REG - abrdn Euro Logistics - Portfolio Sales and Second B Share Distribution

abrdn European Logistics IncomeAnnouncement

16/07/2025 09:30

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RNS Number : 2903R  abrdn European Logistics Income plc  16 July 2025

16 July 2025

abrdn European Logistics Income plc

Portfolio Sales and Second B Share Distribution

abrdn European Logistics Income plc (the "Company" or "ASLI"), the Company
invested in a diversified portfolio of European logistics real estate,
announces the sale in two separate transactions of two further assets in the
Netherlands as part of its managed wind-down, and its second capital
distribution under the B Share Scheme.

Sale of warehouses in Horst and s' Heerenberg, the Netherlands

The Company has concluded the sale of two further warehouses, located in Horst
and s' Heerenberg, the Netherlands, for an aggregate property value of €34.7
million, representing a c.3% discount to the Q1 2025 valuation.

Constructed in 2004, the 6,904 sq m logistics asset in Horst is fully let to
Limax Holdings, an agri-business occupier. The local area has a strong
agriculture economy which further supports this strategic location in the
south of the Netherlands.

The s' Heerenberg asset comprises 23,610 sq m of logistics space which is
fully let to JCL Logistics, a specialist full-service logistics company. The
property is located in a strong business park location near the Dutch A12 and
German A3 highways, directly on the Dutch and German border.

The debt associated with the s' Heerenberg asset was repaid upon maturity on
30 June 2025. As a result, the Company's outstanding fixed rate debt remains
unchanged from the previous sales announcement on 11 July 2025, totalling
€176.8 million with an all-in interest rate of 2.05%.

These transactions follow closely on from the recently announced disposal of
two warehouses in Germany for an aggregate property value of approximately
€66.5 million, demonstrating the ongoing attractiveness of the sector.

Approved B Share Scheme

Following the completion of these two sales and the two German assets, the
Board has resolved to make a second capital distribution to Shareholders under
the shareholder approved B Share Scheme of the aggregate net sales proceeds
now available, which total approximately £49.5 million.

B Shares will be allotted and issued to Shareholders pro rata to their
holdings of Ordinary Shares as at the record date for the issue of the B
Shares. The Company will not allot or issue any fractions of B Shares and
entitlements of each Shareholder will be rounded down to the nearest whole B
Share. The B Shares have only very limited rights. The rights and restrictions
attached to the B Shares are fully set out in Part 3 of the Company's circular
which was issued on 6 November 2024. Shareholders can find full details on the
Company's website at www.abrdn.com/en-gb/asli
(http://www.abrdn.com/en-gb/asli) under the Literature section.

No share certificates will be issued for any B Shares allotted and no CREST
accounts will be credited with any such shares. No application will be made
for the B Shares to be admitted to listing on the Official List or to trading
on the London Stock Exchange's main market for listed securities and the B
Shares will not be listed or admitted to trading on any other recognised
investment exchange.

B Shares will be issued and redeemed by the Company's registrar, Equiniti.
Each redemption of B Shares will be undertaken at the option of the Company.
It is expected that redemption will occur shortly after each date of issue and
allotment of B Shares, when all of the B Shares then in issue will be
compulsorily redeemed and cancelled in accordance with their terms for an
amount not exceeding the amount treated as paid up on the B Shares.

Following the redemption and cancellation of the B Shares, the redemption
proceeds will be sent to Shareholders either through CREST to uncertificated
Shareholders or via cheque to certificated Shareholders.

Second B Share Scheme Distribution

Pursuant to the authority received from Shareholders at the general meeting
held on 22 November 2024, the Board has resolved to return approximately
£49.5 million in aggregate to Shareholders via an issue of B Shares.

B Shares of one penny each will be paid up from the Company's special
distributable reserve, created by the cancellation of the share premium
account, and issued to all Shareholders by way of a bonus issue on the basis
of 12 B Shares for every 1 Ordinary Share held at the Record Date of 6.00 p.m.
on 30 July 2025. The ex date is 29 July 2025.

The B Shares will be issued on 31 July 2025 and immediately redeemed at one
penny per B Share. The Redemption Date in respect of this B Share issue is
therefore 31 July 2025. The proceeds from the redemption of the B Shares,
which are equivalent to 12.0 pence per Ordinary Share, will be sent to
uncertificated Shareholders through CREST or via cheque to certificated
Shareholders.

NOTE: NO SHARE CERTIFICATES WILL BE ISSUED IN RESPECT OF B SHARES

 

Timetable for the Second Return of Capital

It is expected that the timetable will be as follows:

                                                                                2025
 Ex Date in respect of the Second Return of Capital                             29 July
 Record Date in respect of the Second Return of Capital                         6 p.m. on 30 July
 Issue and allotment of B Shares in respect of the Second Return of Capital     31 July
 Redemption Date in respect of the Second Return of Capital                     31 July
 Payment date: (i) cheques posted to Shareholders; and (ii) CREST holders       13 August
 credited with funds, in each case in respect of the Second Return of Capital

 

Defined terms used in this announcement have the meanings given in the
Circular published by the Company on 6 November 2024 which may be found on the
Company's website unless the context otherwise requires.

 

 Enquiries:

Aberdeen
 

Ben
Heatley
                 +44 (0) 20 7156 2382

Investec Bank
plc
                +44 (0) 20 7597 4000

David Yovichic

Denis Flanagan

FTI
Consulting
+44 (0) 20 3727 1000

Dido Laurimore

Richard Gotla

Oliver Parsons

 

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