REG - abrdn Euro Logistics - Unaudited Net Asset Value as at 31 December 2025

abrdn European Logistics IncomeAnnouncement

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RNS Number : 1473A  abrdn European Logistics Income plc  13 April 2026

abrdn European Logistics Income plc
LEI: 213800I9IYIKKNRT3G50

Unaudited Net Asset Value as at 31 December 2025

13 April 2026 - abrdn European Logistics Income plc (the "Company" or "ASLI")
announces its unaudited Net Asset Value ("NAV") for the quarter ended 31
December 2025. To enhance disclosure for shareholders, the NAV is presented
both including and excluding estimated property disposal and SPV liquidation
costs.

Summary

 -        On a like-for-like basis, the valuation of the five remaining portfolio assets
          as at 31 December 2025, located in France and the Netherlands, decreased by
          €0.8m (0.5%) during the quarter to €155.1 million.
 -        IFRS NAV per Ordinary Share decreased to 33.5 euro cents (GBp - 29.3p) (30
          September 2025 estimated NAV: 49.3 euro cents (GBp - 43.1p)).
 -        NAV per Ordinary Share including provision for estimated portfolio disposal
          and Company structure liquidation costs decreased to 32.6 euro cents (GBp -
          28.4p) (30 September: 48.2 euro cents (GBp - 42.1p)).
 -        During the quarter, the Company sold:

          -     Three multi-let warehouse estates located in Krakow, Lodz and Warsaw
          in Poland for an aggregate consideration of approximately €84 million.

          -     Two warehouses located in Bruges (Bordeaux) and La Crèche (Niort)
          in France for an aggregate consideration of approximately €15.6 million.

          Post quarter-end, the Company completed the sales of:

          -     An asset located in Dijon, France, for a consideration of
          approximately €7.9 million.

          -     The warehouse located in Waddinxveen, the Netherlands, for €35
          million.

          -     The property located in Noves, near Avignon, France, for €47.5
          million.
 -        During the quarter, the Company repaid its €22 million loan with BayernLB,
          which had been due to mature in February 2026.

          Post quarter-end, net sales proceeds were used to repay in full the €34.3
          million BerlinHyp debt secured against the Ede and Waddinxveen properties.
 -        An interim distribution of 1.0 euro cent (equivalent to 0.88 pence) per
          Ordinary share, was declared and paid during the quarter.
 -        During the quarter, the Company issued and redeemed further B shares of one
          penny each to Shareholders by way of a bonus issue on the basis of 10 B shares
          for every 1 Ordinary share held at the Record Date, distributing an aggregate
          amount of €47.3 million (£41.2 million).

Continued Sales Process

The Company has continued to make strong progress with the
shareholder-approved managed wind-down, with 25 of the original 27 assets in
the portfolio now sold, generating aggregate gross sales proceeds of more than
€507 million before the repayment of associated debt.

During the quarter, in November 2025, the Company announced the sale of three
multi-let warehouse estates located in Krakow, Lodz and Warsaw in Poland, for
an aggregate consideration of approximately €84 million, representing an
approximate 5% discount to the Q2 2025 valuation. The assets provide more than
91,000 square metres of leasable area and were constructed between 2018 and
2020.

In December 2025, the Company also completed the sale of two warehouses
located in Bruges (Bordeaux) and La Crèche (Niort) in France, to their
existing tenant, the logistics group Dachser France, for an aggregate
consideration of approximately €15.6 million. The assets comprise cross-dock
parcel facilities providing a combined lettable area of over 10,000 square
metres and were constructed in 2005 and 2014, respectively. The sales were
completed by 31 December 2025 and were in line with the values reflected in
the Company's Q3 2025 estimated net asset value.

Post quarter-end, on 23 January 2026, the Company announced the sale of the
cross-dock parcel hub located in Dijon, France, for approximately €7.9
million, in line with the value reflected in the Company's Q3 2025 estimated
net asset value. The asset comprises 5,069 square metres of net lettable area
and is leased to the logistics group Dachser France.

On 16 March 2026, the Company announced the sale of its Waddinxveen asset in
the Netherlands for €35 million, 4.5% ahead of the Company's independent Q3
2025 valuation by Savills which was reflected in the Company's Q3 2025
estimated net asset value. The asset comprises a warehouse fully let to
Combilo International B.V. with a remaining lease term of eight years,
together with a standalone unit developed in 2022 and sublet to Thermo
Transit. The buildings provide a total lettable area of 30,397 square metres,
including recently refurbished office accommodation.

On 20 March 2026, the Company announced the sale of its warehouse located in
Noves, near Avignon, France, for €47.5 million in line with the Company's
independent Q3 2025 valuation by Savills. The freehold warehouse is leased to
the organic food retailer Biocoop. Constructed in 2018, the asset comprises
28,559 square metres of lettable area across four cells, two of which are
configured as cold storage.

A further asset is currently under offer, subject to detailed due diligence
and the anticipated signing of sales agreements. Completion is currently
expected in early Q2 2026.

One asset remains to be sold and the Investment Manager continues to pursue a
disposal. While the sales process had been progressing, momentum has slowed in
recent weeks amid heightened geopolitical uncertainty, including the situation
involving Iran, and broader macroeconomic concerns, which may continue to
affect buyer confidence and transaction timetables for larger asset purchases.

DL Invest requisitioned General Meeting

Post the quarter-end, on 12 January 2026, the Company announced that it had
received a requisition request from DL Invest Group ISR SARL ("DL Invest"),
the Company's largest shareholder, requiring the Directors to convene a
general meeting of the Company.

