The net asset value (NAV) of abrdn European Logistics Income’s portfolio dipped slightly in Q2 2023.
The company reported the valuation of its portfolio fell from €722.7m to €693.5m – a 1.5% like-for-like decline. NAV per ordinary share decreased by 2.6% to 108.3c from 111.2c on 31 March, reflecting a NAV total return – with quarterly distributions reinvested – of -6.6% in Euro terms for the six months to 30 June 2023.
Troels Andersen, lead fund manager at abrdn, said: “Global markets continue to be characterised by uncertainty driven by base rate rises and economic pressures. Encouragingly, the continental European logistics sector, and the ASLI portfolio valuation, has held up relatively well despite these headwinds.
“The slowing capital value decline across the portfolio this quarter reflects improving investor sentiment, the underlying fundamentals of our portfolio and attractive inflation-linked income profile, as well as the successful asset management leasing results delivered by our local abrdn teams in the year to date.
“Indicators suggest that some regions may be starting to see the early stages of this reversal in sentiment with buying interest returning for well-placed logistics portfolios and the hoped-for early stages of recovery in values.”
