abrdn European Logistics Income plc

Annual Report • Apr 29, 2025

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abrdn European Logistics Income plc

Realising all assets in the Company's portfolio in an orderly manner Annual Report 31 December 2024

eurologisticsincome.co.uk

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Contents

Company Overview	04
Chairman's Statement	05

Strategic Report

Overview of Strategy	09
Results	19
Performance	20
Investment Manager's Review	21
Property Portfolio	28
Group Structure	42
Sustainability and Climate Reporting	44

Governance

Your Board of Directors	47
Directors' Report	49
Directors' Remuneration Report	58
Statement of Directors' Responsibilities in Respect of the Annual Report and the Financial Statements	61
Report of the Audit Committee	62

Financial Statements

Independent Auditor's Report to the Members of
abrdn European Logistics Income plc	66
Consolidated Statement of Comprehensive Income	73
Consolidated Balance Sheet	74
Consolidated Statement of Changes in Equity	75
Consolidated Statement of Cash Flows	76
Notes to the Financial Statements	77
Parent Company Balance Sheet	106
Parent Company Statement of Changes in Equity	107
Parent Company Notes to the Financial Statements	108

Corporate Information

Information about the Investment Manager	119
Investor Information	122
EPRA Financial Reporting (Unaudited)	125
Alternative Investment Fund Managers Directive Disclosures (Unaudited)	129
Glossary of Terms and Definitions and Alternative Performance Measures	130
Disclosure Concerning Sustainable Investment (Article 8) (Unaudited)	136
Notice of Annual General Meeting	154
Contact Addresses	157

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR

IMMEDIATE ATTENTION. If you are in any doubt about the action you should take, you are recommended to seek your own independent financial advice from your stockbroker, bank manager, solicitor, accountant or other financial adviser authorised under the Financial Services and Markets Act 2000 if you are in the United Kingdom or, if not, from another appropriately authorised financial adviser.

If you have sold or otherwise transferred all your Ordinary shares in abrdn European Logistics Income plc, please forward this document, together with the accompanying documents immediately to the purchaser or transferee, or to the stockbroker, bank or agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.

Visit our Website

To find out more about abrdn European Logistics Income plc, please visit: eurologisticsincome.co.uk

Any Questions?

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If you should have any questions in relation to this Annual Report and financial statements please send them by email to: European.Logistics@aberdeenplc.com

Overview Company Overview

abrdn European Logistics Income plc (the "Company" or "ASLI") is an investment trust invested in quality European logistics real estate. The Company owns a portfolio of assets diversified by both geography and tenant throughout Europe, predominantly targeting well located assets at established distribution hubs and within population centres. The new investment objective is to realise all existing assets in the Company's portfolio in an orderly manner.

The Company is characterised by

Number of properties 2023: 26

Average building size (sqm) 2023: 20,940

24

19,300

Alternative performance measurements - see glossary on pages 130 to 135.

Average lease length excl breaks (Years)

2023: 8.4

7.6

All-in fixed interest rate (%) 2023: 2.00

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04 Annual Report 2024

Gearing1 (%) 2023: 38.7

37.0

EPRA net tangible assets per share (¢)1 2023: 95.7

93.3

1

Overview Chairman's Statement

Overview

I am pleased to present the Company's annual report for the year ended 31 December 2024.

Following a comprehensive strategic review of the options available to the Company and after consulting with our advisers, as well as considering feedback from a number of larger shareholders, we announced in May 2024 that a managed wind-down of the Company would be in the best interests of Shareholders as a whole .

My report therefore covers a period of significant change for the Company which has now adopted a new investment objective and entered the managed wind-down phase following Shareholder approval.

Initial portfolio sales have provided encouraging validation of asset valuations, and the Investment Manager remains optimistic regarding both the portfolio quality and the level of buyer interest. However, recent US tariff impositions could introduce potential volatility within the sector.

At the end of last year, the portfolio vacancy rate stood at approximately 11%. I am happy to report that following successful leasing efforts by the Investment Manager, this figure has now fallen below 4%, strengthening income generation and further enhancing the portfolio's marketability. In line with our original wind-down strategy, a number of assets were formally put on the market following this leasing success. Further details can be found in the Investment Manager's review.

Review Conclusion

As part of the strategic review, the Board carefully evaluated all available options to the Company in consultation with its advisers, as well as taking into account feedback from a number of larger shareholders. The Board ultimately concluded that the indicative potential

value from the managed wind-down as presented by the Investment Manager was materially in excess of the net value achievable from the indicative cash offers received during the review, all of which were subject to a number of preconditions and all of which represented material discounts to the Company's then net asset value.

On 23 July 2024, Shareholders voted in favour of the new investment policy, formally approving the managed winddown. As a result, the Company's investment objective is now focused on realising all existing assets in the Company's portfolio in an orderly manner.

Following court approval, the Company cancelled the full amount standing to the credit of its share premium account resulting in €269.5 million being applied to a separate special distributable reserve, which is available for capital distributions as asset sales are completed.

Portfolio Sales to Date

In January 2025, the Company announced that it had concluded the sale of the freehold of its 12,384 square metre warehouse located in Oss, The Netherlands, for a consideration of €15.7 million. The asset, constructed in 2019 and strategically located between the Port of Rotterdam and the Ruhr area, was sold to the tenant, Orangeworks.

The sale price was in line with the latest available valuation for Q3 2024 and, following the completion of the transaction, the Company paid down €9.9 million of the outstanding €44.2 million debt, which is cross collateralised with Ede and Waddinxveen, provided by Berlin Hyp.

Also in January, the Company announced the sale of two Spanish assets following a competitive open-market sales process to Fidelity Real Estate Logistics for an aggregate consideration of €29.7 million, 11.9% ahead of the Q3 2024 valuation.

Tony Roper Chairman

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The two assets comprised the 6,805 square metre crossdock warehouse located in Coslada, Madrid, leased to DHL (Spain) and the 13,907 square metre warehouse in Polinyà, Barcelona, located 20 minutes from the city centre of Barcelona, leased to Mediapost.

Of the net proceeds from the sale of these two Spanish properties, €17.7 million was applied in paying down a portion of the €51 million ING Bank secured debt, which is cross collateralised with Gavilanes, Madrid, Unit 4 which is occupied by Amazon.

At the time of writing, due diligence remains ongoing for three portfolio assets totalling over 90,000 square metres. The vast majority of the portfolio by value is now being actively marketed and is in various stages of the disposal process, with several assets expected to enter exclusivity in the coming months.

Results

The audited Net Asset Value ("NAV") per share as at 31 December 2024 was 90.8 euro cents (GBp – 75.3p), compared with the 93.4 euro cents (GBp – 81.2p) at the end of 2023.

Allowing for the estimated costs of the realisation of the portfolio including broker and transaction fees the NAV decreases to 88.2 euro cents or 73.7p.

With the interim dividends declared, this reflected a NAV total return (ex realisation costs) of 0.9% for the year in euro terms (-3.7% in sterling). The closing Ordinary Share price at 31 December 2024 was 58.8p (31 December 2023 – 61.6p), representing a discount to NAV per Share of 21.9% (31 December 2023 – 24.1%).

B Share Scheme ('Scheme')

The Board was pleased to announce on 27 February 2025, following the sale of the three smaller assets and the repayment of associated debt, an initial B share scheme issue and redemption. The Board resolved to return approximately £16.5 million in aggregate to Shareholders via an issue of B Shares.

Under the Scheme, 1,648,697,424 B Shares of one penny each were paid up from the Company's special distributable reserve, created by the cancellation of the share premium account, and issued to all Shareholders by way of a bonus issue on the basis of 4 B Shares for every 1 Ordinary Share held at the Record Date of 6 March 2025.

The B Shares were issued and immediately redeemed at one penny per B Share on 7 March 2025. The proceeds from the redemption of the B Shares, totalling £16,486,974 and which was equivalent to 4 pence per Ordinary Share, were sent to uncertificated Shareholders through CREST or via cheque to certificated Shareholders on 20 March 2025.

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Further returns of capital via the B Share route will be communicated via Company announcements as sufficient funds become available for meaningful distributions.

Dividend

First, second and third interim distributions of 1.41, 0.90 and 1.05 euro cents (equivalent to 1.21, 0.77 and 0.87 pence respectively) were declared in respect of the year ending 31 December 2024 with payments on 5 July, 27 September and 31 December 2024 respectively.

A final interim distribution of 0.97 euro cents (0.81 pence) was paid on 31 March 2025, giving a total for the financial year of 4.33 euro cents (3.66 pence). As we have indicated previously, as the portfolio asset disposal programme continues, the income generated by the Company will diminish. As a result, the Company's ability to maintain the previous levels and frequency of distributions will decrease. The Company will seek to pay distributions based on the net income after costs received in respect of a quarter.

Distributions will be required to ensure that the Company's investment trust status is maintained through the process and may take the form of either dividend income or "qualifying interest income" which may be designated as an interest distribution for UK tax purposes and therefore subject to the interest streaming regime applicable to investments trusts.

Revolving credit facility/financing

At the 31 December 2024 year end, the Company's fixed rate debt facilities totalled €235.7 million at an average all-in interest rate of 2.02%, with the earliest refinancing of debt due in mid-2025. The LTV was 37.0%.

Following the sale of the two Spanish properties and repayment of €17.7m in January 2025, the debt facility was reduced to €218m with all-in interest rate of 1.93%.

The Company's non-recourse loans range in maturities between 0.4 and 4.1 years with interest rates ranging between 1.10% and 3.05% per annum.

During the year, and cognisant of the new investment objective which does not foresee future asset purchases, the Company cancelled its €70 million Revolving Credit Facility ("RCF") at the parent Company level provided by Investec Bank. Whilst in wind-down, the actual level of gearing will fluctuate as assets are sold and debt repaid in the most efficient manner possible. Banking covenants continue to be reviewed by the Investment Manager and the Board on a regular basis.

Board composition

As the Company continues its managed wind-down, the Board remains committed to maintaining a streamlined structure consisting of only three Directors to help limit costs. This approach is expected to remain in place throughout the managed wind-down process.

Outlook

The Investment Manager is actively executing the disposal strategy, optimising assets where value-enhancing opportunities arise to maximise returns. Good buyer interest continues to reflect the quality of the Company's portfolio.

The portfolio was assembled by our Investment Manager with an increasing focus on urban logistics ensuring assets are strategically located near established distribution hubs and major population centres. This, combined with robust tenant diversification, has strengthened the portfolio's positioning. The focus on markets with low vacancy rates, new development constraints, and CPI-linked rent increases has reinforced confidence in the Company's asset selection. Encouragingly, these attributes continue to drive demand from prospective buyers.

