Pacific Industrial & Log REIT PLC Change of Adviser (2777F)
May 16 2017 - 4:29AM
UK Regulatory
TIDMPILR
RNS Number : 2777F
Pacific Industrial & Log REIT PLC
16 May 2017
PACIFIC INDUSTRIAL & LOGISTICS REIT PLC
("Pacific Industrial & Logistics" or the "Company")
16 May 2017
Appointment of Nominated Adviser and Broker and Notice of
Results
Pacific Industrial & Logistics, a REIT focused on industrial
and logistics investment properties, is pleased to announce the
appointment of Canaccord Genuity Limited as Nominated Adviser and
Broker with immediate effect.
The Company expects to announce preliminary results for its
first year of trading to 31 March 2017 on 23 May 2017.
Notes to Editors
The Company was admitted to AIM on 13 April 2016 having been
established to invest in UK based industrial and logistics
properties with an average lot size of sub GBP10m. On 14 April
2016, the Company completed the acquisition of the 'M1 portfolio'
for a purchase price of GBP27m, providing a net yield after
acquisition costs of approximately 7.3%. The 'M1 portfolio'
consists of 11 properties, including 465,416 square feet of
warehouse accommodation. Since the acquisition of the 'M1
portfolio', the Company has also acquired logistics properties in
Chesterfield for GBP4.8m and Leeds for GBP6.1m representing net
initial yields of approximately 10.5% and 8.3% respectively. The
Company's investment focus is on well let properties in established
logistics areas which display, inter alia, the potential for rental
growth and other asset management opportunities.
Since admission to AIM on 13 April 2016 at an IPO price of 100
pence per share, the Company has paid a maiden interim dividend of
3 pence per share for the 6-month period to 30 September 2016.
Management Team Biographies
Pacific Capital Partners Limited is the Company's authorised
Manager, and the investment advisor is Pacific Industrial LLP, of
which the key personnel are:
Richard Moffitt
Richard, who is also a non-independent non-executive director of
the Company, has over 25 years' real estate investment experience.
In recent years, he has focused on both UK and European Markets,
servicing CBRE's industrial and logistics clients across a wide
range of projects. Richard focused on expanding and developing the
business in capital markets, tenant representation and agency
spheres. Richard was a founding partner of M3 Agency LLP which he
sold to CBRE in 2010. He has strong links to many of the leading
institutional funds, property companies and developers active in
the industrial/distribution sector and he brings an in-depth market
understanding and awareness of current issues, and a thorough
understanding of owner and tenant requirements to the team. Richard
is a member of The Chartered Institute of Logistics and
Transport.
Christopher Turner
Christopher has over 25 years' experience in the UK and European
investment markets where he has built up extensive contracts with
investors and developers of industrial, office and retail real
estate. He has a considerable depth of experience in acquisition
performance and disposal of investments through all sectors.
Christopher has a focus on tenant management and covenant
performance, adding value and active asset management. His
experience includes working with institutions on commingled funds
and building, developing value and trading out of a mixed portfolio
of GBP350 million invested in UK assets.
Note:
Further to the Admission Document published on 7 April 2016, the
Company makes the following disclosures regarding the former
directorships of Bruce Anderson and Jonathan Gray in respect of
Schedule 2(g) of the AIM Rules.
Bruce Anderson
Bruce was formerly a director of Kenmore Capital Ltd, Kenmore
Capital 2 Ltd and Kenmore Capital 3 Ltd, all of which entered
administration in December 2009, within twelve months of Bruce
Anderson's resignation in June 2009. Kenmore Capital Ltd, Kenmore
Capital 2 Ltd and Kenmore Capital 3 Ltd subsequently entered
Creditors Voluntary Liquidation in October 2010. No personal
criticism was attached to Bruce Anderson.
Jonathan Gray
The Admission Document listed NCB Corporate Finance Limited as a
current directorship. Jonathan Gray resigned his position as a
director of NCB Corporate Finance Limited in 2009.
Prior to its winding up in 2014, Jonathan Gray served as a
director of PGF II SA. Following the successful return of cash to
shareholders in 2014, Jonathan Gray resigned his position as a
director ahead of the winding up of the business.
Enquiries:
Pacific Industrial & Logistics +44 (0) 207 591
REIT plc 1600
Richard Moffitt
Canaccord Genuity Limited +44 (0) 20 7523
(Nominated Adviser and Broker) 8000
Bruce Garrow
Charlie Foster
Ben Griffiths
This information is provided by RNS
The company news service from the London Stock Exchange
END
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