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September 11, 2019 | Press Release

Logicor announces strong financial performance for the six months ended 30 June 2019

  • Net Operating Income (NOI): €319 million driven by 1.8% LFL(1) period-on-period growth in Net Rental Income delivered through our strategy of capturing rental growth through active asset management.
  • Gross Asset Value: €12.6 billion, a valuation increase of €143 million or 1.1% since 31 December 2018, which reflects the strong performance of our portfolio.
  • EPRA Occupancy: Stable at 94%.
  • LTV: Stable at 51%.

(1) excluding the impact of rent free straight-lining

Capital Structure

Logicor has made considerable progress with its strategic aim of moving to an unsecured debt structure. During the six months ended 30 June 2019 Logicor issued €900 million of unsecured notes under its existing Euro Medium Term Note programme. In July 2019, we raised a further €1.85 billion of unsecured bonds to conclude the refinancing of our secured EUR and SEK debt.

Development and Expansion

Logicor continued to roll-out its logistics property development and expansion programme with the successful completion of two projects in Germany and one in the UK. Seven further projects are currently underway, with all projects 100% pre-leased to our customers prior to commencement.

Our sustained focus on understanding customer requirements has enabled us to build on the excellent advances made in 2018 across a range of strategic initiatives including capturing rental growth and selective portfolio expansion. The Logicor management team’s strong collective expertise ensures we are well placed to continue to support our customers’ European ambitions."

Michael Slattery

Interim CEO

During the period we continued our stated strategy to transition our existing secured, floating-rate debt facilities to predominantly unsecured, fixed-rate debt, raising €900 million in the period under review and a further €1.85 billion in July 2019. The proceeds from the new debt were used to repay a portion of our existing secured bank facility, moving to a more diversified capital structure with a weighted average maturity of 4.9 years."

Simon Clinton

CFO

Interim results summary

  As at 30 June 2019 As at 30 June 2018 As at 31 December 2018
EPRA Occupancy 94.00% 93.20% 94.40%
GLA (million sqm) 13.7 13.6 13.6
GAV (€ million) 12,644 12,278 12,501
NOI (€ million)* 319 318 639
LTV 51% 51% 51%

* For the six month periods ending 30 June 2019 and 30 June 2018, and the year ended 31 December 2018

END

For further information please contact:

Simon Clinton, CFO
[email protected]
+44 (0) 207 198 4973

Courtney Huggins, Group Treasurer
[email protected]
+44 (0) 203 137 8412

Mark Roberts, Head of Communications
[email protected]
+44 (0) 207 198 2425

About Logicor

Logicor is one of the largest owners and operators of modern logistics and distribution properties in Europe. As at 30 June 2019 we own a portfolio of 620 high-quality properties with a lettable area of approximately 13.7 million square metres located in key European logistics markets. Logicor is headquartered in London and Luxembourg.

www.logicor.eu