Detailed due diligence is ongoing on three assets totalling approximately 90,000 square metres of rentable space, with further updates to follow as sales progress. The broader sales programme is designed to capitalise on the increasingly favourable logistics market, with the majority of assets expected to be either sold or under offer by late summertime. Available proceeds, after repayment of bank debt, will be returned to Shareholders shortly thereafter.

So far, bidding activity for the assets has been robust. While some locations naturally attract stronger offers than others, the overall outcome remains positive. However, some market volatility may arise following global tariff impositions.

The European logistics occupier market remains active, with good leasing momentum, as evidenced by the Company's recent lease renewals and detailed further in the Investment Manager's report.

Logistics vacancies remain low across key European markets. With premium warehouse space in short supply and new development expected to decline further in 2025 and 2026, demand for well-located, high-quality warehousing is expected to remain strong. Rental growth in the sector is anticipated to outpace inflation, driven by the ongoing supply constraints in prime locations.

With very low levels of construction activity, high construction costs, land shortages and limited planning approvals, the Company's portfolio has attracted considerable interest. Further details on the Company's remaining assets are provided in the Investment Manager's Review.

Tony Roper

Chairman 10 April 2025

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Strategic Report

The Company, whose shares are admitted to the Official List of the Financial Conduct Authority and to trading on the main market of London Stock Exchange plc, is a UK investment trust with the investment objective of realising all existing assets in the Company's portfolio in an orderly manner.

The Company was launched on the London Stock Exchange in December 2017.

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Strategic Report Overview of Strategy

The Company

The Company, whose shares are admitted to the Official List of the Financial Conduct Authority and to trading on the main market of London Stock Exchange plc, is a UK investment trust. The Company was incorporated in England and Wales on 25 October 2017 with registered number 11032222 and launched on 15 December 2017.

Investment Objective

At a General Meeting of the Company held on 23 July 2024 shareholders approved a new investment objective and investment policy. The new investment objective is to realise all existing assets in the Company's portfolio in an orderly manner.

Investment Policy (With effect from 23 July 2024)

The Company will pursue its investment objective by effecting an orderly realisation of its assets while seeking to balance maximising returns for Shareholders against the timeframe for disposal. The Company will cease to make any new commercial real estate acquisitions. Capital expenditure will be permitted where it is deemed necessary or desirable by the Board in connection with the realisation, primarily where such expenditure is necessary to protect or enhance an asset's realisable value.

Diversification of Risk

The net proceeds from realisations will be used to repay borrowings and make timely returns of capital to shareholders (net of provisions for the Company's costs and expenses) in such manner as the Board considers appropriate.

Any cash received by the Company as part of the realisation process will be held by the Company as cash on deposit and/or in liquid cash equivalents securities (including direct investment in UK treasuries and/or gilts, funds holding such investments, money market or cash funds and/or short-dated corporate bonds or funds that invest in such bonds) pending its return to shareholders.

Borrowings and gearing

It is not anticipated that the Company will take on any new borrowings, but this remains possible for the efficient management of the Company (such as through a revolving credit facility, extension of term of existing borrowing or an overdraft at plc level). Borrowings otherwise will typically be non-recourse and secured against individual assets or groups of assets.

The Company's net gearing, calculated as total borrowings less cash/cash equivalents (including money market funds) as a percentage of the Company's gross assets, will not exceed 50%. In the event net gearing exceeds 50%, the Board will look to rectify this position as soon as practicable.

The Company may use derivatives for efficient portfolio management, that is, to reduce, transfer or eliminate risk in its investments, including protection against currency risks.

Any material change to the Company's investment policy set out above will require the approval of Shareholders by way of an ordinary resolution at a general meeting and the approval of the Financial Conduct Authority. Non-material changes to the investment policy may be approved by the Board.

Comparative Index

The Company does not have a benchmark.

Duration

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The Company is in managed wind-down. Refer to the Chairman's Statement for further details.

Key Performance Indicators (KPIs)

The Board uses a number of financial performance measures to assess the Company's success in achieving its objective and to determine the progress of the Company in pursuing its Investment Policy. The main KPIs identified by the Board in relation to the Company, which are considered at each Board meeting, are as follows:

KPI	Description
Portfolio Realisation	The Board monitors the rate of portfolio realisation and balances the requirement to return cash to shareholders with the aim of achieving best value for shareholders. Refer to Chairman's Statement for further information on asset sales.
Net asset value total return (EUR)1	The Board considers the NAV total return to be the best indicator of performance over time and is therefore the main indicator of performance used by the Board. Performance for the year and since inception is set out on page 19.
Share price total return (GBP)1	The Board also monitors the price at which the Company's shares trade on a total return basis over time. A graph showing the share price performance is shown on page 20.
Premium/ (Discount)1	The premium/(discount) relative to the NAV per share represented by the share price is monitored by the Board. A graph showing the share price (discount)/premium relative to the NAV is shown on page 20.
Ongoing charges ratio ("OCR")1	The OCR is the ratio of expenses as a percentage of average daily shareholders' funds calculated in accordance with the industry standard. The Board reviews the OCR regularly as part of its review of all expenses. The aim is to ensure that the Company remains competitive and is able to deliver on its yield target to Shareholders. The Company's OCR is disclosed on page 19.

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1 Alternative Performance Measure - see glossary on pages 130 to 135.

Manager

Under the terms of the Management Agreement, the Company has appointed abrdn Fund Managers Limited as the Company's alternative investment fund manager ("AIFM") for the purposes of the AIFM Rules. The AIFM has delegated portfolio management to the Danish Branch of abrdn Investments Ireland Limited which acts as Investment Manager.

Pursuant to the terms of the Management Agreement, the AIFM is responsible for portfolio and risk management on behalf of the Company and will carry out the ongoing oversight functions and supervision and ensure compliance with the applicable requirements of the AIFM Rules. The AIFM and the Investment Manager are both legally and operationally independent of the Company.

Dividend Policy

Subject to compliance with all legal requirements the Company normally pays interim dividends on a quarterly basis. The Company declares dividends in Euros, but shareholders will receive dividend payments in Sterling unless electing to receive payments in Euros through the Equiniti Shareview Portfolio website or via CRESTPay. If applicable, the date on which the Euro/Sterling exchange rate is set will be announced at the time the dividend is declared. Distributions made by the Company may take the form of either dividend income or ''qualifying interest income'' which may be designated as interest distributions for UK tax purposes.

As the portfolio asset disposal programme continues, the income generated by the Company will diminish. As a result, the Company's ability to maintain the previous levels and frequency of distributions will also decrease. Distributions will be required to ensure that the Company's investment trust status is maintained through the winddown process.

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Principal Risks and Uncertainties

There are a number of risks which, if realised, could have a material adverse effect on the Company and its financial condition, performance and prospects. The Board has carried out a robust assessment of the principal risks as set out below, ordered by category of risk, together with a description of the mitigating actions taken by the Board. The Board confirms that it has a process in place for regularly reviewing emerging risks that may affect the Company in the future. The Board collectively discusses with the Investment Manager areas where there may be emerging risk themes and maintains a register of these. Such risks may include, but are not limited to, future pandemics, the increasing developments in AI, cybercrime, and longer term climate change. In the event that an emerging risk has gained significant weight or importance, that risk is categorised and added to the Company's risk register and is monitored accordingly. The principal risks associated with an investment in the Company's shares can be found in the Company's latest Prospectus dated 8 September 2021, published on the Company's website.

The Board continues to be very mindful of ongoing geopolitical events which have caused significant market volatility across Europe and the World. There has been no discernible impact to date on our tenants across the wider region. The indicators below show how the Board's views on the stated risks have evolved over the last year. In particular, following the change to the investment objective and policy and the implementation of the Shareholder approved managed wind-down, regulatory risk (compliance) and investment and asset management risk (developing and refurbishing property) have moved lower on the Company's risk register whilst implementation of the sales process and maintenance of covenants on secured bank debt now require closer monitoring.

Description	Mitigating Action	↗ Increasing, ↘ Decreasing, → Stable Risk
Strategic Risk: Strategic Objectives and Performance - The Company's revised strategic objectives and performance, both absolute and relative, become unattractive to investors leading to a widening of the discount, potential hostile shareholder actions and the Board fails to adapt the strategy and/or respond to investor demand. Lack of buying interest for assets, lengthy sales processes and mismatched debt repayments may all impact shareholder value.		The Company's strategy and objectives are regularly reviewed by the Board to ensure they remain appropriate and effective. The Board undertook a full strategic review, advised by Investec, and consulted larger shareholders before concluding that a managed wind-down was in the best interests of shareholders as a whole. Shareholders approved a change in the investment objective on 23 July 2024. In addition:	→
	preparedness of assets for sale. and threats.	The Board meets regularly with the Investment Manager to receive updates on the sales process, valuations and The Board receives regular presentations on the economy and also the property market to identify structural shifts
		There is regular contact with shareholders both through the Investment Manager and the broker with additional direct meetings undertaken by the Chairman and other Directors.
	and return of cash to shareholders.	Board reports are prepared by the Investment Manager detailing performance, NAV return and detailed analysis of the sales programme including timelines for expected sales
	Manager and reviewed quarterly by the Board.	Cash flow projections are prepared by the Investment
	Shareholder/market reaction to Company announcements is monitored.
Investment and Asset Management Risk: Investment Strategy - Poorly judged asset management initiatives, management of gearing and the mis-timing of disposals leading to reduced capital returns to shareholders.	and regions.	Aberdeen has real estate research and strategy teams which provide performance forecasts for different sectors	↗
	they operate.	There is a team of experienced portfolio managers who have detailed knowledge of the markets in which
	reviews any final decision.	Aberdeen has a detailed investment process for disposals that is required to be signed off internally before the Board
	knowledge of property markets.	The Board is very experienced with Directors having a good
Investment and Asset Management Risk: Health and Safety - Failure to identify and mitigate	building review.	Health and safety is included as a key part of any	→
major health and safety issues or to react effectively to an event leading to injury, loss of life, litigation and any ensuing financial and reputational impact.		Asset managers visit buildings on a regular basis.
	to the asset managers on a monthly basis.	Property managers are appointed by Aberdeen to monitor health and safety in each building and reports are made
	of the properties.	Tenants are responsible for day to day operations

