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Result of Placing

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Implementing the investment strategy

The Company’s IPO was significantly oversubscribed and raised gross proceeds of approximately €339.3 million or £300 million. We were able to invest these proceeds ahead of our planned timeline of six to nine months, acquiring six prime Big Box logistics assets and exchanging conditional contracts on two further assets by the period end, with all eight assets totalling €558.4 million, net of purchase costs. This portfolio comprises six standing assets and two pre-let forward funded investments, in key logistics hubs across Germany, Spain, Italy, Belgium and Poland, within or close to densely populated areas. The weighted average purchase yield of the portfolio of the eight assets is 5.1% and they were acquired at a low blended acquisition cost of just 1.7%. The portfolio is 100% income producing1, with a contracted annual rental income of €29.1 million. The weighted average unexpired lease term was 12.0 years at 31 December 2018, ahead of our target of more than five years.

Our progress in this initial period demonstrates the strength of the platform created by our Manager. Their relationship-driven acquisition model draws on the Manager’s extensive connections with key developers, occupiers and owners, and the on-the-ground intelligence of our specialist asset managers. This has enabled us to secure value for shareholders at the point of acquisition, in part through a number of off-market transactions.

Robert Orr Chairman
2018 Interim Results

€326.3m
€1.09
0.5 cents
1.0%
€339.3m
€300m