The chairman of an Aberdeen Standard Investments -managed property fund is stepping down after taking up a full-time executive job in France.
Pascal Duval, who joined asset manager Amundi as head of retail solutions in January, will leave his role at the Aberdeen Standard European Logistics Income fund in June.
Aberdeen Standard fund company adds 10th warehouse hub to its European logistics portfolio
He said he felt he was now unable to devote the necessary time required to the company. Tony Roper, who the trust said had wide experience of the sector, will take over as chairman.
The boardroom shake-up was announced as the fund released its first annual results since floating in 2017.
During 2018 it saw its net asset value total return fall by 2.98% although its share price total return was +3.02%.
Duval said the board remains confident that the market for European logistics assets will “continue to offer many attractive investment opportunities in the future”.
“The European logistics market is sizeable and growing, with the sector benefiting from rapid take-up of facilities and long inflation-linked leases to quality tenants,” he said.
Aberdeen Standard fund buys £20 million warehouse in France
“The board believes that Europe maintains a clear advantage in terms of yields and low financing costs and that strong demand when combined with the lack of suitable product reinforces the scope for further capital and income growth in the years ahead.”
The company was launched in December 2017 raising gross proceeds of £187.5 million.