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Description	Mitigating Action	↗ Increasing, ↘ Decreasing, → Stable Risk
Financial Risks: Macroeconomic - Macroeconomic changes (e.g. levels of GDP, employment, inflation, interest rate and FX movements), political changes (e.g. new legislation) or structural changes (e.g. new technology or demographics) negatively impact commercial property values and the underlying businesses of tenants (market risk and credit risk). Falls in the value of investments could result in breaches of loan covenants and liquidity issues. Pressure on overall returns of capital to shareholders. Impact on demand for assets following imposition of tariffs by the US and effect on timing of managed wind-down plans.	seeking to minimise risk concentration. versus return evaluation and approval.	Aberdeen research teams take into account macroeconomic conditions when collating forecasts. This research is fed into Investment Manager decisions. The portfolio is EU based and diversified across a number of different countries and also has a diverse tenant base There is a wide range of lease expiry dates within the portfolio in order to minimise re-letting risk. Rigorous portfolio reviews are undertaken by the Investment Manager and presented to the Board on a regular basis. Asset management plans are developed for each property and individual investment decisions are subject to robust risk Most leases are indexed to provide increases in line with movements in inflation and leverage is fixed to reduce the impact of interest rate rises. Sales timings can be amended and other possibilities considered including sales to tenants.	↗
Financial Risks: Gearing - Gearing risk - an inappropriate management of gearing, could result in breaches of loan covenants and threaten the Company's liquidity. An inability to secure adequate borrowing extensions with appropriate tenor and competitive rates could also negatively impact the Company. Earliest asset level re-financing required in 2025. The financial risk has increased due to increased repayment risk across a few properties as well as the risk that disposals occur after loan expiry and extensions cannot be secured.	as required. Company's future liabilities. both a fixed and variable basis.	Regular covenant reporting to banks is undertaken The gearing target was set at an indicative 35% asset level limit and an absolute Company limit of 50%. The Company's diversified European logistics portfolio, underpinned by its tenant base, should provide sufficient value and income in a challenging market to meet the The portfolio attracted competitive terms and interest rates from lenders for the Company's fixed term loan facilities and positive conversations have been had around facility extensions as the asset sales programme progresses. The Investment Manager has relationships with multiple funders and wide access to different sources of funding on Financial modelling is undertaken and stress tested annually as part of the Company's viability assessment and whenever debt facilities are being negotiated. Loan covenants are continually monitored and reported to the Board on a quarterly basis and would also be reviewed as part of the disposal process of any secured property.	↗
Financial Risks: Credit Risk - Credit Risk – the risk that the tenant/counterparty will be unable or unwilling to meet a commitment entered into with the Group: failure of a tenant to pay rent or failure of a deposit taker, or a current exchange rate swap counterparty.	monitored during their lease. early warning signs might be detected. banks and AAA rated liquidity funds.	The property portfolio has a balanced mix of investment grade tenants and reflects diversity across business sectors. Rigorous due diligence is performed on all prospective tenants and their financial performance continues to be Rent collection from tenants is closely monitored so that Deposits are spread across various Aberdeen approved	↗

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Description		Mitigating Action	↗ Increasing, ↘ Decreasing, → Stable Risk
Financial Risks: Insufficient Income Generation - Lower than anticipated income generation due to macro-economic factors, and/or due to inadequate asset management resulting in voids or rent arrears.		The Investment Manager seeks a good mix of tenants in properties. A review of tenant risk and profile is undertaken using, for example, the Dun & Bradstreet Failure Scoring method and tenant covenants are thoroughly considered before a lease is granted.
		and any non-payment of rent.	The Aberdeen team consists of asset managers on the ground who undertake asset management reviews and implementation and there is a detailed approval process within Aberdeen for lettings. The Investment Manager through its teams on the ground seeks to manage voids
Operational Risks: Service Providers - Poor performance/inadequate procedures at service providers leads to error, fraud, non compliance with contractual agreements and/or with relevant legislation or the production of inaccurate or insufficient information for the Company (NAV, Board Reports, Regulatory Reporting) or loss of regulatory authorisation. Key service providers include the AIFM, Company Secretary, the Depositary, the Custodian, the managing agents, lending banks, the Company's Auditor and the Company's registrar.		include key person risk wording.	Aberdeen has an experienced Investment Manager and Asset Management Team and the IMA has been revised to	→
		Equiniti is a reputable worldwide organisation.	The Company has engaged an experienced registrar:
		regularly monitored.	All service providers have a strong control culture that is
		major service providers annually.	Aberdeen aims to meet all service providers once a year and the Management Engagement Committee reviews all
			The Company has the ability to terminate contracts.
Operational Risks: Business continuity - Business continuity risk to any of the Company's service providers or properties, following a catastrophic event e.g. pandemic, terrorist attack, cyber attack, power disruptions or civil unrest, leading to disruption of service, loss of data etc.			Aberdeen has a detailed business continuity plan in place with a separate alternative working office if required and the ability for the majority of its workforce to work from home.	→
		Data Governance & Privacy, Business Resilience, Governance & Risk, Security & IT.	Aberdeen has a dedicated Chief Information Security Officer who leads the Chief Information Security Office covering the following functions: Security Operations & Delivery, Security Strategy, Architecture & Engineering,
		Properties within the portfolio are all insured.
		of the initial appointment and on an ongoing basis.	The IT environment of service providers is reviewed as part

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Promoting the Company

The Board recognises the importance of maintaining shareholder awareness of the Company during its managed wind-down. The Board believes an effective way to achieve this is through continued subscription to, and participation in, the promotional programme run by Aberdeen on behalf of a number of investment trusts under its management, albeit at a lower, renegotiated rate to reflect the changes following the decision to implement the managed wind-down of the portfolio. The Company's financial contribution to the programme is matched by Aberdeen. Aberdeen's marketing team reports quarterly to the Board giving analysis of the promotional activities as well as updates on the shareholder register and any changes in the make up of that register.

The purpose of the programme is both to communicate effectively with existing investors with the aim of improving liquidity and enhancing the value and rating of the Company's shares.

Board Diversity

The Board recognises the importance of having a range of skilled, experienced individuals with the right knowledge represented on the Board in order to allow the Board to fulfil its obligations. The Board also recognises the benefits and is supportive of the principle of diversity in its recruitment of new Board members. The Board will not display any bias for age, gender, race, sexual orientation, religion, ethnic or national origins, or disability in considering the appointment of its Directors. The Board will continue to ensure that any future appointments are made on the basis of merit against the specification prepared for each appointment and, therefore, the Company does not consider it appropriate to set diversity targets. At 31 December 2024, there were two male Directors and one female Director on the Board. The decision to wind-down the portfolio which will lead to the liquidation of the Company and the Board's decision not to appoint any further Directors in this relatively short time period, means that the Company does not comply with the listing rule requirements relating to diversity. Further details are provided on page 51.

Sustainable and Responsible Investment Policy and Approach

Further details on Aberdeen's Sustainable and Responsible Investment Policy and Approach for Direct Real Estate are available at aberdeeninvestments.com.

Environmental, Social and Human Rights Issues

The Company has no employees as the Board has delegated day to day management and administrative functions to abrdn Fund Managers Limited. There are therefore no disclosures to be made in respect of employees. The Company's socially responsible investment policy is outlined in the Investment Manager's Review.

Due to the nature of the Company's business, being a Company that does not offer goods and services to customers, the Board considers that it is not within the scope of the Modern Slavery Act 2015 ("MSA"). The Company is not required to make a slavery and human trafficking statement. The Board considers the Company's supply chains, dealing predominantly with professional advisers and service providers in the financial services industry, to be low risk in relation to this matter.

A copy of the Investment Manager statement in compliance with the Modern Slavery Act is available for download at aberdeeninvestments.com

The bulk of emissions relating to properties owned by the Company are the responsibility of the tenants and any emissions relating to the Company's registered office are the responsibility of Aberdeen Group plc. The Company has no direct greenhouse gas emissions to report from the operations of its business, although it is responsible for low emissions generated at certain properties within its portfolio reportable under the Companies Act 2006 (Strategic Report and Directors' Reports) Regulations 2013, see page 136.

Viability Statement

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On 24 June 2024, Shareholders voted against the continuation of the Company and, on 23 July 2024, approved a change in investment objective and investment policy allowing the Company to proceed with a managed wind-down and an orderly realisation of assets, returning capital to Shareholders. The Company is therefore preparing its financial statements on a basis other than going concern.

The Company is in managed wind-down but the Board formally considers risks and strategy at least annually. For the purposes of this viability statement the Board has decided that a period of three years is an appropriate period over which to report, although the Board expects to have completed the wind-down of the portfolio in the next 18 months.

In assessing the viability of the Company over the review period the Directors have conducted a robust review of the principal risks focusing upon the following factors:

• . The ongoing portfolio sales process;
• . The principal risks detailed in the Strategic Report;
• . The demand for the Company's shares evidenced by the historical level of premium or discount;
• . The level of income generated by the Company and the stability of tenants;
• . The level of gearing including the requirement to meet lending covenants, negotiate new facilities and repay or refinance existing facilities; and
• . The flexibility of the Company's bank facilities for any extension of maturity dates and repayment of these facilities as they fall due.

The Company has modelled severe but plausible downside scenarios for the execution of the managed wind-down proposal, considering different market conditions and risks associated with the repayment of debt. The Directors receive regular updates from the Investment Manager on the execution of the managed wind-down plan outlining the timings for expected disposal proceeds to be received which are reviewed in conjunction with the debt maturity profile. The Investment Manager has engaged with the Company's partner banks and received offers for shortterm extensions of the loans expiring in 2025 to mitigate the risk of debt repayment as they fall due.

Accordingly, considering the Company's current position and the potential impact of its principal risks and uncertainties, the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due to enable the realisation of the assets in the Company's portfolio in an orderly manner. In making this assessment, the Board has considered that matters such as significant economic uncertainty, stock market volatility and changes in investor sentiment could have an impact on its assessment of the Company's prospects and viability in the future.

The Directors have considered the Company's income and expenditure projections and believe that they meet the Company's funding requirements.

s172 Statement

The Board is required to describe to the Company's shareholders how the Directors have discharged their duties and responsibilities over the course of the financial year under section 172 (1) of the Companies Act 2006 (the "s172 Statement"). This s172 Statement requires the Directors to explain how they have promoted the success of the Company for the benefit of its members as a whole, taking into account the likely long-term consequences of decisions, the need to foster relationships with all stakeholders and the impact of the Company's operations on the environment.

The Board's philosophy is that the Company should operate in a transparent culture where all parties are treated with respect and provided with the opportunity to offer practical challenge and participate in positive debate which is focused on the aim of achieving the expectations of shareholders and other stakeholders alike. The Company does not have any employees, however, the Board reviews the culture and manner in which the Investment Manager operates at its regular meetings and receives regular reporting and feedback from the other key service providers.

The Company's Board of Directors sets the investment objective and policy as published in the most recent prospectus, monitors the performance of all service providers and is responsible for reviewing strategy on a regular basis.

Key Stakeholders

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A key stakeholder and service provider for the Company is the Alternative Investment Fund Manager (the "Investment Manager") and this relationship is reviewed at each Board meeting and relationships with other service providers are reviewed at least annually.

