REG - abrdn Euro Logistics - Unaudited Net Asset Value as at 31 March 2026

abrdn European Logistics IncomeAnnouncement

28/05/2026 07:00

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RNS Number : 9534F  abrdn European Logistics Income plc  28 May 2026

abrdn European Logistics Income plc
LEI: 213800I9IYIKKNRT3G50

Unaudited Net Asset Value as at 31 March 2026

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

Summary

 -        IFRS NAV per Ordinary Share of 33.6 euro cents* (GBp - 29.3p) (31 December
          2025 NAV: 33.5 euro cents (GBp - 29.3p)).
 -        NAV per Ordinary Share including provision for estimated portfolio disposal
          and Company structure liquidation costs of 32.9 euro cents* (GBp - 28.7p) (31
          December: 32.6 euro cents (GBp - 28.4p)).
 -        During the quarter, the Company completed the sales of:

          -     Its asset located in Dijon, France, for 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.

          The valuation of the two remaining portfolio assets as at 31 March 2026 was
          €68 million. Post quarter end, the Company announced the sale of its
          warehouse located in Ede, the Netherlands, for €23.5 million.
 -        During the quarter, sales proceeds were used to repay in full the €34.3
          million BerlinHyp debt secured against the Ede and Waddinxveen properties.
 -        Post quarter end:

          ·    On 6 May 2026 the Board declared an interim dividend of 2.32 euro
          cents (equivalent to 2.0 pence) per Ordinary share, payable on 11 June 2026.

          ·    On 15 May 2026 the Company issued and redeemed B shares of one penny
          each to Shareholders by way of a bonus issue on the basis of 4 B shares for
          every 1 Ordinary share held at the Record Date.

          *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 the final asset
          disposal.

Continued Sales Process

The shareholder-approved managed wind-down is now close to completion, with 26
of the original 27 assets in the portfolio sold to date, generating aggregate
gross sales proceeds of more than €530 million before the repayment of
associated debt.

On 23 January 2026, the Company announced the sale of the cross-dock parcel
hub located in Dijon, France, for approximately €7.9 million. 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. 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.

On 20 March 2026, the Company announced the sale of its warehouse located in
Noves, near Avignon, France, for €47.5 million. 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.

On 18 May 2026, the Company announced that it had completed the sale of its
warehouse located in Ede, the Netherlands, for €23.5 million. Constructed in
1997 and expanded in 2007, the 39,569 square metre freehold warehouse is
leased to AS Watson (Property Continental Europe) B.V. until 31 July 2033. The
Company agreed to undertake certain climate related remedial works at a cost
of no more than €0.5 million with €0.5 million being held in escrow until
such works are completed.

The final asset, located in Den Hoorn, the Netherlands, remains to be sold and
the Investment Manager continues to pursue a disposal. The Board and the
Investment Manager will continue to seek the best achievable value for
Shareholders, while also taking into account the expected timing of any
completion and the objective of returning capital to Shareholders as promptly
as practicable.

DL Invest requisitioned General Meeting

At the general meeting held on 20 February 2026 the resolutions proposed by DL
Invest Group ISR SARL ("DL Invest"), the Company's largest shareholder, were
rejected by Shareholders. 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 demonstrated continued
shareholder support for the managed wind-down as originally approved by
Shareholders in July 2024. DL Invest continues to engage with the Board and
the Company's advisers regarding its interest in taking over the management of
the Company.

Performance

As at 31 March 2026, the portfolio comprised two assets with an aggregate
valuation of €68 million. Following the quarter end, the Company completed
the sale of the Ede asset for €23.5 million, leaving Den Hoorn as the sole
remaining asset.

Fourth Interim Dividend

On 6 May 2026 the Board declared a fourth interim dividend of 2.32 euro cents
(equivalent to 2.0 pence) per Ordinary share in respect of the year ended 31
December 2025, payable in sterling on 11 June 2026 to Ordinary shareholders on
the register on 15 May 2026 (ex-dividend date of 14 May 2026).

