A Call to Action - A New Growth Strategy Opportunity for
abrdn European Logistics Income plc (ASLI)

Dear Shareholders,

We are writing to you in our capacity as the largest shareholder of ASLI, with a holding of approximately 18.0% of the Company’s issued share capital. As you may have already seen, today we sent an open letter to the board of the Company, an action we took following protracted private engagement, including various meetings and correspondence between us and the board over several weeks. 

As a long-term institutional investor and one of the fastest-growing logistics and data-center developers in Europe, DL Invest Group (DLIG) is committed to the long-term success, stability, and value creation potential of ASLI.

The purpose of this letter is to present our proposal for a new strategic direction for ASLI and to seek your support in ending the Company’s current wind-down strategy, which we believe will not deliver full value for shareholders and will deny shareholders the opportunity to benefit from future growth opportunities. We believe that shareholders would benefit from returning ASLI to a growth trajectory, with the potential to deliver superior long-term value to its shareholders, based on ASLI’s existing portfolio, an enhanced asset management approach and the continued expansion of the portfolio with additional properties.

Building trust through responsible stewardship is a core value of our organisation and we wish to emphasise that all actions proposed by DL Invest Group would be executed in accordance with the corporate governance norms expected of UK-listed companies and the highest standards of transparency.

1. Background — Why Change Is Necessary

Over the past year, ASLI has pursued a managed wind-down of the Company, involving the sale of assets and planned distribution of capital. We understand the original rationale behind this process; however, the outcome has been a significant reduction in scale and a structurally weakened Company with limited future earnings capacity.

We firmly believe that the continuation of the wind-down:

• will not deliver the long-term returns originally expected by ASLI shareholders;
• exposes investors to reinvestment risk in a high-inflation, high-interest-rate environment;
• may limit ASLI’s ability to fully benefit from the advantages of its London Stock Exchange listing;
• may lead to irreversible erosion of NAV as scale diminishes; and
• eliminates the ability to benefit from the strongest logistics markets in Europe.

ASLI holds a valuable position as a listed European logistics platform, and we believe the Company should not be liquidated at a cyclical low point in logistics valuations.

2. DL Invest Group – A Strong and Aligned Strategic Partner

DL Invest Group is a leading Central European real-estate platform with: 

• more than EUR 1.0 billion in assets;
• 17 years of continuous growth, averaging 30% YoY;
• one of the largest in-house operational teams in the CEE region (240+ specialists);
• a fully integrated platform covering development, construction, leasing, asset & property management; and
• a strong balance sheet supported by top-tier global investors.

In 2025, we successfully completed a EUR 350 million Eurobond issuance, listed on the Luxembourg Stock Exchange, which was oversubscribed by approximately 60%, attracting major institutional investors including Amundi, BlackRock, Nordea and Macquarie.

We have demonstrated – repeatedly – our capability to scale large platforms and deliver transformational growth.

3. Our Proposed Strategy for ASLI – Return to Growth

We propose a fundamental shift from liquidation to long-term value creation.
Under DLIG’s leadership and co-investment, we believe ASLI can be repositioned as a pan-European logistics and data-center platform.

Our targeted strategic plan includes:

• Rebuilding ASLI’s asset base, targeting an increase to over EUR 1.5 billion within 24 months, using DLIG’s proprietary pipeline of stabilised logistics assets and new data-center developments.

• Alignment of interests with ASLI shareholders through an ongoing shareholding of c. 20%

• Introducing institutional-grade asset management, supported by DLIG’s vertically integrated operational capabilities.

• Fully benefiting from ASLI’s London listing to attract international capital and restore ASLI's position as a leading European income vehicle.

• Completing accretive acquisitions in Poland, France, the Netherlands and other strategic markets, where DLIG already has established relationships and development capacity.

This strategy seeks to preserve ASLI’s platform value, restore earnings growth, and use the Company’s existing strengths to generate long-term dividend and NAV appreciation.

4. Why Now – And Why This Matters to Shareholders

The current market environment offers a unique opportunity:

• logistics yields are stabilising and poised for compression;
• demand for high-quality logistics and data-center assets in Europe is accelerating; 
• Poland and Central Europe remain the fastest-growing logistics hubs in the EU, and fastest growing economies in the EU; and
• DLIG has secured access to off-market opportunities which are not readily available to other ASLI shareholders.

Continuing asset sales in a recovering market could restrict ASLI’s ability to capture the full upside of improving conditions. Rebuilding ASLI with a strong industrial partner creates significant upside potential, which are anticipated to materialise thanks to the existing and largely secured demand from both technology companies and international tenants who are leaders in their respective sectors.

5. Request for Your Support

To implement this new strategy, we kindly request your support in:

• as a matter of urgency, requesting the board to immediately suspend all ongoing and planned asset disposals;
• supporting our proposals (including voting in favour of a new strategy) at the shareholders' meetings which we are requisitioning the Company to hold;
• engaging with us to discuss how DL Invest Group could support the Company through its asset management capability; and
• joining us in a constructive discussion about how to create long-term value for all shareholders.

Your support in engaging with the Board and voting at the general meeting is essential to ensure that ASLI remains a viable, scalable and value-creating listed platform.

We would welcome the opportunity to discuss our proposal in detail and address any questions you may have. Our company brings a long-standing track record of collaboration and growth, backed by prominent institutions. We are prepared to present a detailed strategy and a holistic approach tailored to each individual asset as well as to the entire portfolio. Additionally, we can outline a comprehensive development plan focused on portfolio expansion, supported closely by DL Invest Group.

Please feel free to contact us directly at any time.

Yours sincerely,

Dominik Leszczyński
Founder & CEO
DL Invest Group 

***

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.

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.