Shareholders are seen as key stakeholders in the Company. The Board seeks to meet at least annually with shareholders at the Annual General Meeting. This is seen as a very useful opportunity to understand the needs and views of the shareholders. In between AGMs the Directors and Investment Manager also conduct programmes of investor meetings with larger institutional, private wealth and other shareholders to ensure that the Company is meeting their needs. Such regular meetings may take the form of joint meetings or solely with a Director where any matters of concern may be raised directly. The Chairman and other Directors are available to meet and speak with Shareholders throughout the managed wind-down process.

The European partner lending banks are also key stakeholders. The Company leverages off the Investment Manager's key relationships with a wide range of lending banks and the Investment Manager has regular contact with these banks updating them on the portfolio and valuations and progress towards completing the managed wind-down of the portfolio.

The other key stakeholder group is that of the underlying tenants that occupy space in the properties that the Company owns. Historically, the Board has conducted an annual site visit with the aim of meeting tenants locally and discussing their businesses and needs and assessing where improvements may be made or expectations managed. The Investment Manager's asset managers are tasked with conducting meetings with building managers and tenant representatives in order to ensure the smooth running of the day to day management of the properties. The Board receives reports on the tenants' activities at its regular Board meetings.

The Board via the Management Engagement Committee also ensures that the views of its service providers are heard and at least annually reviews these relationships in detail. The aim is to ensure that contractual arrangements remain in line with best practice, services being offered meet the requirements and needs of the Company and performance is in line with the expectations of the Board, Manager, Investment Manager and other relevant stakeholders. Reviews will include those of the Company depositary, custodian, share registrar, broker, legal adviser and lenders.

The Investment Manager's Report on page 24 to 25 details the key investment decisions taken during the year and subsequently. The Investment Manager has managed the Company's assets in accordance with the revised investment objective provided by shareholders at the General Meeting held in July 2024, under the oversight of the Board. The Company is aiming to maintain gearing at asset level at or around 35% during the liquidation process. Aberdeen's dedicated treasury team has negotiated the debt facilities at competitive market rates, resulting in the Company's blended all-in interest rate across all its debt being 2.02% which is to the benefit of all shareholders.

The Board will continue to monitor, evaluate and seek to improve these processes as the Company winds down, to ensure that the liquidation process is delivered to shareholders and other stakeholders in line with their expectations.

Future

The Board's view on the portfolio sale process can be found in my Chairman's Statement on page 7 whilst the Investment Manager's views on the outlook for the portfolio are included on page 23.

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Tony Roper

Chairman 10 April 2025

The ways we engage with our shareholders include:

Annual General Meeting (AGM)

The AGM provides an opportunity for Directors to engage with shareholders, answer their questions and meet them informally. The 2025 AGM is scheduled to take place on 25 June 2025 in London. The Board is looking forward to meeting as many shareholders as possible at the AGM.

Annual Report

We publish a full annual report each year that contains a strategic report, governance section, financial statements and additional information. The report is available online and in paper format.

Company Announcements

We issue announcements for all substantive news relating to the Company, including the asset management initiatives and sale of properties. You can find these announcements on the website.

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Results Announcements

We release a full set of financial and operational results at the interim and full year stage. Updated net asset value figures are announced on a quarterly basis in line with our valuation policy.

Website

Our website contains a range of information on the Company and includes details of our property investments. Details of financial results, the investment process and Manager and Investment Manager together with Company announcements and contact details can be found here: eurologisticsincome.co.uk.

Strategic Report Results

Financial highlights

	31 December 2024	31 December 2023
Total assets (€'000)	661,197	693,892
Total equity shareholders' funds (net assets) (€'000)	374,108	384,928
Net asset value per share (cents)1	90.8	93.4
Net asset value per share (pence)1	75.3	81.2
Share price - (mid market) (pence)	58.8	61.6
Market capitalisation (£'000)	242,359	253,899
Share price discount to sterling net asset value (%)1	(21.9)	(24.1)
Dividends and earnings
Net asset value total return per share (EUR) (%)1	0.9	(17.1)
Dividends paid per share	3.36c (2.85p)	5.64c (4.88p)
Revenue reserves (€'000)	29,026	22,766
Profit / (loss) (€'000)	3,030	(81,801)
Operating costs
Ongoing charges ratio (excluding property costs) (%)1	1.5	1.6
Ongoing charges ratio (including property costs) (%)1	2.0	2.4

Performance (total return)

	Year ended 31 December 2024 %	Year ended 31 December 2023 %	Since Launch %
Share price (GBP)1	0.1	(3.5)	(18.0)
Net asset value (EUR)1	0.9	(17.1)	8.1

Dividends declared in respect of the Financial Year to 31 December 2024

	Dividend distribution GBP pence	Dividend distribution Euro cents equivalent2	Qualifying interest GBP pence	Qualifying interest Euro cents equivalent	ex-dividend date	Record date	Pay date
First interim	1.02	1.19	0.19	0.22	06/06/2024	07/06/2024	05/07/2024
Second interim	0.67	0.78	0.10	0.12	05/09/2024	06/09/2024	27/09/2024
Third interim	0.50	0.60	0.37	0.45	05/12/2024	06/12/2024	31/12/2024
Fourth interim	0.53	0.64	0.28	0.33	27/02/2025	28/02/2025	31/03/2025
Total	2.72	3.21	0.94	1.12

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¹ Considered to be an Alternative performance measure (see Glossary on pages 130 to 135 for more information). 2 The interim distributions are paid in GBP to shareholders on the register. However, shareholders are able to make an election to receive distributions in euros.

Strategic Report Performance

Share price premium/(discount) to net asset value per share

Launch to 31 December 20241

Source: Aberdeen, Factset.

1 Using the daily share prices together with the quarterly NAVs as announced by the Company at data points.

Share price

Launch to 31 December 2024 (rebased to 100 at launch)

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Source: Aberdeen, Factset.

Strategic Report Investment Manager's Review

2024 Market Overview

I am pleased to present a review of the 2024 financial year for the Company together with market commentary as we continue to implement the managed wind-down. Aberdeen's on-the-ground real estate transaction teams are working hard to ensure a timely and importantly valueaccretive process.

European real estate market highlights

In December 2024, Aberdeen upgraded global real estate to "+2 overweight" in its multi-asset houseview, due to improved return performance and the strong likelihood that the asset class would outperform cash returns over the next 12 months.

Across sectors, occupier market fundamentals appeared solid, with low supply supporting rental growth. European all- property rents grew by 4.1%1 year-on-year.

Prior to the announcement of the imposition of tariffs by the US, the capital market was gathering positive momentum having stabilised in 2024. CBRE yield sheets show positive yield movements in 26% of markets in December 2024, with 72% stable.

Green Street transaction indices indicated rising transaction prices in industrials and residential, with increased competition for these sectors in particular.

Transaction volumes increased to €68 billion in Q4 2024, reflecting a sharp 56% increase on Q4 20232.

European real estate returns increased to 4.4% in 2024, with logistics outperforming All Property with a return of 6.2% over the year3.

1 MSCI European Index.

2 MSCI RCA investment trends.

3 MSCI Pan-European Property Fund Index. 4 Aberdeen Houseview Forecasts January 2025. The three-year total return forecast for Europe increased to 9.5%4 per annum, supported by rental growth which is expected to outpace inflation.

New stacking system at Zeewolde, Netherlands

Risks to the outlook are elevated due to geopolitics, trade tariffs, but also from the potential upside from stronger fiscal stimulus.

European economic outlook

Activity

The Eurozone economy was recovering from the period of recession-like conditions it suffered over 2023/2024, albeit disappointingly slowly. All else equal, steady easing of monetary policy should keep the economy on this path. However, major risks to the downside and upside have emerged over recent weeks. On the one hand, a major boost to defence spending led by Germany has the potential to stimulate growth. On the other, the imposition of deep, broad, discriminatory tariffs against the EU by the US has the potential to negatively impact GDP, in the region of 0.6% this year.

Inflation

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Eurozone headline inflation fell slightly to 2.3% in February. The recent fall in gas and oil prices should also have a positive spillover to consumer price disinflation. Further progress on disinflation in underlying components is also likely, given looser labour market conditions in France and Germany. We expect inflation to return close to target in the early months of this year, partly due to weaker services inflation.

Troels Andersen Fund Manager

Policy

A consensus in favour of rapidly moving monetary policy settings to a neutral stance had formed among policymakers. But the question of whether policy needs to become outright accommodative remains open. We think the ECB is more likely to keep lowering rates in 0.25% rather than 0.5% increments. However, weakerthan-expected growth, perhaps as the result of trade disruptions, would prompt the ECB to rapidly take rates into accommodative territory. On the other hand, greater investment and defence spending could push up on rates over the medium term.

Eurozone economic forecasts

2023	2024	2025	2026
0.5	0.7	1.0	1.2
5.4	2.4	2.2	1.8
4.00	3.00	2.00	2.00

Source: Aberdeen January 2025; Forecasts are a guide only and actual outcomes could be significantly different.

Logistics market trends

Demand

After a post-pandemic breather when take-up eased, logistics occupier market activity stabilised in 2024. In the fourth quarter of 2024, European logistics take- up amounted to 7.7 million square metres, reflecting a 26% increase from the third quarter but a 7% decrease compared to the fourth quarter of 20235. The total take-up for 2024 stood at 27.5 million square metres, down 7% from 2023 but 4% higher than the pre-pandemic average.

There was a wide range in performance between markets. Portugal, Spain, and the Netherlands had the largest annual increases in take-up, whereas the UK, Czech Republic, and Hungary underperformed. We expect demand to remain resilient in the near term, fuelled by ongoing expansion of e-commerce, near-shoring trends and a new source of demand from increased infrastructure and defence spending across the continent, but particularly in Germany as fiscal easing kicks in from the beginning of 2026.

Supply

Supply increases appeared to halt as 2024 came to a close. Savills reported that vacancy rates decreased to 6.06% in the fourth quarter, with significant reductions seen in Poland and Barcelona. Conversely, the Netherlands and the UK experienced modest increases in vacancy rates. In

Germany, pockets of oversupply persist in Berlin, while Munich, Frankfurt and Dusseldorf remain much more constrained.

Occupancy rates across the top 30 markets are close to 94%6 and premium quality warehouse availability and warehouses in city fringe locations are still scarce.

New supply is projected to decrease further, dropping below 5% of total stock in 2025 and approaching closer to 4% by 20267.

Rents

Logistics rents grew by 5.0% in 2024, representing the continuation of a slowing trend from a peak of 11% in 2022 and 7.4% in 20238. In the final quarter of 2024, rental growth had slowed notably, with some sources suggesting rents had fallen slightly in some locations. However, the bulk of evidence points to modest growth over the quarter. Given that passing rents typically move in line with inflation, re-leasing spreads remain elevated with substantial reversion potential continuing to support performance in the sector.

