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abrdn European Logistics Income PLC on Thursday reported a return to profit in 2024 and a positive net asset value total return, as the company continued with the managed wind-down of its property portfolio. The investment trust, which buys and sells European warehouse properties, posted a pretax profit of €5.2 million for the year ended December 31, compared to a €93.9 million loss the year before. NAV total return was 0.9% in euro terms, compared to a negative 17.1% in 2023. The NAV per share at year-end stood at 90.8 euro cents, down from 93.4 cents. The share price closed the year at 58.8 pence, reflecting a 22% discount to NAV in sterling terms. Revenue was down 4.7% to €40.1 million from €42.1 million in 2023. During 2024, abrdn European Logistics declared dividends totalling 3.36 euro cents, down from 5.64 cents in 2023, as income declined in line with asset disposals. A managed wind-down strategy was approved by shareholders in July 2024, following a strategic review and feedback from investors. Asset sales announced in January 2025 included a Dutch warehouse sold for €15.7 million and two Spanish properties sold for €29.7 million, the latter at a premium to their latest valuations. Proceeds were used to reduce debt. Chair Tony Roper said leasing efforts had reduced the portfolio vacancy rate from 11% to below 4%, enhancing its appeal to buyers. The board has already returned £16.5 million to shareholders via a B-share scheme and expects further returns as disposals progress. ‘The vast majority of the portfolio by value is now being actively marketed,’ Roper said, adding that several assets are expected to enter exclusivity in the coming months. The portfolio valuation fell to €594.0 million from €633.8 million a year earlier, with 24 properties held at year-end, down from 26. Gearing was reduced slightly to 37% from around 39%. Shares in abrdn European Logistics were up 2.2% at 54.97 pence in London on Friday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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