	-	(1,728)
Total expenditure		(6,075)	-	(6,075)
Net operating return before finance costs		9,557	16,852	26,409
FINANCE COSTS
Finance costs	3	(1,411)	-	(1,411)
Net return before taxation		8,146	16,852	24,998
Taxation	4	(415)	(4,662)	(5,077)
Net return for the period		7,731	12,190	19,921
OTHER COMPREHENSIVE INCOME TO BE RECLASSIFIED TO PROFIT OR LOSS
Currency translation differences on initial capital proceeds		-	136	136
Currency translation on conversion of distribution payments		-	(328)	(328)
Effect of foreign exchange differences		(300)	-	(300)
Other comprehensive income		(300)	(192)	(492)
Total comprehensive return for the period		7,431	11,998	19,429
Basic and diluted earnings per share	6	3.72¢	5.86¢	9.58¢

The accompanying notes are an integral part of the Financial Statements.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

Notes		30 June 2020	30 June 2019	31 December 2019
		€'000	€'000	€'000
NON-CURRENT ASSETS
Investment properties	8	423,509	272,314	348,519
Deferred tax asset	4	1,323	-	-
Total non-current assets		424,832	272,314	348,519
CURRENT ASSETS
Trade and other receivables	9	11,193	10,387	9,883
Cash and cash equivalents	10	18,705	23,702	24,579
Other Assets		203	-	-
Total current assets		30,101	34,089	34,462
Total assets		454,933	306,403	382,981
CURRENT LIABILITIES
Lease liability	11	550	-	-
Trade and other payables	12	9,689	9,110	9,352
Derivative financial instruments		243	-	8
Total current liabilities		10,482	9,110	9,360
NON-CURRENT LIABILITIES
Bank Loans	13	143,425	92,900	107,916
Lease liability	11	22,751	-	-
Deferred tax liability	4	8,009	845	5,428
Total non-current liabilities		174,185	93,745	113,344
Total liabilities		184,667	102,855	122,704
Net assets		270,266	203,548	260,277
SHARE CAPITAL AND RESERVES
Share capital	14	2,700	2,122	2,645
Share premium		56,047	-	50,364
Special distributable reserve		187,707	200,835	191,579
Capital reserve		13,609	(2,071)	8,218
Revenue reserve		10,203	2,662	7,471
Equity shareholders' funds		270,266	203,548	260,277
Net asset value per share	7	€ 1.13	€ 1.09	€ 1.11

The accompanying notes are an integral part of the Financial Statements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the period ended 30 June 2020

	Share capital	Share premium	Special distributable reserve	Capital reserve	Revenue reserve	Total
	€'000	€'000	€'000	€'000	€'000	€'000
Balance at 1 January 2020	2,645	50,364	191,579	8,218	7,471	260,277
Share Issue	55	5,741	-	-	-	5,796
Share Issue costs	-	(58)	-	-	-	(58)
Total Comprehensive return for the period	-	-	-	5,391	5,474	10,865
Interim Distributions paid	-	-	(3,872)	-	(2,742)	(6,614)
Balance at 30 June 2020	2,700	56,047	187,707	13,609	10,203	270,266
Balance at 1 January 2019	2,122	-	203,691	(3,780)	40	202,073
Total Comprehensive return for the period	-	-	-	1,709	2,622	4,331
Interim Distributions paid	-	-	(2,856)	-	-	(2,856)
Balance at 30 June 2019	2,122	-	200,835	(2,071)	2,662	203,548
Balance at 1 January 2019	2,122	-	203,691	(3,780)	40	202,073
Share Issue	523	51,147	-	-	-	51,670
Share Issue costs	-	(783)	-	-	-	(783)
Total Comprehensive return for the year	-	-	-	11,998	7,431	19,429
Dividends paid	-	-	(12,112)	-	-	(12,112)
Balance at 31 December 2019	2,645	50,364	191,579	8,218	7,471	260,277

The accompanying notes are an integral part of the Financial Statements.

