Aberdeen Standard European Logistics Income Fund will pay an interim dividend despite uncertainty over property values during the coronavirus lockdown.
The company - which owns 14 assets in France, Germany, the Netherlands and Spain - said some tenants had asked for a rent deferral after their income dropped during the crisis.
But it said many occupants of its "last mile" supply chain facilities had benefited from the increase in ecommerce during the enforced closure of shops across Europe.
ASELIF said that, at 31 March, its portfolio value had increased by 0.7% since the end of the year to €404.9 million as at 31 March 2020, but that independent valuer CBRE had noted "material uncertainty" over valuations.
In March, trading in two other Aberdeen Standard real estate trusts was suspended after a drop off in property transactions it became impossible to accurately value portfolios.
ASELIF confirmed it will pay the year's first interim dividend of 1.41 euro cents (around 1.24 pence) per Ordinary share in respect of the year ending 31 December 2020.
In January, the fund completed the acquisition of a logistics warehouse in the Dutch city of Den Hoorn for €49.9 million, providing a net initial yield of 4.5%.
Fund manager Evert Castelein said: "It was pleasing to see a further uplift in the portfolio valuation as we reached the March 2020 quarter end date. This valuation uplift reflects the fact that, notwithstanding the severe short-term negative impact suffered by a number of our tenants, the outlook for European logistics real estate remains compelling, perhaps even more so following the impact this crisis will likely have on consumer behaviour and supply chain logistics.
"While a number of our tenants are experiencing unprecedented levels of demand, a number of tenants have inevitably been negatively affected by the Covid-19 pandemic. Following a period of negotiation with these tenants, the previously announced level of rental collection for Q2 of 67% is now expected to increase significantly. Lease extensions are being agreed where rental income has been forgiven and we are very pleased with how these discussions have progressed."