Following the requisitioned general meeting, held on 20 February 2026, the
Board announced that neither of DL Invest's proposed resolutions were passed.
Excluding the votes cast by DL Invest in favour of its own resolutions, only a
further 0.9% of the votes cast supported the proposals. The resolutions sought
to amend the Company's current managed wind-down investment objective and
policy and to replace the Manager.

The Board believes the outcome of the meeting demonstrates continued
shareholder support for the managed wind-down as originally approved by
shareholders on 23 July 2024.

The Board and its advisers also continue to engage with DL Invest regarding
its interest in taking over the management of the Company. The Board will
consider any fully developed and appropriately costed proposal only where it
believes there is a clear benefit for Shareholders as a whole and where such
proposal does not prejudice or delay the final stages of the managed wind-down
or the return of capital to Shareholders.

Performance

For Q4 2025, on a like-for-like basis the portfolio valuation decreased by
€0.8 million, representing a decline of 0.5% to €155.1 million. As at 30
September 2025, the portfolio was valued at €356.6 million, including
properties sold during the quarter.

The Company's Netherlands assets were broadly stable in value over the period,
with the net reduction attributable to the remaining French assets.

Debt Financing

At the quarter-end, the Company's fixed rate debt facilities totalled €58.2
million, representing a loan-to-value ratio of 27.6%. This followed the
repayment during the quarter of the Company's €22 million loan provided by
BayernLB, which was due to mature in February 2026.

In March 2026, following the Waddinxveen sale, the Company paid down in full
the €34.3 million debt provided by BerlinHyp which was secured against the
Ede and Waddinxveen properties. The facility had been due to mature in June
2026.

Following these repayments, the Company's remaining debt facility totals
€23.9 million.

Breakdown of NAV Movement

Set out below is a breakdown of the change to the unaudited net asset value
per Ordinary Share over the period from 1 October 2025 to 31 December
2025. To enhance shareholder information, the Company has prepared its
quarterly unaudited net asset value both including and excluding the
estimated costs of asset disposals and liquidation of the company structure,
using best available information.

                                                                                 Per Share (€cents)     Attributable Assets (€m)    Comment
 Estimated IFRS Net asset value as at 30 September 2025 excluding estimate of    49.3                   203.2
 liquidation and disposal costs
 Unrealised and realised change in valuation of property portfolio               (0.6)                  (2.4)                       At quarter-end, portfolio of 5 assets located in France and the Netherlands,
                                                                                                                                    capital values of investments decreased by €0.8m during the quarter.

                                                                                                                                    Realised loss on sale of 3 Polish assets and 2 French assets during the
                                                                                                                                    quarter.

 Income earned for the period                                                    0.7                    3.1                         Income from the property portfolio and associated running costs.
 Expenses for the period                                                         (1.4)                  (5.8)
 Deferred tax liability & Capital gains tax on sold properties                   (1.8)                  (7.7)                       Net deferred tax liability on the difference between book cost and fair value
                                                                                                                                    of the portfolio and other temporary tax differences and capital gains tax
                                                                                                                                    payable on sale of properties.
 Dividend declared on 20 November 2025 and paid on 30 December 2025              (1.0)                  (4.1)                       Interim dividend for 2025 of 1 euro cent per Ordinary Share declared and paid
                                                                                                                                    during the quarter.
 Fourth B share distribution declared on 2 December 2025 and paid on 30          (11.5)                 (47.3)                      10 B shares of 1 penny issued for each Ordinary share held and immediately
 December 2025                                                                                                                      redeemed.
 Other movements in reserves                                                     (0.2)                  (0.7)                       FX translation.
 IFRS Net assets value as at 31 December 2025 excluding estimated liquidation    33.5                   138.3
 and disposal costs*
 Estimate of costs associated with disposal of portfolio and liquidation of the  (0.9)                  (3.9)
 company structure
 Net asset value as at 31 December 2025 including estimate of liquidation        32.6                   134.4
 & disposal costs*

 

IFRS Net Asset Value analysis as at 31 December 2025 (unaudited)

                                     €m      % of net assets
 Fair value of Property Portfolio**  154.6   111.8%
 Cash                                47.8    34.6%
 Other Assets                        8.7     6.3%
 Total Assets                        211.1   152.7%
 External Debt                       (58.2)  -42.1%
 Other Liabilities                   (12.1)  -8.8%
 Deferred tax liability              (2.5)   -1.8%
 Total Net Assets                    138.3   100.0%

 **After lease incentive adjustment

*Shareholder note: The NAVs do not reflect the potential latent capital gains
tax liability now estimated at up to 1.2 pence per share as originally
disclosed in the Company's RNS announcement dated 6 August 2025, the actual
impact of which will depend on the structure and terms of future disposals.

The NAV per share as at 31 December 2025 is based on 412,174,356 shares of 1
pence each, being the total number of Ordinary shares in issue at that
time. As at the date of this announcement, the Company's share capital
consists of 412,174,356 Ordinary shares with voting rights.

The Board is not aware of any other significant events or transactions which
have occurred between 31 December 2025 and the date of publication of this
statement which would have a material impact on the financial position of the
Company.

Details of the Company and its property portfolio may be found on the
Company's website at: http://www.aberdeeninvestments.com/en-gb/asli
(http://www.aberdeeninvestments.com/en-gb/asli)

 

For further information please contact:

abrdn Fund Managers Limited        +44 (0) 20 7156 2382

Ben Heatley

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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