Pacific Industrial & Log REIT PLC Total Leverage Employed (2493T)
October 10 2017 - 12:56PM
UK Regulatory
TIDMPILR
RNS Number : 2493T
Pacific Industrial & Log REIT PLC
10 October 2017
Pacific Industrial & Logistics REIT plc
("Pacific Industrial & Logistics", the "Company" or the
"Group")
10 October 2017
Total Leverage Employed - AIFMD disclosure requirement
The Company is required under Article 109(3) of the Commission
Delegated Regulation (EU) to disclose to its investors the total
amount of leverage employed, as calculated in accordance with the
gross and commitment methods under the Alternative Investment Fund
Managers Directive (AIFMD).
As at 31 March 2017 these were as follows:
31 March 2017
------------------ ---------------------
Exposure Gross Commitment
------------------ -------- -----------
Maximum exposure 300.00% 300.00%
------------------ -------- -----------
Exposure 221.93% 177.77%
------------------ -------- -----------
Moving forward, and in line with the Commission Delegated
Regulation the Company will report the total amount of leverage
employed on an annual basis in the Company's Annual Report.
The Company targets an overall loan-to-value (LTV) of between
35% and 40%. As at 31 March 2017 the actual LTV was 42.4%.
For further information regarding Pacific Industrial &
Logistics REIT plc:
Pacific Industrial &
Logistics REIT Plc
Richard Moffitt
Christopher Turner
Sam Tucker +44 (0) 207 591 1600
Canaccord Genuity - Nominated
Adviser and Joint Financial
Adviser
Bruce Garrow / Charlie
Foster +44 (0)20 7523 8000
Kinmont- Joint Financial
Advisor
Mat Thackery +44 (0)20 7087 9100
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
About Pacific Industrial & Logistics REIT
Pacific Industrial & Logistics REIT plc is a property
investment company, quoted on the AIM market of the London Stock
Exchange.
The Company has been established to invest in UK based
industrial and logistics properties with a view to delivering
attractive dividends and capital returns to its shareholders. The
investment strategy is focused on smaller single let industrial and
logistics properties in key geographical locations servicing high
quality tenants. Investment returns will be generated by an
experienced management team focusing on quality stock selection and
active asset management.
A number of structural and commercial factors currently support
the attractive opportunity in the last mile/regional industrial and
logistics real estate sub-sectors targeted by the Company,
including: strong occupier demand (in particular due to growth in
e-commerce and investment by retailers in their associated supply
chain) and a decline in the supply of lettable space in industrial
and logistics real estate across the UK (being more than one third
lower than the most recent peak of 2009).
Acquisitions are targeted in the 6.5 to 7.5 per cent. Net
Initial Yield bracket (with affordable underlying rents in the
region of GBP4.50 to GBP5.50 per square foot), on an overall LTV of
35 to 40 per cent. with a significant margin over financing costs,
thus presenting an attractive income, capital growth and total
return proposition.
The Company's results for the period from IPO on 13(th) April
2016 to 31(st) March 2017 saw a 22.6 per cent total shareholder
return, including aggregate dividends of 6 pence per ordinary share
on an IPO price of 100p.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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