The board of Abrdn European Logistics Income (ASLI) has rejected DL Invest’s call last Friday for an immediate freeze on asset sales and the convening of an urgent board meeting.
DL Invest, the owner of €1.1bn of assets in Central Europe, acquired an 18% stake in ASLI in early December and said at the time that it planned to turn the firm into “the first European REIT focused on logistics and data-centre assets”.
But its efforts to change the strategic direction of ASLI have, for now, backfired.
Earlier this week, ASLI’s board said it had received feedback from shareholders representing approximately 25% of the share register, “all of whom have confirmed their continued support for the managed wind-down” of the real estate trust.
In a statement, ASLI said: “At this time, the board is not aware of any shareholders who are supportive of halting the managed wind-down, other than DL Invest Group. With 20 of the original 27 portfolio assets having been sold, generating aggregate gross sales proceeds of €400m before repayment of associated debt, the managed wind-down is well progressed and nearing completion.
“The board firmly believes that completing the managed wind-down is in the best interests of shareholders as a whole.”
ASLI’s board stated that convening a general meeting to consider a change in the company’s investment policy, as proposed by DL Invest Group, would “incur costs for all shareholders” and “divert management attention”, at a point when the company is close to concluding the managed wind-down.
In a letter to ASLI’s board, Dominik Leszczyński, CEO of DL Invest Group, again called for a general meeting and a pause to asset sales.
He said: “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. […] 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.”
Leszczyński said DL Invest’s position “reflects a careful assessment of the potential value of the remaining assets of the company. While the majority of the portfolio has already been sold, the remaining assets still hold significant potential to create additional value for shareholders”.
He added: “It is important to note that the decisions regarding previous asset sales were made under different market conditions. Current market conditions present new opportunities, which we believe can be leveraged for the benefit of both ASLI and its shareholders.”
ASLI said it has already exchanged contracts for the sale of three of its remaining seven assets, and with regards to the other four, “three are in exclusivity and at an advanced stage of due diligence”.
“The board expects all remaining disposals to be finalised during Q1 2026, with capital returned to shareholders shortly thereafter,” ASLI added.
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