Rental growth is expected to outpace inflation in 2025, given limited supply in prime locations, yet secondary stock may not experience the same amount of tenant competition. Rental growth projections could be increased from 2026 if fiscal easing results in increased supply chain demand while new completions look set to remain limited.

Capital markets

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Investor sentiment in logistics remains positive and competition for 'prime' logistics assets strong. We expect the structural demand drivers, limited supply and the underweight allocation of most investors to the sector to continue to drive demand for logistics assets.

In the fourth quarter of 2024, investment volumes reached €12.0 billion, which was a 38% increase from the third quarter and 18% higher than the fourth quarter of 20239. This resulted in total investment for 2024 of €37.9 billion, an increase of 14% from 2023, marking it as the fifth strongest year on record, according to data from Savills. Quarterly comparisons showed significant volatility, with Austria, Poland, and Norway seeing the largest annual increases. Germany, the Netherlands, and the UK also posted gains, while Ireland, Denmark, and Sweden experienced declines.

Logistics investment represented 24%10 of the total in 2024, equalling the share of investment in offices and residential. Investors have focussed on both core

⁵ Savills European Logistics Trends Q4 2024.

⁶ Green Street Research.

⁷ Green Street Research.

⁸ MSCI Pan-European Quarterly Index. 9 Savills European logistics trends Q4 2024.

¹⁰ MSCI RCA investment trends.

and value-add opportunities in the sector, but remain somewhat cautious of older stock that might require substantial decarbonisation capital expenditure.

Surprisingly, prime logistics yields have been slower to fall than in core offices and residential, despite the strong bidding intensity. CBRE has now moved most logistics yields lower by between five and 15 basis points and on average by 0.1% in 2024. We believe this trend will accelerate as the year progresses and start to impact valuations more broadly. Indeed, transaction data from RCA shows that average logistics transactions yields fell by a much greater 0.9% in 2024, paving the way for more to come in valuations.

Outlook for performance and risk

The outlook for European logistics real estate returns improved, despite an increase in the risk backdrop from trade tariffs. Despite this, current yields combined with income growth through indexation and rental growth, means logistics real estate remains good value compared to other income producing assets.

We forecast European logistics total returns of 9.9% in 2025, with three- and five-year annualised total returns of 11% and 9.4%, respectively. Logistics market return forecasts are balanced between income returns and capital growth, with rental growth and yield impact both contributing to the latter. From a country perspective, we forecast the Netherlands, Denmark, Sweden, Spain and Belgium to outperform on a three-year basis, while Ireland, Czech Republic and Poland are lagging.

The main risks to our outlook are a steeper yield curve where investors expect greater debt issuance and sovereign risk, squeezing real estate yield spreads, and a much sharper economic slowdown across continental Europe. Neither is our base case, although we acknowledge greater risks of alternative scenarios emerging.

Stagflation, resulting from the impact of tariffs on economic growth and inflation, would be a much weaker scenario that would meaningfully impact our forecasts on the downside. The agreed €500 billion fiscal easing in Germany and additional defence spending would provide a growth impulse of around 0.4% per annum from early 2026. We believe this could have an outsized positive impact on logistics demand as supply chains benefit from physical infrastructure projects and the build up of the defence industry.

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European total returns from December 2024

Source: Aberdeen January 2025.

Forecasts are a guide only and actual outcomes could be significantly different.

Dec 25 3yr annualised 5yr annualised

Managed wind-down and asset management update

In July 2024, Shareholders voted in favour of the new investment policy, formally approving the implementation of a managed wind-down.

With continued volatile money markets, geopolitical turbulence and slower than expected interest rate movement, capital values started to show signs of stabilisation, albeit at a much slower pace than anticipated.

Our main objective now is focused on realising all existing assets in the Company's portfolio in an orderly manner. However, it is also important to execute the sales strategy optimising individual asset values and income streams for Shareholders.

Our local teams on the ground are crucial in managing our diverse portfolio and supporting the execution of the managed wind-down. With highly experienced asset management and transactions teams around Europe, we are well-equipped to engage directly with occupiers, potential purchasers and local brokers alike.

The Manager's local reach is evidenced by the positive impact on the portfolio void level which has dropped from 11.1% in December 2023, to sub-4% by March 2025.

As at 31 December 2024, Spain represented the largest geographic exposure in the portfolio by value (32.9%), followed by Netherlands (29.1%), Poland (15.0%), France (13.0%) and Germany (10.0%).

Sales

In March 2024, the Company completed the sale of the vacant asset in Meung -sur-Loire, France for €17.5 million. This tactical sale reduced the Company's exposure to a capex and opex-hungry asset, particularly in the context of physical sustainability improvements that would have been necessary to future-proof the building.

In the Netherlands, at Oss, a deal was agreed to sell the property to the tenant, Orangeworks, for €15.7m. This sale enabled the tenant to progress works to extend the unit, as well as delivering on the Company's objective to return capital to shareholders.

In December, the Company contracted to sell two Spanish assets at Polinya, Barcelona and Coslada, Madrid for €29.7m. The sale completed in January 2025.

At the time of writing this report the Company is in advanced legal stages on three further assets which are 'under offer'.

Four assets are currently at the second round stage of bidding, with a further twelve assets fully prepared and with agents.

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Leasing

In February 2024, the long-standing uncertainty surrounding Arrival's lease in Gavilanes, Madrid was finally resolved with the mutually agreed surrender of the lease at nil premium. This released 27,165 sqm of vacant space back to the Spanish portfolio granting the Company full control to re-let phase 3, which comprises three units of 16,500 sqm, 5,131 sqm and 5,534 sqm respectively.

With full autonomy over the leasing strategy, the team immediately let Unit 3B to Method Logistics on a 3-yearsplus-2 lease at ERV.

In October, MCR (an existing tenant at Gavilanes 2B, with a June 2025 break option) signed a lease surrender for Gavilanes 2 in order to double their footprint at the park and take Unit 3A (16,500 sqm). This was an excellent result by the Spanish team where the Company extended MCR on a new 7-year term certain, at ERV of €1,039,500 p.a.

Notwithstanding the positive impact of re-letting the largest of the three vacant units, the deal to MCR also enabled an existing tenant to grow and expand into an appropriate unit for an additional 6 years.

With MCR's expansion into Unit 3A, unit 2B was surrendered by MCR and simultaneously leased to Molecor on a 5-year deal at ERV. Once more, an excellent example of the reach of our local Madrid team.

Unit 1B, (11,264 sq m) remains vacant, however, a refreshed marketing campaign with a new leasing agent, has brought fresh interest.

In 2024, the Company completed three leasing deals in Poland. In Krakow, a lease renewal was completed in May, with IDC Polonia extending their lease term for a further 3 years to May 2027.

At Lodz, EGT also completed a lease renewal to remain in occupation for a further 3 years until March 2027.

In Warsaw, Spedimex (now part of ID Logistics) completed a lease renewal to extend their occupation for a further 5 years.

In Germany, complex negotiations with Bergler (one of the Erlensee asset's largest occupiers) have allowed Bergler to expand into two units where existing tenants were looking to vacate.

This initiative successfully transformed two lease expiries originally due in 2024 and 2025, into secure 10-year terms extending until 2034. The deal also involved re-gearing and converting Bergler's existing 7-year term into a 10-year term.

In total these leasing and transaction activities covered approximately 150,000 sqm of real estate across five countries, enhancing the value of the Company's portfolio and further supporting the managed wind-down process.

Fundamentally, the foregoing sales and leasing activity demonstrates the Manager's commitment to implementing both the sales strategy required for the wind-down, as well as delivering successful asset management and leasing initiatives, which feeds into improved asset liquidity and values.

Top 10 tenants based on current rents

		Contracted rent	Contracted rent	WAULT incl breaks	WAULT excl break
	Tenant	(€000 p.a.)	(%)	(years)	(years)
1	A.G. van der Helm	3,562	10.7%	5.3	5.3
2	Amazon	2,726	8.2%	12.3	22.3
3	Biocoop	2,327	7.0%	9.7	9.7
4	Combilo International B.V.	2,288	6.9%	8.9	8.9
5	JCL Logistics Benelux B.V.	1,808	5.5%	6.9	6.9
7	Aalberts integrated piping systems B.V.	1,751	5.3%	9.5	9.5
6	A.S. Watson	1,709	5.2%	8.7	8.7
8	DHL	1,600	4.8%	2.7	3.4
9	DACHSER France	1,539	4.6%	5.5	8.5
10	PRIMERA LÍNEA LOGÍSTICA, S.L.	1,402	4.2%	5.1	5.1
	Subtotal	20,712	62.4%
	Other tenants	12,456	37.6%
	Portfolio as at 31 December 2024	33,168	100.0%	6.2	7.6

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Property portfolio as at 31 December 2024

			WAULT	WAULT
			incl breaks	excl breaks	% of the
	Country	Location	(years)	(years)	portfolio
1	France	Avignon, Noves	9.7	9.7	5-10
2	France	Bordeaux	4.1	7.1	0-5
3	France	Niort	7.0	10.0	0-5
4	France	Dijon	5.0	8.0	0-5
5	Germany	Erlensee	6.6	6.6	5-10
6	Germany	Flörsheim	3.2	3.2	0-5
7	Poland	Krakow	2.1	2.1	5-10
8	Poland	Lodz	3.0	3.5	0-5
9	Poland	Warsaw	3.2	3.2	0-5
10	Spain	Barcelona	1.5	4.5	0-5
11	Spain	Madrid	2.0	6.0	0-5
12	Spain	Spain, Madrid - Gavilanes 1A	5.1	5.1	0-5
13	Spain	Spain, Madrid - Gavilanes 1B	-	-	0-5
14	Spain	Spain, Madrid - Gavilanes 2A	1.6	11.6	0-5
15	Spain	Spain, Madrid - Gavilanes 2B	4.8	4.8	0-5
16	Spain	Spain, Madrid - Gavilanes 2C	0.5	2.5	0-5
17	Spain	Spain, Madrid - Gavilanes 3 A/B/C	5.6	6.1	5-10
18	Spain	Spain, Madrid - Gavilanes 4	12.3	22.3	5-10
19	Netherlands	Den Hoorn	5.3	5.3	5-10
20	Netherlands	Ede	8.7	8.7	0-5
21	Netherlands	Horst	7.7	7.7	0-5
22	Netherlands	's Heerenberg	6.9	6.9	0-5
23	Netherlands	Waddinxveen	8.9	8.9	5-10
24	Netherlands	Zeewolde	9.5	9.5	0-5
	Total		6.2	7.6

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Loan portfolio 31 December 2024

Country	Property	Lender	Loan (€million)	End date	Duration (years)	Fixed interest rate (incl margin)
Germany	Erlensee	DZ Hyp	17.8	January 2029	10	1.62%
Germany	Flörsheim	DZ Hyp	12.4	January 2026	7	1.54%
France	Avignon	BayernLB	22.0	February 2026	7	1.57%
Netherlands	Ede + Waddinxveen	Berlin Hyp	34.3	June 2025	6	1.35%
Netherlands	's Heerenberg	Berlin Hyp	11.0	June 2025	6	1.10%
Netherlands	Den Hoorn + Zeewolde	Berlin Hyp	43.2	January 2028	8	1.38%
Spain	Madrid Gavilanes 4 + Madrid Coslada + Barcelona	ING Bank	51.0	September 2025	3	3.05%
Spain	Madrid Gavilanes 1 + 2 + 3	ING Bank	44.0	July 2025	3	2.72%
Total			235.7			2.02%

The Investment Manager has received offers for short-term extensions of the loan facilities with existing lenders for the loans expiring in 2025, where the underlying properties are expected to be disposed of after the loan expiry dates. These extensions are intended to facilitate the orderly disposal of the underlying properties.