UNAUDITED CONDENSED CONSOLIDATED CASH FLOW STATEMENT

As at 30 June 2020

Notes		1 January to 30 June 2020	1 January to 30 June 2019	1 January to 31 December 2019
		€'000	€'000	€'000
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period before taxation		13,842	4,058	19,921
Adjustments for:
Gains on investment properties	8	(7,218)	(2,226)	(16,852)
Amortisation of tenant incentives and leasing costs		(1,512)	-	-
Decrease in Land Leasehold Liability		126	-	-
Increase in operating trade and other receivables		983	1,292	1,796
Increase/(Decrease) in operating trade and other payables		799	(1,323)	6,123
Decrease in operating other assets		(156)	-	-
Finance costs	3	1,226	461	1,411
Cash generated by operations		(5,752)	(1,796)	12,399
Net cash outflow from operating activities		8,090	2,262	12,399
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investment properties	8	(46,972)	(118,549)	(182,749)
Derivative financial instruments		(8)	-	8
Currency translation differences		(564)	273	(492)
Net cash outflow from investing activities		(47,544)	(118,276)	(183,233)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	5	(6,614)	(2,856)	(12,112)
Finance costs	3	(1,226)	(461)	(1,411)
Bank loans drawn		35,682	92,900	107,916
Proceeds from share issue		5,796	-	51,670
Issue costs relating to share issue		(58)	-	(783)
Net cash inflow from financing activities		33,580	89,583	145,280
Net (decrease)/increase in cash and cash equivalents		(5,874)	(26,431)	(25,554)
Opening balance		24,579	50,133	50,133
Closing cash and cash equivalents	10	18,705	23,702	24,579
REPRESENTED BY
Cash at bank		18,705	23,702	24,579

The accompanying notes are an integral part of the Financial Statements.

NOTES TO THE FINANCIAL STATEMENTS

1.  Accounting Policies

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 year ended 31 December 2019.

The condensed Unaudited Consolidated Financial Statements for the six months ended 30 June 2020 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 year ended 31 December 2019, which were prepared under full IFRS requirements as adopted by the EU. The financial information in this Report does not comprise statutory accounts within the meaning of Section 434 - 436 of the Companies Act 2006. 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. The financial information for the six months ended 30 June 2020 and the period ended 30 June 2019 has not been audited or reviewed by the Company's auditor.

2.  Revenue

	Half year ended 30 June 2020	Half year ended 30 June 2019	Year ended 31 December 2019
	€'000	€'000	€'000
Rental income	9,896	5,058	13,376
Other income	88	6	23
Property service charge income	1,492	936	2,233
Total revenue	11,476	6,000	15,632

3.  Finance costs

	Half year ended 30 June 2020	Half year ended 30 June 2019	Year ended 31 December 2019
	€'000	€'000	€'000
Liquidity fund interest paid	-	58	37
Interest on bank loans	968	403	1,158
Bank interest	158	-	98
Amortisation of loan costs	100	-	118
Total finance costs	1,226	461	1,411

4.  Taxation

• Tax charge in the Group Statement of Comprehensive Income

	Half year ended 30 June 2020			Half year ended 30 June 2019			Year ended 31 December 2019
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	€'000	€'000	€'000	€'000	€'000	€'000	€'000	€'000	€'000
Current taxation:
Overseas taxation	124	-	124	-	-	-	415	-	415
Deferred taxation:
Overseas taxation	-	2,024	2,024	-	720	720	-	4,662	4,662
Total taxation	124	2,024	2,148	-	720	720	415	4,662	5,077

• Tax in the Group Balance Sheet

	As at 30 June 2020			As at 30 June 2019			As at 31 December 2019
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	€'000	€'000	€'000	€'000	€'000	€'000	€'000	€'000	€'000
Deferred tax assets:
On tax losses	-	1,323	1,323	-	-	-	-	766	766
Deferred tax liabilities:
Differences between tax and property revaluation	-	8,009	8,009	-	845	845	-	5,428	5,428

5.  Distributions

	30 June 2020 €'000
2019 Fourth Interim dividend of 1.27p per Share paid 27 March 2020	3,307
2020 First Interim dividend of 1.24p per Share paid 26 June 2020	3,307
Total Dividends Paid	6,614

A fourth quarterly interim dividend for 2019 of 1.27p per Share was paid on 27 March 2020 to shareholders on the register on 6 March 2020. The distribution was split 0.90p dividend income and 0.37p qualifying interest income.

A first quarterly interim dividend for 2020 of 1.24p per Share was paid on 26 June 2020 to shareholders on the register on 5 June 2020. The distribution was split 1.05p dividend income and 0.19p qualifying interest income.

A second quarterly interim dividend for 2020 of 1.24p per Share was paid on 25 September 2020 to shareholders on the register on 4 September 2020. The distribution was split 0.93p dividend income and 0.31p qualifying interest income. In line with International Financial Reporting Standards, this dividend will be recorded in the period paid.

