From: DL Invest Group S.A., the largest shareholder of abrdn European Logistics Income plc (ASLI)
Holding: approx. 18% of issued share capital

Dear Members of the Board,

As the largest shareholder of abrdn European Logistics Income plc (“ASLI” or the “Company”), holding approximately 18% of the Company’s issued share capital, we consider it our responsibility to publicly address recent developments concerning the Company’s strategic direction and the ongoing disposal of assets.  This follows protracted private engagement, including various meetings and correspondence between us over several weeks.

DL Invest Group is a long-term institutional investor and one of the fastest-growing logistics and data-center developers in Europe. Our intention is clear and constructive: to safeguard ASLI’s long-term value, protect shareholders from irreversible loss, and restore the Company to a growth trajectory.

In this context, we hereby urge the board to implement:

1. the immediate suspension of further asset sales, and

2. the convening of a General Meeting of shareholders to change ASLI’s investment policy as soon as practicable,

so that all shareholders may vote on the Company’s future strategy before any additional irreversible actions are taken.  We intend to serve a formal requisition notice on ASLI to convene a General Meeting for these purposes as soon as possible.

1. Why the Wind-Down Must Be Halted

Over the past year, ASLI has implemented a managed wind-down strategy, entailing the sale of assets and the gradual reduction of the Company's scale. We recognise that this direction was adopted under specific market conditions and with approval of shareholders on the register at that time. However, the market conditions and the Company’s ownership have significantly changed, such that continuation of this plan now presents clear and significant risks to shareholders and their best interests.

We believe that further sales under the current wind-down strategy:

• will not deliver the long-term returns originally expected by ASLI investors;
• will expose shareholders to reinvestment risk in a high-inflation, high-interest-rate environment;
• will erode NAV irreversibly as the portfolio shrinks;
• may accelerate value leakage by forcing sales into a strengthening market; and
• will eliminate ASLI’s ability to benefit from its valuable position as a London-listed European logistics platform.

Logistics yields across Europe have begun to stabilise and show signs of compression. Demand from international tenants – including technology, e-commerce, and industrial leaders – continues to accelerate.

Selling high-quality logistics assets at this stage deprives ASLI and its shareholders of the recovery upside.

2. DL Invest Group – A Committed and Strategically Aligned Investor

DL Invest Group has:

• over EUR 1.0 billion in assets;
• 17 years of uninterrupted annual growth (~30% YoY); 
• a vertically integrated platform of over 240 specialists;
• a strong balance sheet supported by global institutional partners; and
• a proven track record in scaling logistics and data-center platforms.

In 2025, our Eurobond issuance of EUR 350 million on the Luxembourg Stock Exchange was oversubscribed by approximately 60%, confirming investor confidence in our operational and financial capacity.

We are prepared to act as a strategic, value-aligned partner for ASLI.

3. A Credible Alternative – Returning ASLI to Growth

DL Invest Group proposes a shift from liquidation to value creation.
Under our leadership and co-investment, we believe ASLI could be repositioned as a dynamic, pan-European logistics and data-center platform, which would include:

• a credible, achievable plan to rebuild the portfolio, targeting an increase to above EUR 1.5 billionwithin 24 months;
• alignment of interests with ASLI shareholders through an ongoing shareholding of approx. 20%;
• implementing institutional-grade asset management;
• executing accretive acquisitions across Poland, France, the Netherlands, and additional strategic markets; and
• fully benefiting from ASLI’s London listing to attract international capital.

We firmly believe that this is a credible, actionable plan, supported by a proprietary pipeline of stabilised logistics assets and data-center developments.

4. Why Immediate Action by the Board Is Necessary

The Board’s continued execution of the wind-down strategy – without granting current shareholders the right to evaluate an alternative in the current market environment – risks:

• locking in losses;
• depriving investors of future appreciation; and
• failing to protect shareholder value.

5. Our Requests to the Board

We therefore formally and publicly request:

A. Immediate suspension of all ongoing and planned asset disposals

until shareholders have had the opportunity to vote on the strategic direction of the Company.

B. The convening of a General Meeting of Shareholders as soon as practicable

at which shareholders will decide whether the Company:

• continues its wind-down; or
• adopts a renewed growth strategy supported by DL Invest Group.

C. The opportunity for DL Invest Group to present its strategy to all shareholders, including detailed portfolio plans, growth pathways, and expected impact on NAV and dividends. 

D. Dialogue regarding the potential change of asset manager and investment manager, aligned with best practices, transparency, and governance standards expected of a UK-listed entity.

6. Conclusion

As ASLI’s largest shareholder, we believe it is incumbent on us to take action in the best interest of all investors—retail, institutional, and long-term holders.

We firmly believe that ASLI can and should remain a viable, scalable, dividend-generating logistics platform of European significance.

We stand ready to engage constructively with the Board and with all shareholders.

Yours sincerely,

Dominik Leszczyński
Founder & CEO
DL Invest Group 

www.dlinvest.pl

***

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 DL Invest 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 DL Invest’s ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources that DL Invest believes to be accurate and reliable. However, such information is presented “as is”, without warranty of any kind, whether express or implied, and DL Invest has not independently verified the data contained therein. All expressions of opinion are subject to change without notice, and DL Invest does not undertake to update or supplement any of the information, analysis and opinion contained herein.

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Forward-Looking Statements

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