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Troels Andersen

Fund Manager, Aberdeen 10 April 2025

Strategic Report Property Portfolio

FRANCE

AVIGNON

	Avignon (92,000 inhabitants) is in the heart of the Provence close to larger cities Montpellier (280,000) and Marseille (978,000). The Provence is the #1 region to produce fruit and vegetables in France explaining why tenant Biocoop (organic food retailer) and other supermarkets (Carrefour, Aldi, Systeme U) and food specialists have located distribution centres here
	Sustainable warehouse with modern specifications and solar panels
	Property consists of 4 cells, 2 of which are treated as cold storage (1/3 of floor space)
SPA signed/ closing	Jul 18 / Oct 18
Year of construction	2018
Net leasable area	28,469 sqm
Main tenants	Biocoop
Indexation	100% ILAT (annual)
WAULT (incl/ excl breaks)	9.7 / 9.7 years
Property specifications	Free height of 10.5m, floor load capacity of 5 t/sqm, 24 loading doors, sprinklers, HQE Excellent certificate, 11% office space, LED, solar panels

BORDEAUX

	Bordeaux (260,000 inhabitants) is in the Gironde department at the heart of the Nouvelle-Aquitaine region of south-west France. The A10 motorway connects Bordeaux to Paris, Orleans, and Niort to the north. The A62 and A63 motorways to the south connect Toulouse and Spain respectively Cross-docked parcel hub facility built in 2005 Low site density of c22% Acquired as part of portfolio of three assets let to Dachser France
SPA signed/ closing	Dec 21 / Sep 22
Year of construction	2005

Year of construction	2005
Net leasable area	6,504 sqm
Main tenants	Dachser France
Indexation	100% ILAT (annual)
WAULT (incl/ excl breaks)	4.1 / 7.1 years
Property specifications	Traditional, lower-eaves, cross-docked facility. 89 loading bays, low site

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cover. Full circulation

DIJON

• . Dijon (160,000 inhabitants) is in the Cote d'Or department of the Bourgogne-Franche-Comte region of France. Well located to connect the east of France and its trade routes with Switzerland, Germany and Luxembourg and central France using the A31, A38, A39 and E17 routes . Cross-docked parcel hub facility built in 2004
• . Low site density of c17%
• . Acquired as part of portfolio of three assets let to Dachser France

SPA signed/ closing	Dec 21 / Sep 22
Year of construction	2004
Net leasable area	5,069 sqm
Main tenants	Dachser France
Indexation	100% ILAT (annual)
WAULT (incl/ excl breaks)	5.0 / 8.0 years
Property specifications	Traditional, lower-eaves, cross-docked facility. 80 loading bays, low site cover. Full circulation

NIORT

NIORT
	Niort (177,000 inhabitants) is in the Deux-Sevres department of the Nouvelle Aquitaine region of France. The A10, A83 routes link Niort to Paris, Bordeaux, Orleans, and Nantes Cross-docked parcel hub facility built in 2014 Very low site cover of c9% Acquired as part of portfolio of three assets let to Dachser France
SPA signed/ closing	Dec 21 / Sep 22
Year of construction	2014
Net leasable area	3,939 sqm
Main tenants	Dachser France
Indexation	100% ILAT (annual)
WAULT1 (incl/ excl breaks)	7.0 / 10.0 years
Property specifications	Traditional, lower-eaves, cross-docked facility. 34 loading bays, low site cover. Full circulation

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GERMANY

ERLENSEE

	Two logistics buildings on a new logistics hub to the West of the Frankfurt Rhine-Main region (6m inhabitants) with other companies like Dachser and Wilhelm Brandenburg Group located close by. Acquired off-market via forward funding The asset comprises two modern multi-let logistics buildings Limited logistics supply in Rhine-Main region offers platform for strong rental growth prospects
SPA signed/ closing	Jun 18 / Feb 19
Year of construction	2018
Net leasable area	26,700 sqm
Main tenants	Bergler, DS Smith, MSG Frucht
Indexation	Threshold indexations with combination of 5%/80% and 10%/80%
WAULT (incl/ excl breaks)	6.6 / 6.6 years
Property specifications	Free height of 10.5m, 50 loading doors, sprinklers, floor load capacity of 5 t/sqm, 10% office space, LED

FLÖRSHEIM

	Prime multi-let logistics park built in 2015 and located to the East of the Frankfurt Rhine-Main region (6m inhabitants), just 15 kilometres from Frankfurt airport. Acquired via forward funding Project comprises two modern multi-let logistics buildings of 10,762 and 7,047 sqm Limited logistics supply in Rhine-Main region creating space for future growth
SPA signed/ closing	Dec 17 / Feb 18
Year of construction	2015
Net leasable area	17,809 sqm
Main tenants	Ernst Schmitz, Maintrans, Duhome, Hangcha, Horiba
Indexation	100% CPI (annual) and 1 lease with threshold indexation (5%/80%)
WAULT (incl/ excl breaks)	3.2 / 3.2 years
Property specifications	Free height of 10m, 22 loading doors, floor load capacity of 5 t/sqm, sprinklers, 11% office space, LED (partial)

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THE NETHERLANDS

EDE

	Ede (112,000 inhabitants) very centrally located in the Netherlands and well positioned for national distribution
	One part of the building (30% of total) was fully renewed in 2018 with a new floor and installations
	Kruidvat is part of the AS Watson Group with this location supporting their growing e-commerce business
SPA signed/ closing	Aug 18 / Aug 18
Year of construction	1999 / 2005
Net leasable area	39,569 sqm
Main tenants	Kruidvat
Indexation	100% CPI (annual) cap at 4%
WAULT (incl/ excl breaks)	8.7 / 8.7 years
Property specifications	Free height of 12.2m, 23 loading doors, floor load capacity of 2.5-10.0 t/sqm, sprinklers, 8% office space, LED

DEN HOORN

. Den Hoorn is in the most densely populated area in the Netherlands in the Rotterdam/ the Hague metropolitan area (2.7 million inhabitants) and easily accessible by motorway . Modern, flexible warehouse with excellent specifications and full solar PV coverage

SPA signed/ closing	Dec 19 / Jan 20
Year of construction	2020
Net leasable area	42,570 sqm
Main tenants	Van der Helm
Indexation	100% CPI (annual)
WAULT (incl/ excl breaks)	5.3 / 5.3 years
Property specifications	Free height of 12.2 meters, 36 loading doors, floor load capacity of 5t/ sqm, 11% office space, LED, sprinklers, solar panels

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OSS
-----

	Oss (86,000 inhabitants) is strategically located between port of Rotterdam and Ruhr area and ranked as number 7 logistics hotspot in the Netherlands
	Established logistics location with large companies such as Montea D Logistics, Vos Logistics, Heineken, Vetipak, Movianto and Mediq Forward funded project
SPA signed/ closing	Oct 18 / Jul 19
Year of construction	L O 2019
Net leasable area	S 12,383 sqm
Main tenants	Orangeworks
Indexation	100% CPI (annual)
WAULT (incl/ excl breaks)	9.5 / 9.5 years
Property specifications	Free height of 10m, 5 loading doors with option to create 10 more, floor load capacity of 5 t/sqm, sprinklers, 14% office space, LED

'S HEERENBERG

. Located in an exciting logistics hub close to A12 highway and Emmerich barge terminal in Germany. 3PL providers keen to locate close to NL-GER border with advantages in customs and employment flexibility . Grade A warehouse and cross-dock with offices. Total site is

SPA signed/ closing	Jun 19 / Jul 19
Year of construction	2009/ 2011
Net leasable area	23,031 sqm
Main tenants	JCL Logistics
Indexation	100% CPI (annual)
WAULT (incl/ excl breaks)	6.9 / 6.9 years
Property specifications	Warehouse free height 12m, cross-dock 5.5m. 40 loading doors, floor-load capacity 3.0-4.0 t/sqm, LED (partial), sprinklers

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WADDINXVEEN

• . Waddinxveen is centrally located in the Randstad conurbation (8 million consumers within 1 hour's driving distance) and ranked as number 5 logistics hotspot in the Netherlands
• . Established, strategic location due to large concentration of greenhouses. Combilo is a specialist in the import and export and packaging of fruit/vegetables for supermarkets/wholesale
• . Cross-dock warehouse of with ample loading doors on both sides
• . Additional warehouse c2,500 sq m added to holding on same lease terms completed in 2022

SPA signed/ closing	Nov 18 / Nov 18
Year of construction	1983/ 1994/ 2002/ 2018 / 2022
Net leasable area	31,631 sqm
Main tenants	Combilo International
Indexation	100% CPI (annual)
WAULT (incl/ excl breaks)	8.9 / 8.9 years
Property specifications	Cross-dock with 51 loading doors, free height 7-11m, sprinklers, floor load capacity 1.0 - 3.5 t/sqm, 6% office space, LED (partial), solar panels (partial)

ZEEWOLDE

	Zeewolde is a town with 23,000 inhabitants located in the heart of the Netherlands in the province of Flevoland and close to Almere, the fastest growing municipality in the Netherlands (197,000 inhabitants, forecast: 350,000) and Lelystad (96,000 inhabitants)
	Region is ranked as number 6 logistics hotspot in the Netherlands and benefits from the expansion of Lelystad airport and further critical mass in the logistics supply
SPA signed/ closing	Nov 18 / Jun 19
Year of construction	2019
Net leasable area	35,898 sqm
Main tenants	Aalberts Integrated Piping Services
Indexation	100% CPI (annual)
WAULT (incl/ excl breaks)	9.5 / 9.5 years
Property specifications	Free height of 12.2m, 37 loading doors, floor load capacity of 5 t/sqm, BREAAM Very Good, sprinklers, 4% office space, LED

