Strong financial and operational performance delivered in 2021.

  • Net Operating Income (NOI): €653 million, an increase of €8 million from the year ended 31 December 2020, reflecting healthy occupancy levels and rental growth
  • LFL Net Rental Income per sqm(1): 2.3% increase following market rent reviews and inflation-linked indexation on existing leases
  • EPRA Occupancy: increased 70bps to 95.0% since 31 December 2020
  • Gross Asset Value: €15.7 billion, a year-on-year increase of €2.1 billion or 16%, which reflects the strength of our portfolio combined with strong sectoral trends driving demand for our logistics assets. The increase was also supported by €176 million invested in the acquisition and development of new assets
  • LTV: 43.4%, below leverage policy of not more than 55.0%

(1) 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.

Development and Expansion

We continued to accelerate our development programme in 2021 completing five pre-leased, development projects with 12 further projects underway. Our development pipeline increased through selectively acquired land and assets in high-conviction locations with the aim of providing our customers with new, sustainable logistics buildings that support their growth plans and operational needs.

Capital Structure

In 2021, €650 million of 10-year unsecured bonds with a coupon of 0.875% were issued; proceeds were used to repay debt maturing in 2021. After the year-end we issued a further €1.5 billion of unsecured bonds across three tranches of €500 million each, maturing in November 2025, January 2030 and January 2034, and with a weighted average coupon of 1.417%.  The issuance included our inaugural €500 million 12-year Green Bond with proceeds to be used to support eligible green projects in accordance with our published Green Financing Framework.

Environmental, Social & Governance (ESG)

During 2021, we made significant progress in line with our five-year ESG strategy published in 2020. We have continued to develop our carbon reduction strategy and focused on the implementation and delivery of sustainability initiatives to support our customers, suppliers, and employees.

Commenting on the results, Michael Slattery, CEO said:

"I am pleased with our 2021 results demonstrating the excellent operational and financial performance of our business. Our teams work closely with our customers, and we continue to grow and position our portfolio to best support their needs, whilst capturing market rental growth and maintaining healthy occupancy levels. Acting responsibly is core to our business strategy and I am especially pleased with the momentum we have built in delivering our five-year ESG plan. I look forward to further progress on this during the year ahead."

Simon Clinton, CFO added:

"In 2021 we had strong results with robust LFL rental growth and excellent cash generation. Furthermore, our balance sheet strengthened through increased demand for our assets and the successful proactive management of debt maturities. This has enabled us to increase funding for our accelerating sustainable development programme."


Full year 2021 results summary

  As at 31 December 2021 As at 31 December 2020
EPRA Occupancy 95.0% 94.3%
GLA (million sqm) 13.7 13.6
GAV (€ million) 15,692 13,566
NOI (€ million) 653 645
LTV 43.4% 47.0%


Read the full report here.


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About Logicor

Logicor is one of the largest owners and operators of modern logistics and distribution properties in Europe. As at 31 December 2021 we own a portfolio of 598 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.