* Increased total investment return by 310%
* â⬠90 million portfolio expansion in 2002
* Planned increase of fund to â⬠400 million
Cââ¬LOGIX Property Fund, the investment fund managed by Aberdeen Property Investors Continental Europe (API) specialising exclusively in European logistics and distribution centres, reports an increase in its total investment return of 310% up to â⬠11.3 million for the year ended 31 December 2002, compared to â⬠2.8 million as at 31 December 2001. The NAV per share increased time-weighted by 11.5% in 2001 and 12.2% in 2002. In 2002 the income return per share was 7.2% and the capital gains return per share was 5.0%. The dividend yield was 6.3% over 2002. Further details are contained in Cââ¬LOGIXââ¬â¢s annual report, which is published today.
Total capital invested as at year-end 2002 amounted to â⬠216.6 million. The portfolio expanded with â⬠90 million of property acquisitions over the year. The portfolio currently consists of 17 properties; The Netherlands (7), Germany (3), Belgium (1) and France (6), with a total floor area of 425,000 mò.
Cââ¬LOGIX invests exclusively in logistics centres and distribution centres at strategic locations in the euro zone. The fund manager, Aberdeen Property Investors, has selected 30 promising hot spots for possible investment.
Increase in share capital
Ten Dutch and two foreign institutional investors are currently participating in Cââ¬LOGIX. API has opened the fund to new investors and aims to increase the fund up to approximately â⬠400 million by the end of 2003. So far the fund has new equity commitments of â⬠70 million taking the fund to â⬠340 million as at 13 May 2003.
API expects investors to invest even more in Cââ¬LOGIX, due to the fact that logistics real estate is a defensive investment with a relatively high cash yield. The fund qualifies as an investment institution for tax purposes and is not listed. The minimum contribution is â⬠5 million.
Prospects
Despite the slowdown in European economic growth, demand for high quality, strategically located logistics property will remain at a significant level thanks to the continued outsourcing of corporate logistics activities. Cââ¬LOGIX expects to realise at least the same direct yield per share in 2003 as in 2002.
Source: Cââ¬logix