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HORST

• . Horst is a town and municipality with 43,000 inhabitants located in the south of the Netherlands in the province of Limburg. The property is well located between Venlo 8km south and Venray 7km north on the A73
• . The area is famed for its support of the agrifood and agriculture economies
• . Well-specified unit with 12 loading docks and ancillary offices. Low site cover on a 40,593 sq m plot

SPA signed/ closing	Sep 22 / Sep 22
Year of construction	2005
Net leasable area	6,904 sqm
Main tenants	Limax
Indexation	100% CPI (annual, cap 100% to 2%, and 50% at 2-3%)
WAULT (incl/ excl breaks)	7.7 / 7.7 years
Property specifications	Free height of 9m, 12 loading doors, floor load capacity of 30 kN/sqm

POLAND

KRAKOW

	Krakow is the 2nd largest city in Poland with 760,000 inhabitants and characterised by a relatively affluent population, the dominance of added value industries, a strong education infrastructure and business friendly policy
	The Polish logistics market is strong benefitting from being the largest economy within the Central and Eastern European block with a lower cost labour force
	Modern, multi-tenant building with excellent specifications
SPA signed/ closing	Feb 19 / Feb 19
Year of construction	2018
Net leasable area	34,932 sqm
Main tenants	Agata, Lynka, Max Fliz, DS Smith, Gebrüder Weiss, BRB, Chefs Culinar, IDC
Indexation	100% CPI (annual)
WAULT (incl/ excl breaks)	2.1 / 2.1 years
Property specifications	Free height of 12m, 70 loading doors, floor load capacity of 5 t/sqm, sprinklers, 11% office space, LED

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WARSAW

• . Warsaw is the wealthiest and largest, most urbanised area in Poland with a population size of 1.8 million making it attractive for parcel delivery specialists such as DHL
• . The Polish logistics market is strong benefitting from being the largest economy within the Central and Eastern European block with a lower cost labour force
• . Modern, logistics scheme consisting of two Grade A logistics buildings. One building is cross-docking warehouse for the e-commerce activities of DHL (over 50% of total rent), the other is a traditional warehouse sub-divided to form 3 units

SPA signed/ closing	Oct 19
Year of construction	2019
Net leasable area	24,690 sqm
Main tenants	DHL, ICS, DBK, ID Logistics
Indexation	100% Euro CPI (annual)
WAULT (incl/ excl breaks)	3.2 / 3.2 years
Property specifications	Free height of 10m in warehouse and 7.5m in cross-dock, 60 loading doors, floor load capacity of 5 t/sqm, LED, 9% office space, solar panels (partial)

LODZ

	Lodz is the 3rd largest logistics city in Poland (with 750,000 inhabitants) and centrally located alongside main motorways and Europe's key railway link to China
	Multi-tenanted building with several occupiers having a direct link with the Bosch/ Siemens Campus and Dell factory creating a stable tenant base
	Lodz is one of the core markets in Poland with a low vacancy rate
SPA signed/ closing	April 2021
Year of construction	2020
Net leasable area	31,512
Main tenants	Bilplast, Compal, EGT, Kan, Tabiplast, Alfa Laval
Indexation	100% EU CPI (annual)
WAULT (incl/ excl breaks)	3.0 / 3.5 years
Property specifications	10.0m clear height, 5T floor load, LEDs, sprinklers, 56 loading doors, yard depth of 35m, 6% office space, solar panels

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SPAIN

BARCELONA

	Barcelona is the 2nd most populous city in Spain with the fastest growing seaport in Europe
	Asset located 20 minutes from the city centre
	D Undersupplied market practically zero vacancy in the 1st ring. Physical supply constraints with sea/ mountains surrounding L Asset is highly reversionary
SPA signed/ closing	July 2021
Year of construction	O 2019
Net leasable area	13,907 sqm
Main tenants	S Mediapost
Indexation	100% CPI (annual)
WAULT (incl/ excl breaks)	1.5 / 4.5 years
Property specifications	11.0m clear height, 5T floor load, LEDs, sprinklers, 10 loading doors, yard depth of 35m, 6% office space, solar panels

MADRID - COSLADA

	Madrid, the third largest city in Europe with a metropolitan population of almost seven million people
	Coslada is perfectly located for last-mile logistics with its location between the city centre and adjacent to the airport
	Cross-dock warehouse with loading doors at both sides
	D Leased out to DHL who have occupied this building since it was constructed
SPA signed/ closing	L O December 2021
Year of construction	1999
Net leasable area	6,805 sqm
Main tenants	S DHL
Indexation	100% CPI (annual)
WAULT (incl/ excl breaks)	2.0 / 6.0 years
Property specifications	Free height of 10.5m, cross-dock with 12 loading bays at the front and 25 doors at the back, floor load capacity of 5 t/sqm, 20% office space

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MADRID – GAVILANES 1A

• . Urban logistics hub located in southern Madrid, the third largest city in Europe with a metropolitan population of almost seven million people
• . Property is located in Gavilanes, just 17km south of the city centre, alongside the M-50 motorway (Madrid ring road) intersecting the A-4 motorway (Spain's main north-south motorway)

SPA signed/ closing	December 2021
Year of construction	2019
Net leasable area	21,713 sqm
Main tenants	Talentum
Indexation	100% CPI (annual, capped at 3%)
WAULT (incl/ excl breaks)	5.1 / 5.1 years
Property specifications	11.2m clear height, LEDs, sprinklers, 5T floor load, yard depth >33m and 9% office space, LEED Silver rating

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MADRID – GAVILANES 1B

	Urban logistics hub located in southern Madrid, the third largest city in Europe with a metropolitan population of almost seven million people
	Property is located in Gavilanes, just 17km south of the city centre, alongside the M-50 motorway (Madrid ring road) intersecting the A-4 motorway (Spain's main north-south motorway)
	Amazon relocated from Gavilanes 1B to phase 4
SPA signed/ closing	December 2021
Year of construction	2019
Net leasable area	11,264 sqm
Main tenants	Vacant
Indexation	n/a
WAULT (incl/ excl breaks)	n/a
Property specifications	11.2m clear height, LEDs, sprinklers, 5T floor load, yard depth >33m and 8% office space, LEED Silver rating

MADRID – GAVILANES 2A

• . Urban logistics hub located in southern Madrid, the third largest city in Europe with a metropolitan population of almost seven million people
• . Property is located in Gavilanes, just 17km south of the city centre, alongside the M-50 motorway (Madrid ring road) intersecting the A-4 motorway (Spain's main north-south motorway)

SPA signed/ closing	December 2021
Year of construction	2020
Net leasable area	9,512 sqm
Main tenants	Carrefour
Indexation	100% CPI (annual, capped at 2%)
WAULT (incl/ excl breaks)	1.6 / 11.6 years
Property specifications	11.2m clear height, 5T floor load, LEDs, sprinklers, yard depth of 55m and 13.6% office space, LEED silver rating

MADRID – GAVILANES 2B

• . Urban logistics hub located in southern Madrid, the third largest city in Europe with a metropolitan population of almost seven million people . Property is located in Gavilanes, just 17km south of the city centre,
• alongside the M-50 motorway (Madrid ring road) intersecting the A-4 motorway (Spain's main north-south motorway)

SPA signed/ closing	December 2021
Year of construction	2020
Net leasable area	7,718 sqm
Main tenants	Molecor
Indexation	100% CPI (annual, uncapped)
WAULT (incl/ excl breaks)	4.8 / 4.8 years
Property specifications	11.2m clear height, 5T floor load, LEDs, sprinklers, yard depth of 55m and 13.6% office space, LEED silver rated

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MADRID – GAVILANES 2C

• . Urban logistics hub located in southern Madrid, the third largest city in Europe with a metropolitan population of almost seven million people
• . Property is located in Gavilanes, just 17km south of the city centre, alongside the M-50 motorway (Madrid ring road) intersecting the A-4 motorway (Spain's main north-south motorway)

SPA signed/ closing	December 2021
Year of construction	2020
Net leasable area	7,375 sqm
Main tenants	ADER
Indexation	100% CPI (annual, uncapped)
WAULT (incl/ excl breaks)	0.5 / 2.5 years
Property specifications	11.2m clear height, 5T floor load, LEDS, sprinklers, yard depth of 55m and 13.6% office space, LEED silver rated

MADRID – GAVILANES 3A/B/C

. Urban logistics hub located in southern Madrid, the third largest city in Europe with a metropolitan population of almost seven million people . Property is located in Gavilanes, just 17km south of the city centre, alongside the M-50 motorway (Madrid ring road) intersecting the A-4 motorway (Spain's main north-south motorway) . Property comprises two adjacent warehouse buildings of 16,500 sq m and 10,665 sq m (which can be split) SPA signed/ closing December 2021 Year of construction 2019 Net leasable area 27,165 sqm Main tenants MCR, Method & Under Offer Indexation n/a

WAULT (incl/ excl breaks) 5.6 / 6.1 years Property specifications 11.2m clear height, 5T floor load, LEDs, sprinklers, yard depth of 31 - 45m and 11% office space, LEED Gold rating

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1 Reflecting the ongoing demand for Grade-A, highly sustainable logistics space in Spain, the Company agreed a new lease for 5,131 sqm of the space, at a rent 8.7% above the previous passing rent, with Spanish transportation company METHOD Advanced Logistics.

MADRID – GAVILANES 4

• . Urban logistics hub located in southern Madrid, the third largest city in Europe with a metropolitan population of almost seven million people
• . Property is located in Gavilanes, just 17km south of the city centre, alongside the M-50 motorway (Madrid ring road) intersecting the A-4 motorway (Spain's main north-south motorway)
• . Amazon parcel delivery hub, optimised for last mile deliveries, including multi-level van parking deck fully prepared for electric charging capability and canopy with numerous van loading areas

SPA signed/ closing	December 2021
Year of construction	2022
Net leasable area	16,467 sqm + 20,748 sqm parking deck
Main tenants	Amazon
Indexation	100% CPI (annual, capped at 3%)
WAULT (incl/ excl breaks)	12.3 / 22.3 years
Property specifications	11.0m clear height, 7.5T floor load, LEDs, sprinklers, yard depth of 41m and 19% office space, BREEAM Very Good

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Group Structure

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Strategic Report

Group Structure

As at 31 December 2024

Legal entity country of domiciliation

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Zeewolde

's Heerenberg

ASELI 's Heerenberg B.V

Horst

Den Hoorn

ASELI Den Hoorn BV

ASELI Netherlands Holdings B.V

100%

100%

ASELI Netherlands II B.V

ASELI Madrid Holding S.L

Madrid - Gavilanes 1

Madrid - Gavilanes 2 Madrid - Gavilanes 3

aELI Madrid Logistics 1 S.L.U

100%

AELI Madrid Holdings 2 S.L

100% 100%

Madrid - Gavilanes 4

aELI Madrid Logistics 2 S.L.U

100%

100%

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Gavilanes 3

100%

Madrid - Coslada

ASELI Leon B.V

Barcelona

ASELI Erlensee B.V

Erlensee

ASELI Netherlands I B.V 100%

100%

100%

Waddinxveen

ASELI Waddinxveen B.V

Flörsheim

ASELI Flörsheim B.V

Ede

100% 100%

100% less 1 share

Holding 1 share

Holding 1 share

Avignon

ASELI Avignon SCI

ASELI France Holding SAS

100%

ASELI Meung SCI

100%

Circulus Investments SP z.o.o.

