Estimated Unaudited NAV as at 30 September 2025
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abrdn European Logistics Income plc
LEI: 213800I9IYIKKNRT3G50
Estimated Unaudited Net Asset Value as at 30 September 2025
27 October 2025 - abrdn European Logistics Income plc (the "Company" or "ASLI") announces its estimated unaudited Net Asset Value ("NAV") for the quarter ended 30 September 2025 which is being released outside of the normal reporting timetable for enhanced shareholder disclosure purposes. It is presented both including and excluding estimated property disposal and SPV liquidation costs.
Q3 Portfolio Valuation
As noted in the Company's half year report, during the three months to 30 September 2025 the Company completed the disposals of its two German warehouses, the Gavilanes portfolio in Madrid and three Dutch assets located in Horst, s'Heerenberg and Zeewolde, for a total consideration of €275 million.
Of the 10 remaining assets in the portfolio, the overall valuation declined by approximately €14 million (-5.2%) to €256.6 million (30 June 2025 - €270.6 million) for the quarter ended 30 September 2025.
The updated valuations reflect the sale prices expected to be achieved on three properties which are currently subject to conditional sale and purchase agreements and the valuations applied independently by Savills for the remaining seven assets.
Capital Returns and Dividend
During the quarter, the Company's net assets reduced as the Board continued to return capital to shareholders from available net proceeds under the shareholder-approved B Share scheme.
On 16 July 2025, the Company announced a return of capital to shareholders of approximately £49.5 million, equivalent to 12.0 pence per Ordinary Share which was paid on 13 August 2025.
On 29 August 2025, the Company announced a further B share distribution of approximately £53.5 million, equivalent to 13.0 pence per Ordinary Share, paid to shareholders on 30 September 2025.
On 1 August 2025, the Board declared an interim distribution of 1.00 euro cent (equivalent to 0.86 pence) per Ordinary share, paid in sterling on 29 September 2025 to shareholders on the register on 29 August 2025 (ex-dividend date of 28 August 2025).
Estimated Q3 Net Asset Value
As a result of the above, the estimated IFRS net assets as at 30 September 2025 decreased to €203.2 million or 49.3c per Ordinary share (GBp - 43.1p) (30 June 2025: 81.2c (GBp - 69.5p)).
The estimated NAV per Ordinary Share, including provision for estimated portfolio disposal and company structure liquidation costs as at 30 September 2025, decreased to 48.2c (GBp - 42.1p) (30 June 2025: 78.8c (GBp - 67.4p)).
Continued Sales Process
The Company continues to make progress with its shareholder-approved managed wind-down. To date, 17 of the original 27 assets have been sold, generating aggregate gross sales proceeds of €320 million before repayment of associated debt.
The three assets subject to conditional sale and purchase agreements are targeted for completion in early November 2025. The change in the unrealised valuation of the property portfolio includes these three assets marked at their sales values.
The remaining seven assets are at various stages of the sales process, with completions targeted for Q4 2025 and Q1 2026 and further updates will be provided in due course.
The Board remains satisfied with overall progress to date and current indications suggest the wind-down should be completed broadly in line with its original value expectations. However, the Board recognises that softer valuations and reduced competitive tension in certain markets may adversely affect disposal pricing and timing. Delays in completing the final disposals could result in additional operating costs during the managed wind-down. The Board and the Investment Manager continue to balance achieving the best possible value with managing ongoing costs and any unplanned capital expenditure required to support disposals, while maintaining a clear focus on ensuring the timely return of capital to shareholders.
Since the commencement of the managed wind-down, shareholders have received a total of 29.0 pence per Ordinary Share in B share distributions, equivalent to an aggregate return of approximately £119.5 million.
Notes
The estimated NAVs do not reflect the potential latent capital gains tax liability of up to 2 pence per share as disclosed in the RNS announcement dated 6 August 2025, the actual impact of which will depend on the structure and terms of future disposals.
The estimated NAV per share as at 30 September 2025 is based on 412,174,356 shares of 1 pence each, being the total number of Ordinary shares in issue at that time. As at the date of this announcement, the Company's share capital consists of 412,174,356 Ordinary shares with voting rights.
The Board is not aware of any other significant events or transactions which have occurred between 30 September 2025 and the date of publication of this statement which would have a material impact on the financial position of the Company.
Details of the Company and its property portfolio may be found on the Company's website at: http://www.aberdeeninvestments.com/en-gb/asli
For further information please contact:
abrdn Fund Managers Limited +44 (0) 20 7156 2382
Ben Heatley
Investec Bank plc +44 (0) 20 7597 4000
David Yovichic
Denis Flanagan
FTI Consulting +44 (0) 20 3727 1000
Dido Laurimore
Richard Gotla
Oliver Parsons
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