6.  Earnings per share (basic and diluted)

	30 June 2020	30 June 2019	31 December 2019
Revenue net return attributable to Ordinary shareholders (€'000)	6,500	2,552	7,731
Weighted average number of shares in issue during the period	234,692,309	187,500,001	207,845,206
Total revenue return per ordinary share	2.77¢	1.36¢	3.72¢
Capital return attributable to Ordinary shareholders (€'000)	5,194	1,506	12,190
Weighted average number of shares in issue during the period	234,692,309	187,500,001	207,845,206
Total capital return per ordinary share	2.21¢	0.80¢	5.86¢
Total return per ordinary share	4.98¢	2.16¢	9.58¢

Earnings per Share is calculated on the revenue and capital loss for the period (before other comprehensive income) and is calculated using the weighted average number of Shares in the period.

7.  Net asset value per share

	30 June 2020	30 June 2019	31 December 2019
Net assets attributable to shareholders (€'000)	270,266	203,548	260,277
Number of shares in issue	239,500,001	187,500,001	234,500,001
Net asset value per share (€)	1.13	1.09	1.11

8.  Investment properties

	30 June 2020	30 June 2019	31 December 2019
	€'000	€'000	€'000
Opening carrying value	348,519	148,918	148,918
Purchase at costs	44,471	121,170	182,749
Gains/losses on revaluation to fair value	7,218	2,226	16,852
Leasehold	23,301	-	-
Total Carrying value	423,509	272,314	348,519

The fair value of the investment properties amounted to €428,201,000. The difference between the fair value and the value per the condensed consolidated balance sheet consists of accrued income relating to the pre-payment for rent free periods recognised over the life of the leases totaling €4,692,000 which is separately recorded in the financial statements within trade and other receivables.

On 14 January 2020 the Company acquired a property based in Den Hoorn, the Netherlands. The property was acquired on a leasehold agreement, the present value the future leasehold obligations as at 30 June 2020 amounted to €23,301,000. The maturity date of this leasehold agreement is 1 July 2044. The annual ground lease payments amount to €531,000 per annum and are paid quarterly. The Company reserves the option to acquire the freehold ownership pre 1 July 2044 for the total sum of €15,983,000.

Investment property valuation methodology is unchanged from the detailed methodology included in the company's 31 December 2019 annual report.

9.  Trade and other receivables

	30 June 2020	30 June 2019	31 December 2019
	€'000	€'000	€'000
Rents receivable	2,652	2,189	3,327
Accrued income	-	310	160
VAT receivable	266	-	3,310
Cash held by Solicitors	-	-	165
Lease incentives	4,693	346	1,606
Deferred tax	-	-	766
Other receivables	3,582	7,542	549
Total receivables	11,193	10,387	9,883

10.  Cash and cash equivalents

	30 June 2020	30 June 2019	31 December 2019
	€'000	€'000	€'000
Cash at bank	18,705	23,702	24,579
Total cash and cash equivalents	18,705	23,702	24,579

11.  Leasehold Liability

	30 June 2020
	€'000
Maturity analysis - contractual undiscounted cash flows
Less than one year	688
One to five years	2,201
More than five years	26,440
Total undiscounted lease liabilities	29,329
Lease liability included in the statement of financial position
Current	550
Non - Current	22,751
Total lease liability included in the statement of financial position	23,301

12.  Trade and other payables

	30 June 2020	30 June 2019	31 December 2019
	€'000	€'000	€'000
Rental income received in advance	2,453	1,513	2,224
Accrued acquisition and development costs	891	2,621	1,521
Management fee payable	993	1,311	471
VAT payable	625	-	670
Trade Creditors	1,338	-	1,948
Tenant Deposits	1,196	-	1,197
Other payables	-	-	11
All other fees payable	-	-	651
Accruals	1,982	-	659
Other fees payable	211	3,665	-
Total payables	9,689	9,110	9,352

13.  Bank Loans

	30 June 2020	30 June 2019	31 December 2019
	€'000	€'000	€'000
External Bank Loans	143,425	92,900	107,916
Total payables	143,425	92,900	107,916

The total drawdown of the bank loans amounted to €144,600,000. The difference between the external loans drawdowns and the value per the condensed consolidated balance sheet consists of financing fees and the amortised portion related to the external bank loans totaling €1,175,000. It is recorded in the financial statements in the same line as bank loans.

