Dear Shareholders,
DL Invest Group SA (DL Invest Group) is the largest shareholder of abrdn European Logistics Income PLC (ASLI), holding approximately 18% of the issued share capital. We have requisitioned a General Meeting to be held on 20 February 2026 to propose a fundamental shift in the Company’s strategy.
Our decision to intervene comes at a critical time. At this stage, when only the last assets remain, continuing the wind-down carries a material risk of becoming “stuck” with certain assets in the sales process. This could significantly extend the liquidation timeline, reduce returns for investors, and potentially lead to situations where some assets become effectively unsellable, or can only be sold at a substantial discount. As a result, investors’ ability to control capital recovery may be materially impaired.
This stands in contrast to the controlled buyout mechanism we proposed for shareholders seeking an exit,which, in our view, could be implemented very quickly in cooperation with the Board. Our mechanism offers investors a clear advantage and a significantly higher degree of certainty and control over their exit compared with the current situation, in which both the timing of disposals and the final transaction values remain highly uncertain.
Recent asset disposal outcomes clearly illustrate this risk: two ASLI assets in France, acquired for approximately €23 million and €9.3 million, respectively, were ultimately sold for €15.7 million and €7.9 million, despite lease extensions.[1] These examples demonstrate a material loss of value and the risk of further value erosion under a prolonged wind-down process. At the same time, they support the rationale for the controlled buyout solution we are proposing.
We have reviewed the recommendation from ISS advising against these resolutions in favor of the ongoing managed wind-down. Although we did not have an opportunity to engage with ISS prior to its publication, we believe the ISS analysis ignores the irreversible value loss under the current mandate and does not fully reflect our capabilities to enhance long-term value.
DL Invest Group is not just a shareholder. We are a leading Central European real estate developer with over €1 billion in assets and a 17-year track record of growth. While our core operations are in Poland, our expertise in high-quality logistics extends across Europe and is supported by institutional-grade capabilities adaptable to Western markets. Our vertically integrated platform includes over 260 specialists in development, leasing, and asset management. Our track record is validated by partnerships with global institutions and our successful €350 million Eurobond issuance in 2025.
Appointing DL Invest Group as the Investment Manager will leverage our experience, our integrated platform, and our extensive development pipeline across Europe.
Your Action is Required
The deadline to submit your proxy is 10:00 a.m. on 18 February 2026. We urge you to vote FOR Item 1 (terminating the disposal strategy) and FOR Item 2 (appointing DL Invest Group as the Investment Manager).
DL Invest remains open to constructive dialogue with the Board, shareholders, and other stakeholders ahead of the meeting.
Sincerely,
Dominik Leszczyński
Founder & CEO
DL Invest Group SA
White & Case LLP is acting as legal adviser to DL Invest Group
About DL Invest Group
DL Invest Group is a long-term institutional investor and one of the fastest-growing logistics and data-center developers in Europe. Learn more at www.dlinvest.pl/en.
Enquiries:
DL Invest Group
Investor Relations
Email: ir@dlinvest.pl
Phone: +48 32 123 4567
Disclaimer
This announcement is not intended to be and does not constitute or contain any investment recommendation as defined by Regulation (EU) No 596/2014 (as it forms part of the domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018). No information in this announcement should be construed as recommending or suggesting an investment strategy. Nothing in this announcement or in any related materials is a statement of or indicates or implies any specific or probable value outcome in any particular circumstance. This announcement is provided merely for general informational purposes and is not intended to be, nor should it be construed as (1) investment, financial, tax or legal advice, or (2) a recommendation to buy, sell or hold any security or other investment, or to pursue any investment style or strategy. Neither the information nor any opinion contained in this announcement constitutes an inducement or offer to purchase or sell or a solicitation of an offer to purchase or sell any securities or other investments in the Company or any other company by DLIG or any of its affiliates in any jurisdiction. This announcement does not consider the investment objective, financial situation, suitability or the particular need or circumstances of any specific individual who may access or review this announcement and may not be taken as advice on the merits of any investment decision. This announcement is not intended to provide the sole basis for evaluation of, and does not purport to contain all information that may be required with respect to, any potential investment in the Company. Any person who is in any doubt about the matters to which this announcement relates should consult an authorised financial adviser or other person authorised under the UK Financial Services and Markets Act 2000. To the best of DLIG’s ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources that DLIG believes to be accurate and reliable. However, such information is presented “as is”, without warranty of any kind, whether express or implied, and DLIG has not independently verified the data contained therein. All expressions of opinion are subject to change without notice, and DLIG does not undertake to update or supplement any of the information, analysis and opinion contained herein.
DLIG may continue transacting in the shares and securities of the Company, and/or derivatives referenced to them (which may include those providing long and short economic exposure) for an indefinite period following the date of this announcement and may increase or decrease its interests in such shares, securities and/or derivatives at any time.
Forward-Looking Statements
This announcement contains certain forward-looking statements and information that are based on DLIG’s beliefs, as well as assumptions made by, and information currently available to, DLIG. These statements include, but are not limited to, statements about strategies, plans, objectives, expectations, intentions, expenditures and assumptions and other statements that are not historical facts. When used herein, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan” and “project” and similar expressions (or their negative) are intended to identify forward-looking statements. These statements reflect DLIG’s current views with respect to future events, are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Further, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual results, performance or achievements may vary materially and adversely from those described herein. There is no assurance or guarantee with respect to the prices at which any securities of the Company or any other company will trade, and such securities may not trade at prices that may be implied herein. Any estimates, projections or potential impact of the opportunities identified by DLIG herein are based on assumptions that DLIG believes to be reasonable as of the date hereof, but there can be no assurance or guarantee that actual results or performance will not differ, and such differences may be material and adverse. No representation or warranty, express or implied, is given by DLIG or any of its officers, employees or agents as to the achievement or reasonableness of, and no reliance should be placed on, any projections, estimates, forecasts, targets, prospects or returns contained herein. Neither DLIG nor any of its directors, officers, employees, advisers or representatives shall have any liability whatsoever (for negligence or misrepresentation or in tort or under contract or otherwise) for any loss howsoever arising from any use of information presented in this announcement or otherwise arising in connection with this announcement. Any historical financial information, projections, estimates, forecasts, targets, prospects or returns contained herein are not necessarily a reliable indicator of future performance. Nothing in this announcement should be relied upon as a promise or representation as to the future. Nothing in this announcement should be considered as a profit forecast.
Permitted Recipients
In relation to the United Kingdom, this announcement is being issued only to, and is directed only at, (i) investment professionals specified in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the “Order”), (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order and (iii) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities of the Company or any member of its group may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “Permitted Recipients”). Persons who are not Permitted Recipients must not act or rely on the information contained in this announcement.
Distribution
Not for release, publication or distribution, in whole or in part, directly or indirectly, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of that jurisdiction. The distribution of this announcement in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions. DLIG disclaims all responsibility where persons access this announcement in breach of any law or regulation in the country of which that person is a citizen or in which that person is residing or is domiciled.
[1] CRE Herald: “ASLI pays €23m for two logistics properties in France” – 1 Aug 2022; CRE Herald: “ASLI buys two warehouses in France and the Netherlands for €21.4m” – Oct 5, 2022; ASLI: “Disposal of two French assets for €15.6 million” – 12 Jan 2026; ASLI: “Disposal of further French asset for €7.9 million” – 23 Jan 2026
