Abrdn European Logistics Income is set to deliver a double-digit total NAV return for the second year in a row.
The European logistics investor said net asset value per share had lifted by almost 2% to €1.29 quarter-on-quarter as of the end of December, giving a total NAV return of 12.4% for the year.
Its portfolio valuation rose by 2.5% to €666m (£554m), a figure that will be boosted to €740m once the fourth phase of a warehouse scheme in Madrid is complete. That will increase the portfolio to 13 urban logistics warehouses and 11 mid-box logistics warehouses.
The fund is also in exclusivity on four further assets in France and the Netherlands with a combined value of about €49m.
Fund manager Evert Castelein said: “In 2021, we deployed €274m of capital into 10 high-quality logistics assets, nine of which were last-mile logistics warehouses, the subsector which we believe offers the strongest rental growth potential. The portfolio is highly diversified by property, tenant and geography and we remain confident of maintaining the strong performance achieved to date in 2022 and beyond.”
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