Change of Adviser

RNS Number : 2777F

Pacific Industrial & Log REIT PLC

16 May 2017

 

PACIFIC INDUSTRIAL & LOGISTICS REIT PLC

("Pacific Industrial & Logistics" or the "Company")

16 May 2017

Appointment of Nominated Adviser and Broker and Notice of Results

Pacific Industrial & Logistics, a REIT focused on industrial and logistics investment properties, is pleased to announce the appointment of Canaccord Genuity Limited as Nominated Adviser and Broker with immediate effect.

The Company expects to announce preliminary results for its first year of trading to 31 March 2017 on 23 May 2017.

Notes to Editors

The Company was admitted to AIM on 13 April 2016 having been established to invest in UK based industrial and logistics properties with an average lot size of sub £10m. On 14 April 2016, the Company completed the acquisition of the 'M1 portfolio' for a purchase price of £27m, providing a net yield after acquisition costs of approximately 7.3%. The 'M1 portfolio' consists of 11 properties, including 465,416 square feet of warehouse accommodation. Since the acquisition of the 'M1 portfolio', the Company has also acquired logistics properties in Chesterfield for £4.8m and Leeds for £6.1m representing net initial yields of approximately 10.5% and 8.3% respectively. The Company's investment focus is on well let properties in established logistics areas which display, inter alia, the potential for rental growth and other asset management opportunities.

Since admission to AIM on 13 April 2016 at an IPO price of 100 pence per share, the Company has paid a maiden interim dividend of 3 pence per share for the 6-month period to 30 September 2016.

Management Team Biographies

Pacific Capital Partners Limited is the Company's authorised Manager, and the investment advisor is Pacific Industrial LLP, of which the key personnel are:

Richard Moffitt

Richard, who is also a non-independent non-executive director of the Company, has over 25 years' real estate investment experience. In recent years, he has focused on both UK and European Markets, servicing CBRE's industrial and logistics clients across a wide range of projects. Richard focused on expanding and developing the business in capital markets, tenant representation and agency spheres. Richard was a founding partner of M3 Agency LLP which he sold to CBRE in 2010. He has strong links to many of the leading institutional funds, property companies and developers active in the industrial/distribution sector and he brings an in-depth market understanding and awareness of current issues, and a thorough understanding of owner and tenant requirements to the team. Richard is a member of The Chartered Institute of Logistics and Transport.

Christopher Turner

Christopher has over 25 years' experience in the UK and European investment markets where he has built up extensive contracts with investors and developers of industrial, office and retail real estate. He has a considerable depth of experience in acquisition performance and disposal of investments through all sectors. Christopher has a focus on tenant management and covenant performance, adding value and active asset management. His experience includes working with institutions on commingled funds and building, developing value and trading out of a mixed portfolio of £350 million invested in UK assets.

Note:

Further to the Admission Document published on 7 April 2016, the Company makes the following disclosures regarding the former directorships of Bruce Anderson and Jonathan Gray in respect of Schedule 2(g) of the AIM Rules.

Bruce Anderson

Bruce was formerly a director of Kenmore Capital Ltd, Kenmore Capital 2 Ltd and Kenmore Capital 3 Ltd, all of which entered administration in December 2009, within twelve months of Bruce Anderson's resignation in June 2009. Kenmore Capital Ltd, Kenmore Capital 2 Ltd and Kenmore Capital 3 Ltd subsequently entered Creditors Voluntary Liquidation in October 2010. No personal criticism was attached to Bruce Anderson.

Jonathan Gray

The Admission Document listed NCB Corporate Finance Limited as a current directorship. Jonathan Gray resigned his position as a director of NCB Corporate Finance Limited in 2009.

Prior to its winding up in 2014, Jonathan Gray served as a director of PGF II SA. Following the successful return of cash to shareholders in 2014, Jonathan Gray resigned his position as a director ahead of the winding up of the business.

Enquiries:

Pacific Industrial & Logistics REIT plc	[phone]
Richard Moffitt
Canaccord Genuity Limited (Nominated Adviser and Broker)	[phone]
Bruce Garrow
Charlie Foster
Ben Griffiths

 

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