Portfolio Sales and Second B Share Distribution

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 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:

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.

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