12th Dec 2025 11:38
(Alliance News) - abrdn European Logistics Income PLC came under pressure from its largest shareholder on Friday, after Poland-based developer DL Invest Group PM SA publicly urged the board to halt further asset disposals and call a general meeting so investors can vote on the trust's future strategy.
DL Invest, which holds around 18% of the London-listed property investor, released an open letter demanding an immediate suspension of the company's managed wind-down.
The investor said market circumstances had shifted significantly and that continuing to liquidate assets now risked "irreversible loss" for shareholders.
DL Invest said it plans to serve a formal requisition notice to convene a general meeting "as soon as possible", where holders would vote on whether to continue the wind-down or adopt a new growth strategy.
The investor warned that further disposals "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."
DL Invest argued that logistics yields across Europe have begun to stabilise with signs of compression, while tenant demand remains strong.
Selling high-quality assets now, it said, would deprive ASLI investors of any recovery upside.
DL Invest outlined an alternative growth plan that would pivot ASLI away from liquidation.
The firm said it is ready to act as a "strategic, value-aligned partner", retaining roughly a 20% shareholding and co-investing to rebuild ASLI's portfolio.
It proposed repositioning ASLI as a "dynamic, pan-European logistics and data-center platform" targeting more than EUR1.5 billion in assets within 24 months, supported by a pipeline of stabilised logistics assets and new developments across Poland, France, the Netherlands and other markets.
The shareholder said it had engaged privately with ASLI for weeks before going public on Friday.
"As ASLI's largest shareholder, we believe it is incumbent on us to take action in the best interest of all investors," the letter said, adding that the company "can and should remain a viable, scalable, dividend-generating logistics platform of European significance."
ASLI has not yet responded publicly to the letter.
Shares in abrdn European Logistics Income were down 3.8% at 33.42 pence in London on Friday morning.
By Eva Castanedo, Alliance News reporter
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