Dear Sirs,
We thank you for the statement published by the Board of Directors on 17 December 2025. In response, we wish to reiterate our strong view that it is important for there to be an open, formal and transparent discussion regarding the future strategy of ASLI, with the participation of all shareholders of the Company.
As the largest single shareholder of ASLI, holding close to 18% of the issued share capital, we believe the Board must be seen to act in the interests of shareholders as a whole. The Board of Directors should not be assessing current shareholder views solely by reference to a selected, undisclosed group of investors representing approximately 25% of the Company’s share capital. This group does not constitute a majority of the shareholder base and, irrespective of its motivations, should not be determining irreversible strategic decisions that materially affect the value of the Company for all shareholders.
We acknowledge that the managed wind-down strategy (the “Managed Wind-Down”) was approved by shareholders, but this decision was taken in a different market environment and with a different shareholder base. Since that time, however, there have been material changes, including in particular:
- a significant reduction in the asset portfolio,
- a fundamental change to the Company’s balance sheet,
- a material change in the shareholder base, including the entry of a new long-term strategic investor, and
- notable changes in market conditions within the logistics and infrastructure real estate sectors.
In these circumstances, the continued disposal of assets – at levels which appear unlikely to reflect long-term market value – without providing shareholders with the opportunity to consider alternative strategic options, is inconsistent with UK best practice in corporate governance and with the Board’s duty to exercise proper care and diligence in the interests of all shareholders.
Furthermore, we wish to note that we have confirmed, through direct discussions, that there are other significant shareholders of ASLI who would welcome a substantive discussion regarding the current strategy. This reinforces our view that there is diversity of views among shareholders on this topic and further reinforces the need for all shareholders to be given the opportunity to express their views through a General Meeting of Shareholders.
In this context, it is also important to emphasise that we do not lightly ask the Board to pause ongoing negotiations. However, the potential costs associated with temporarily pausing the implementation of the current strategy and reviewing alternative strategic options are, in our view, much lower than the potential benefits on the upside.
It is precisely this asymmetry – limited incremental costs combined with a meaningful potential uplift in shareholder value – that justifies careful consideration by the owners of the Company. We firmly believe that an open and constructive discussion at this stage is in the best interests of all ASLI shareholders.
From the perspective of the Board’s fiduciary duties and its responsibility to the shareholder body as a whole, we believe that the market-appropriate and expected course of action would therefore be to:
- temporarily pause further asset disposals,
- refrain from taking decisions of an irreversible nature, and
- convene a General Meeting of Shareholders without delay in order to present and discuss alternative strategic scenarios – including the growth strategy proposed by DL Invest Group – and to submit such options to formal debate and shareholder vote.
Such an approach would enable the Board to demonstrate that it is acting transparently, impartially and in accordance with the highest UK market governance standards, ensuring all shareholders are given the chance to understand and assess the potential opportunity and are able to influence the future direction of the Company.
As a shareholder holding a significant stake and acting also with regard to the interests of the wider shareholder base, we believe it is important that such a forum for dialogue be established. We are also confident that, through constructive engagement, solutions can be implemented that address the objectives of those shareholders who prefer an earlier return of capital, while preserving the opportunity to build long-term value for other investors.
We remain ready to engage in immediate dialogue with the Board of Directors and urge that appropriate steps to be taken to facilitate the above process in the interests of ASLI’s shareholders as a whole.
Yours faithfully,
DL Invest Group
acting in its capacity as a shareholder of
abrdn European Logistics Income plc
That letter makes no sense to me. ASLI are doing the opposite from acting for a small group of investors. They are actively carrying out a mandate given to them by a majority and ignoring the supposed wishes of an 19% holder.
Their last update simply pointed out that a quick consultation of their other shareholders has shown more 25% in favour still and there are probably more.
With only one property left you seem far too late and misguided to boot.
The market cap is now only just over £100M. You already hold 18%. Why not just make an offer for the rest. I for one, as a shareholder, would be happy to accept at just above current price.
Dear Tim Kempster
We respectfully disagree with this assessment.
There remains a clear and decisive majority of investors whose views also deserve to be heard and properly considered. It is important to note that more than one property remains within the portfolio, and decisions of this magnitude should reflect the interests of the broader investor base, not a selective interpretation of sentiment.
Our position is informed by extensive and long-standing experience in the real estate sector. We currently manage and have managed portfolios with a total value exceeding EUR 1.1 billion, supported by many years of successful cooperation with key investors, leading European banks that finance our projects, and tenants who are market leaders on an international scale. These relationships are not incidental — they are the result of proven competence, credibility, and a consistent ability to deliver results across market cycles.
In our view, disposing of assets at potentially undervalued prices and pursuing a strategy that may have been appropriate under different market conditions does not serve the long-term interests of investors today. We express this perspective as the largest investor ourselves, with a long and successful track record in the industry, including the issuance of Eurobonds subscribed to by some of the world’s largest financial institutions and funds — a clear indication of confidence in our vision, judgment, and execution capability.
For these reasons, we believe a balanced, inclusive discussion reflecting the views of the majority of investors, grounded in market realities and long-term value creation, remains essential.
Kind regards,
DL Invest Team
Dear Laughton,
Thank you very much for sharing your perspective.
As a long-term investor, our commitment to ASLI reflects the considerable potential we see in both the company and the wider sector. Our views are grounded in nearly 20 years of experience in the commercial real estate market, during which we have consistently delivered strong returns while collaborating with leading financial institutions.
We continue to identify significant opportunities within ASLI and are focused on taking measures that help ensure shareholders realize the full potential of the platform, rather than outcomes below what it can deliver.
Kind regards,
DL Invest Team