TIDMPILR
RNS Number : 4891J
Pacific Industrial & Log REIT PLC
29 March 2018
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO
DO SO MIGHT CONSTITUTE A VIOLATION OF LOCAL APPLICABLE SECURITIES
LAWS OR REGULATIONS.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY
SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT HAS BEEN ISSUED BY AND
IS THE SOLE RESPONSIBILITY OF THE COMPANY.
THE INFORMATION COMMUNICATED IN THIS ANNOUNCEMENT IS INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION
596/2014.
Pacific Industrial & Logistics REIT plc
("Pacific Industrial & Logistics" or the "Company")
Placing Update and Trading Update
Placing Update
On 19 March 2018 the Company announced its intention raise gross
proceeds of GBP50 million through a Placing. The Company has
received firm expressions of interest in the Placing from existing
and new investors. However, in light of current market conditions,
the Company has decided to scale back the size of the Placing. The
Company now intends to raise gross proceeds of up to GBP20 million
to fund the purchase of a portion of the pipeline of UK urban
logistics assets that it had described in the original
announcement.
The Company will update the market on the revised composition of
assets by 5 April 2018. The Company expects an underlying returns
profile at least in line with those set out in the announcement of
19 March 2018.
The Company intends to announce the final results of the placing
by 6 April 2018.
Trading Update
The Company's active asset management approach continues to
enhance the value of the portfolio. The Company's 10,050 sq. ft.
asset at Dunstable has now been re-let, through a simultaneous
surrender and re-letting, on a new 10 year lease at a rent of
GBP6.75 per sq. ft. from its previous level of GBP5.97 per sq. ft.
The new rental level represents an increase of 13% and is expected
to generate attendant benefits in valuation.
In February 2018 the Company began discussions regarding the
sale of its asset at 16 Hudson Road, Bedford. Contracts have today
been exchanged for the disposal of this asset at a price of
approximately GBP3.2 million, representing a capital profit of
approximately GBP1.2 million on the Company's equity investment of
approximately GBP0.9 million in April 2016. Taken together with the
income returns generated during the Company's ownership and based
on an expected completion date of 6 April 2018 this sale price
represents an IRR on equity invested of 55.8%.
For further information contact:
Pacific Industrial & Logistics
REIT plc
Richard Moffitt +44 (0)20 7591 1600
Montfort - Financial PR and
IR adviser
Nick Miles
Olly Scott +44 (0)78 1234 5205
Canaccord Genuity - Nominated
Adviser, Joint Financial
Adviser and Sole Bookrunner
Simon Bridges
Charlie Foster
Andrew Buchanan +44 (0)20 7523 8000
IMPORTANT NOTICE
The information contained in this Announcement is for
information purposes only and does not purport to be full or
complete. No reliance may be placed for any purpose on the
information contained in this Announcement or its accuracy,
fairness or completeness.
This Announcement has been issued by, and is the sole
responsibility of, the Company. No undertaking, representation,
warranty or other assurance, express or implied, is made or given
by or on behalf of the Company or any member of the Company's
group, Pacific Investments Management Limited, Canaccord Genuity
Limited ("Canaccord"), Kinmont Limited ("Kinmont") or Radnor
Capital Partners Ltd ("Radnor") or any of their respective
directors, officers, partners, employees, agents or advisers or any
other person as to the accuracy or completeness of the information
or opinions contained in this Announcement and no responsibility or
liability is accepted by any of them for any such information or
opinions or for any errors, omissions or misstatements, negligence
or otherwise in this Announcement.
Canaccord which is a member of the London Stock Exchange, is
authorised and regulated in the UK by the Financial Conduct
Authority ("FCA") and is acting as nominated adviser, joint
financial adviser and sole bookrunner to the Company. Canaccord is
not acting for, and will not be responsible to, any person other
than the Company for providing the protections afforded to its
customers or for advising any other person on the contents of this
Announcement or on any transaction or arrangement referred to in
this Announcement. Canaccord's responsibilities as the Company's
nominated adviser under the AIM Rules are owed solely to the London
Stock Exchange and are not owed to the Company, any Director or to
any other person. No representation or warranty, express or
implied, is made by Canaccord as to, and no liability is accepted
by Canaccord in respect of, any of the contents of this
Announcement.
Kinmont, is authorised and regulated in the UK by the FCA and is
acting as joint financial adviser to the Company. Kinmont is not
acting for, and will not be responsible to, any person other than
the Company for providing the protections afforded to its customers
or for advising any other person on the contents of this
Announcement or on any transaction or arrangement referred to in
this Announcement. No representation or warranty, express or
implied, is made by Kinmont as to, and no liability is accepted by
Kinmont in respect of, any of the contents of this
Announcement.
Radnor, is authorised and regulated in the UK by the FCA and is
acting as capital adviser and placing agent to the Company. Radnor
is not acting for, and will not be responsible to, any person other
than the Company for providing the protections afforded to its
customers or for advising any other person on the contents of this
Announcement or on any transaction or arrangement referred to in
this Announcement. No representation or warranty, express or
implied, is made by Radnor as to, and no liability is accepted by
Radnor in respect of, any of the contents of this Announcement.
The information in this Announcement may not be forwarded or
distributed to any other person and may not be reproduced in any
manner whatsoever. Any forwarding, distribution, reproduction, or
disclosure of this information in whole or in part is unauthorised.
Failure to comply with this directive may result in a violation of
applicable securities laws and regulations of other
jurisdictions.
This Announcement contains (or may contain) certain
forward-looking statements with respect to certain of the Company's
current expectations and projections about future events and the
Company's future financial condition and performance. These
statements, which sometimes use words such as "aim", "anticipate",
"believe", "may", "will", "should", "intend", "plan", "assume",
"estimate", "expect' (or the negative thereof) and words of similar
meaning, reflect the Directors' current beliefs and expectations
and involve known and unknown risks, uncertainties and assumptions,
many of which are outside the Company's control and difficult to
predict, that could cause actual results and performance to differ
materially from any expected future results or performance
expressed or implied by the forward looking statement. The
information contained in this Announcement speaks only as of the
date of this Announcement and is subject to change without notice
and the Company does not assume any responsibility or obligation
to, and does not intend to, update or revise publicly or review any
of the information contained to this Announcement, whether as a
result of new information, future events or otherwise, except to
the extent required by the UK Financial Conduct Authority, the
London Stock Exchange Plc or by applicable law.
The acquisition of any potential investments by the Company is
subject, among other things, to the Company completing satisfactory
due diligence, successful negotiation of terms with vendors and the
approval of the Directors. There can be no guarantee that any of
the potential investments described in this Announcement will be
completed. All information relating to the potential investments
described in this Announcement are indicative, subject to detailed
due diligence and may subsequently change as a result.
This information is provided by RNS
The company news service from the London Stock Exchange
END
STRSEAFIUFASEDD
(END) Dow Jones Newswires
March 29, 2018 11:40 ET (15:40 GMT)
Pacific Ind (LSE:PILR)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Pacific Ind (LSE:PILR)
Historical Stock Chart
Von Jun 2023 bis Jun 2024