Logicor, a leading owner and operator of European modern logistics and distribution properties, today announces the results for year ending 31 December 2022.

During this period, the business has seen strong operating performance due to active asset management and key sectoral trends continuing to support demand growth.

The higher interest rate environment has led to real estate investment yields increasing across Europe, however, the impact on Logicor’s portfolio has been moderated by continued broad-based rental growth in its markets.

Commenting on the results, Michael Slattery, CEO said:

“During 2022, occupier demand continued to outstrip supply for well-located, logistics real estate across our key markets. This is an excellent set of results which has been driven by responsibly delivering our strategy of active asset management and growing our presence in the markets in which we operate.

“Our pan-European portfolio, diverse customer base, well-connected teams and robust balance sheet, mean that we are confident about our future prospects and the opportunities to deliver for our customers, our people and our communities.”

Highlights:

  • Like-for-Like Rental Growth 1 was 4% year-on-year, driven by new leases and renewals at record re-leasing spreads, inflation-linked indexation and market rent reviews on standing leases
  • Net Operating Income (NOI): €665 million, an increase of 2% from the year ended 31 December 2021, reflecting higher occupancy levels and continued rental growth
  • EPRA Occupancy: 96.0%, an increase of 100 bps since 31 December 2021
  • Gross Asset Value: €15.4 billion, a decrease of €313 million or 2% since 31 December 2021. On a constant currency basis, the value of our portfolio was broadly stable year on year
  • LTV: 47.7%, below leverage policy of not more than 55.0%

1 Net Rental Income at constant currency rates excluding loss of income from disposals, growth from development activity, fees from third-party Assets Under Management, rent-free straight-lining and COVID-19 related bad debts.

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For further information please contact:

Logicor Chief Financial Officer: Simon Clinton [email protected]
Logicor Director of Communications: Lizzie Beuzeval [email protected], +44 7464980257

About Logicor

Logicor is one of the largest owners and operators of modern logistics and distribution properties in Europe. As at 31 December 2022, we own a portfolio of 594 high-quality properties with a lettable area of 13.4 million square metres located in key European logistics markets. Logicor is headquartered in London and Luxembourg.