14.  Share capital

	Half year ended 30 June 2020	Half year ended 30 June 2019	Year ended 31 December 2019
	€'000	€'000	€'000
Opening balance	2,645	2,122	2,122
Ordinary shares issued	55	-	523
Ending balance	2,700	2,122	2,645

Ordinary Shareholders participate in all general meetings of the Company on the basis of one vote for each Share held. Each Ordinary share has equal rights to dividends and equal rights to participate in a distribution arising from a winding up of the Company. The Ordinary Shares are not redeemable.

The total number of Shares authorised, issued and fully paid is 239,500,001. The nominal value of each Share is £0.01. Share proceeds in respect of five million additional shares issued at £1.05 were received on 23 June 2020 and converted to Euro at a rate of £1:€1.104.

15.  Financial instruments and investment properties Fair value hierarchy

IFRS 13 requires the Group to classify its financial instruments held at fair value using a hierarchy that reflects the significance of the inputs used in the valuation methodologies. These are as follows:

Level 1 - quoted prices in active markets for identical investments;

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc.); and

Level 3 - significant unobservable inputs.

The following table shows an analysis of the fair values of investment properties recognised in the balance sheet by level of the fair value hierarchy:

	Level 1	Level 2	Level 3	Total fair value
	€'000	€'000	€'000	€'000
30 June 2020
Investment properties	-	-	423,509	423,509
30 June 2019
Investment properties	-	-	272,314	272,314
31 December 2019
Investment properties	-	-	348,519	348,519

The lowest level of input is the underlying yields on each property which is an input not based on observable market data.

The fair value of investment properties as at 30 June 2020 amounted to €428,201,000. The difference between the fair value and the value per the condensed consolidated balance sheet consists of accrued income relating to the pre-payment for rent free periods recognised over the life of the leases totaling €4,692,000 which is separately recorded in the financial statements as trade and other receivables.

The following table shows an analysis of the fair values of derivative financial instruments recognised in the balance sheet by level of the fair value hierarchy:

	Level 1	Level 2	Level 3	Total fair value
	€'000	€'000	€'000	€'000
30 June 2020
Derivative Financial Instruments	-	243	-	243
30 June 2019
Derivative Financial Instruments	-	-	-	-
31 December 2019
Derivative Financial Instruments	-	8	-	8

The lowest level of input is EUR:GBP exchange rate.

The Company used forward foreign exchange contracts to mitigate potential volatility of income returns and to provide greater certainty as to the level of Sterling distributions expected to be paid in respect of the period covered by the relevant currency hedging instrument. Derivatives are measured at fair value calculated by reference to forward exchange rates for contracts with similar maturity profiles.

16.  Related party transactions

The Company's Alternative Investment Fund Manager ('AIFM') throughout the period was Aberdeen Standard Fund Managers Limited ("ASFML"). Under the terms of a Management Agreement dated 17 November 2017 the AIFM is appointed to provide investment management, risk management and general administrative services including acting as the Company Secretary. The agreement is terminable by either the Company or ASFML on not less than 12 months' written notice.

Under the terms of the agreement portfolio management services are delegated by ASFML to Aberdeen Standard Investments Ireland Limited ('ASIIL'). The total management fees charged to the Consolidated Statement of Comprehensive Income during the period were €993,000, of which €993,000 was payable at the period end.

Under the terms of a Global Secretarial Agreement between ASFML and Aberdeen Asset Management PLC ('AAM PLC'), company secretarial services are provided to the Company by AAM PLC.

The Directors of the Company received fees for their services totaling €83,000.

17.  Post balance sheet events

On 30 July 2020, the Company announced that it had raised gross proceeds of approximately £5.2 million (equivalent to approximately €5.7 million at the then prevailing exchange rate) through the issue of 5,000,000 new Ordinary shares under the general authority to allot shares granted by shareholders at the AGM held on 30 June 2020.

A second quarterly interim dividend for 2020 of 1.24p per Share was paid on 25 September 2020 to shareholders on the register on 4 September 2020. The distribution was split 0.93p dividend income and 0.31p qualifying interest income.

18.  Ultimate parent company

In the opinion of the Directors on the basis of shareholdings advised to them, the Company has no immediate or ultimate controlling party.

19.  This Half Yearly Report was approved by the Board and authorised for issue on 29 September 2020.

The Half Yearly Report will be printed and issued to shareholders and further copies will be available at Bow Bells House, 1 Bread Street, London EC4M 9HH and on the Company's website eurologisticsincome.co.uk*

* Neither the Company's website nor the content of any website accessible from hyperlinks on it (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

By order of the Board

ABERDEEN ASSET MANAGEMENT PLC, SECRETARY

29 September 2020

 

END

 

 

IR EANNNAESEEFA