Of this interim dividend declared of 2.0 pence per Ordinary share, 1.86 pence
(equivalent to 2.16 euro cents) was declared as dividend income with 0.14
pence (equivalent to 0.16 euro cents) treated as qualifying interest income.

The dividend will be paid in sterling to Shareholders on the register. Euro
elections will not be available due to the historic limited take-up and cost
to the Company of offering this option.

Approved B Share Scheme

On 24 April 2026, the Board resolved to return approximately Euro 19.0 million
(c.£16.5 million) of aggregate net sales proceeds to Shareholders under the B
Share scheme. B Shares were issued to Shareholders by way of a bonus issue on
the basis of 4 B Shares for every 1 Ordinary Share held at the Record Date of
6.00 p.m. on 14 May 2026 (ex-date: 13 May 2026).

The B Shares were issued and immediately redeemed on 15 May 2026, with
redemption proceeds equivalent to 4.0 pence per Ordinary Share. Payments will
be made on 29 May 2026 through CREST to uncertificated Shareholders or via
cheque to certificated Shareholders.

This fifth B Share distribution substantially depletes the Company's existing
distributable reserve established for the purposes of the B Share scheme. In
order to support a further return of capital to Shareholders, the Company is
seeking certain shareholder approvals at the forthcoming AGM. Further details
are set out in the Annual Report and Notice of AGM. This process, which
requires Court approval, will enable a further return of capital, which is
expected to be announced in early Q3.

Whilst the proposed court approval process and subsequent B Share distribution
will substantially exhaust the reserves available for the B Share scheme, the
Company continues to consider the most appropriate mechanism for returning
final sales proceeds to shareholders as it moves into the final stages of the
managed wind-down and towards the anticipated appointment of a liquidator.

Since the commencement of the managed wind-down, approved by Shareholders on
23 July 2024, including the most recently announced B Share scheme
distribution together with the fourth interim dividend, the Company will have
returned to Shareholders 43.0 pence per Ordinary share via the B Share scheme
together with 7.08 pence in the form of interim dividend distributions,
totalling 50.08 pence or c. £206 million.

Debt Financing

At the quarter-end, the Company's fixed rate debt facilities totalled €23.9
million, representing a loan-to-value ratio of 13.8%. This followed the
repayment during the quarter of the Company's €34.3 million loan provided by
BerlinHyp secured against the Ede and Waddinxveen properties. The facility had
been due to mature in June 2026.

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 January 2026 to 31 March 2026. 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
 IFRS Net asset value as at 31 December 2025 excluding estimate of               33.5                   138.3
 liquidation and disposal costs
 Unrealised and realised change in valuation of property portfolio               -                      (0.2)

 Income earned for the period                                                    0.7                    2.7                         Income from the property portfolio and associated running costs.
 Expenses for the period                                                         (0.5)                  (2.0)
 Deferred tax liability & Capital gains tax on sold properties                   (0.1)                  (0.5)                       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.
 IFRS Net asset value as at 31 March 2026 excluding estimated liquidation and    33.6                   138.3
 disposal costs*
 Estimate of costs associated with disposal of portfolio and liquidation of the  (0.7)                  (2.9)                       Climate related capex of up to €500k in relation to the sale of Ede now
 company structure                                                                                                                  included.
 Net asset value as at 31 March 2026 including estimate of liquidation &     32.9                   135.4
 disposal costs*

 

IFRS Net Asset Value analysis as at 31 March 2026 (unaudited)

                                     €m      % of net assets
 Fair value of Property Portfolio**  67.5    48.8%
 Cash                                100.4   72.6%
 Other Assets                        5.8     4.2%
 Total Assets                        173.7   125.6%
 External Debt                       (23.9)  (17.3%)
 Other Liabilities                   (11.5)  (8.3%)
 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 the final asset
disposal.

The NAV per share as at 31 March 2026 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 March 2026 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 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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