Global asset manager Aberdeen Standard Investments has announced that its new UK-listed logistics investment trust has raised £187.5 mln (€212 mln) in an Initial Public Offering on the London stock exchange.
The trust, Aberdeen Standard European Logistics Income, initially planned to raise £250 mln (€278 mln) in the IPO.
The company invests in European logistic properties such as large ‘big box’ ultra-modern warehouses and local ‘last mile’ distribution centres. While the company will invest directly in property, it qualifies as a closed-ended investment trust listed on the London stock exchange, offering investors liquidity through the secondary market. It said last month that it expected to fully invest the proceeds within 12 months.
The company will target a distribution yield of 5.5% per annum, predominantly in the form of dividends, and a total return for investors of 7.5% per annum (both in Euro terms).
'The board is delighted that the company has been able to attract such a broad range of investors seeking to participate in this compelling investment proposition. We are confident that the manager's depth of resource and detailed knowledge of local markets, coupled with the potential offered by logistics assets in Continental Europe and the Nordics, will serve the company well in its pursuit of returns for its shareholders. The strong and sustained pipeline of attractive assets which we are seeing gives further cause for encouragement,' said Chairman Pascal Duval.
Aberdeen Fund Managers is acting as the company's fund manager.
