LONDON (ShareCast) - (ShareCast News) - AIM-listed Pacific Industrial & Logistics real estate investment trust said it had "significantly" exceeded expectations in the first half of the year, as it does not expect to be affected by the uncertainty arisen since the Brexit result from the EU referendum.
In a trading update for the six months ended 30 September, the company reported a rise in the adjusted net asset value by 24% to 123.87p from an issue price of 100p

The value of the company's portfolio rose by 10.7% to £29.9m valuation since it bought the portfolio in April for £27m and was floated on AIM.

The company said there is a pipeline of further investments with "similar characteristics" to the company's initial portfolio and it plans to raise equity through a share placing in the second half of the year.

Rent review and lease extension with one tenant was agreed with a 38% increase in annual rent.

Chief executive Richard Moffitt, said the company had "significantly exceeded expectations in the interim period to 30 September 2016, through upward-only rent reviews and active asset management in a sector that continues to benefit from strong fundamentals post-EU referendum".

The company said the industrial and logistics market, has shown little change since the EU referendum in June and it was aware of a number of transactions closing at pre-referendum valuations.

It believes this sector is less vulnerable than other real estate sectors as consumers continue to migrate online and demand for logistics remains high and with growing demand from consumers who rely on e-commerce, companies have had to adapt their strategies, but supply across the Midlands, and other locations, remains constrained and development opportunities limited.

Shares in Pacific Industrial & Logistics were down 2.86% to 102p at 1410 BST.

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