Lodz

Poland France The Netherlands England & Wales Spain

abrdn European Logistics Income plc (UK Investment Trust)

PDC Industrial Centre 92 Sp. z o.o

Warsaw

Dijon

Niort

Bordeaux

Legal entity country of domiciliation

aELI Messageries SCI

100%

PDC Industrial Centre 72 Sp. z o.o

Krakow

Sustainability and Climate Reporting

The management of Environmental, Social and Governance issues is a fundamental part of our business.

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Streamlined Energy and Carbon Reporting

SECR table - GHGs
				% Change	% Change
Data type	2022	2023	2024	2024 v 2023	2024 v 2022
Total Scope 1 & 2 GHG Emissions (tCO2e)	7,102	6,837	5,436	-21%	-24%
Emissions Intensity (kgCO2e/m2 NLA) - Scopes 1 & 2	36.80	24.40	21.05	-14%	-43%
Total Landlord Energy Consumption (kWh)	18,385,278	16,308,479	16,371,422	0%	-11%

Actual data has been used where possible, however, not all invoices were received for the reporting year (01/01/2024 to 31/12/2024) and so where actual consumption data is missing, estimated data has been used instead.

To estimate the missing data an estimation methodology hierarchy has been followed:

• 1. The first option, which provides the highest level of reliability, is to gap fill the missing data at the meter level using a statistical model based on previous known consumption data.
• 1. If this option is not available then the next step is to extrapolate the missing data using previously collected data from other tenants or meters in the building and applying it across the relevant floor area.

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1. Finally if the other two options are not suitable then an indexing approach has been taken. This approach applies industry benchmark data for the asset type using a floor area basis. This option has the lowest level of reliability.

Sustainable Finance Disclosure Regulation (SFDR)

The Company falls in-scope of the EU's Sustainable Finance Disclosure Regulation, and is classed as an Article 8 Fund which does not have a sustainable investment objective, but promotes environmental and social characteristics as part of its investment process.

The Company's periodic disclosure documentation required as part of its SFDR obligations is shown within the Corporate Information section of this document.

Taskforce for Climate-related Financial Disclosure (TCFD)

TCFD was established to provide a standardised way to disclose and assess climate-related risks and opportunities. Recommendations are structured around four key topics: Governance, Strategy, Risk Management and Metrics & Targets. The Company is committed to implementing the recommendations of the TCFD to provide investors with information on climate risks and opportunities that are relevant to the business. TCFD covers risks and opportunities associated with two overarching categories of climate risk; transition and physical:

• . Transition risks are those that relate to an asset, portfolio or company's ability to decarbonise. An entity can be exposed to risks as a result of carbon pricing, regulation, technological change and shifts in demand related to the transition.
• . Physical risks are those that relate to an asset's vulnerability to factors such as increasing temperatures and extreme weather events as a result of climate

change. Exposure to physical risks may result in, for example, direct damage to assets, rising insurance costs or supply chain disruption.

There is still significant uncertainty and methodological immaturity in assessing climate risks and opportunities and there is not yet a widely-recognised net zero carbon standard. Nonetheless, the Company has progressed already with work to model the implications of decarbonising the portfolio in line with a 1.5°C scenario (using the 'Carbon Risk Real Estate Monitor' (CRREM) as a real-estate specific framework to measure against) and undertaken analysis to understand potential future physical climate risks.

There are different regulations in place that require companies to disclose against various levels of TCFD recommendations. Whilst the Company does not fall in scope of the 'Companies (Strategic Report) (related Financial Disclosure) Regulations 2022', the Company still voluntarily follows this framework, as best practice, to provide an overview of the Company's approach to all 11 TCFD recommendations. Note that this disclosure against the TCFD recommendations is entirely voluntary. The Company does, however, fall under the regulatory framework created by the Financial Conduct Authority (FCA) in Policy Statement 21/24, for asset managers, life insurers and FCA-regulated pension providers to make climate-related disclosures consistent with the recommendations of the TCFD. In order to meet this requirement, the Company is required to publish a standalone TCFD report no later than June each year. Please see the 2024 TCFD report for the Company at abrdn.com/en-gb/trusts/prices-and-literature.

Governance

The Directors, all of whom are non-executive and independent of the AIFM and Investment Manager, oversee the management of the Company and represent the interests of shareholders.

The Company is registered as a public limited company in England and Wales and is an investment company as defined by Section 833 of the Companies Act 2006. The Company is also a member of the Association of Investment Companies.

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Governance Your Board of Directors

Details of the current Directors, all of whom are non-executive and independent of the AIFM and Investment Manager, are set out below. The Directors oversee the management of the Company and represent the interests of shareholders.

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Status: Independent Non-Executive Chairman.

Length of service: Seven years, appointed a Director on 8 November 2017 and Chairman on 11 June 2019.

Experience: Tony started his career as a structural engineer with Ove Arup and Partners in 1983. In 1994 he joined John Laing plc to review and make equity investments in infrastructure projects both in the UK and abroad and then in 2006 he joined HSBC Specialist Investments ('HSIL') to be the fund manager for HICL Infrastructure Company Limited. In 2011, Tony was part of the senior management team that bought HSIL from HSBC, renaming it InfraRed Capital Partners.

Tony was a Managing Partner and a senior member of the infrastructure management team at InfraRed Capital Partners until June 2018. He holds a MA in Engineering from Cambridge University and is an ACMA.

Last re-elected to the Board: 24 June 2024.

Contribution: The Nomination Committee has reviewed the contribution of Mr Roper in light of his forthcoming re-election at the AGM to be held on 25 June 2025 and concluded that Mr Roper has continued to skilfully chair the Company through a turbulent yet successful year for the Company. Mr Roper's real estate and investment trust experience is deeply valued by his fellow Directors.

Committee membership: Audit Committee, Management Engagement Committee and Nomination Committee.

Remuneration: £58,000 per annum.

All other public company directorships: SDCL Energy Efficiency Income Trust plc and Foresight Solar Fund Limited.

Connections with Trust or Investment Manager: None.

Shared Directorships with any other Trust Directors: None.

Shareholding in Company: 122,812 Ordinary shares.

Anthony Roper Caroline Gulliver

Status: Senior Independent Non-Executive Director.

Length of service: Seven years, appointed a Director on 8 November 2017.

Experience: Caroline is a chartered accountant with over 25 years' experience at Ernst & Young LLP, latterly as an executive director before leaving in 2012. During that time, she specialised in the asset management sector and developed an extensive experience of investment trusts. She is a director of a number of other investment companies.

Last re-elected to the Board: 24 June 2024.

Contribution: The Nomination Committee has reviewed the contribution of Ms Gulliver in light of her forthcoming re-election at the AGM to be held on 25 June 2025 and concluded that Ms Gulliver has continued to expertly chair the Audit Committee through the year drawing on her significant wealth of financial and accounting experience.

Committee membership: Audit Committee (Chairman), Nomination Committee and Management Engagement Committee.

Remuneration: £45,000 per annum.

All other public company directorships: International Biotechnology Trust plc and MIGO Opportunities Trust PLC.

Connections with Trust or Investment Manager: None.

Shared Directorships with any other Trust Directors: None.

Shareholding in Company: 90,000 Ordinary shares.

John Heawood

Status: Independent Non-Executive Director.

Length of service: Seven years, appointed a Director on 8 November 2017.

Experience: John has over 40 years' experience as a Chartered Surveyor advising a broad range of investors, developers and occupiers. He was a partner, and subsequently a director, of DTZ responsible for the London-based team dealing with industrial, logistics and business park projects across the UK. In 1996 he was appointed to the board of SEGRO plc and was responsible for its UK business for the next 12 years. From 2009-2013 he was managing director of the Ashtenne Industrial Fund, a £500 million multi-let industrial and logistics portfolio managed by Aviva on behalf of 13 institutional investors. John is currently also a trustee of Marshalls Charity.

Last re-elected to the Board: 24 June 2024.

Contribution: The Nomination Committee has reviewed the contribution of Mr Heawood in light of his forthcoming re-election at the AGM to be held on 25 June 2025 and concluded that Mr Heawood has continued to provide significant real estate experience and insight to the Board as well as expertly chairing the Management Engagement Committee.

Committee membership: Management Engagement Committee (Chairman), Audit Committee and Nomination Committee.

Remuneration: £38,000 per annum.

All other public company directorships: None

Connections with Trust or Investment Manager: None. Shared Directorships with any other Trust Directors: None. Shareholding in Company: 60,000 Ordinary shares.

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Governance Directors' Report

The Directors present their Report and the audited financial statements for the year ended 31 December 2024.

Results and Dividends

Details of the Company's results and dividends are shown on page 19 of this Annual Report. The dividend policy is disclosed in the Strategic Report on page 11.

Investment Trust Status

The Company was incorporated on 25 October 2017 (registered in England & Wales No. 11032222) and has been accepted by HM Revenue & Customs as an investment trust subject to the Company continuing to meet the relevant eligibility conditions of Section 1158 of the Corporation Tax Act 2010 and the ongoing requirements of Part 2 Chapter 3 Statutory Instrument 2011/2999 for all financial periods commencing on or after 15 December 2017. The Directors are of the opinion that the Company has conducted its affairs for the year ended 31 December 2024 so as to enable it to comply with the ongoing requirements for investment trust status.

Individual Savings Accounts

The Company has conducted its affairs so as to satisfy the requirements as a qualifying security for Individual Savings Accounts. The Directors intend that the Company will continue to conduct its affairs in this manner.

Share Capital

The Company's capital structure is summarised in note 16 to the financial statements. At 31 December 2024, there were 412,174,356 fully paid Ordinary shares of 1p each in issue. During the year no Ordinary shares were purchased in the market for treasury or cancellation and no Ordinary shares were issued or sold from Treasury.

On 23 July 2024 shareholders approved in General Meeting the cancellation of the amount standing to the credit of the Company's Share Premium account. Subsequently, on 24 September 2024, the Court issued a sealed order confirming the proposal to cancel the Share Premium account and the cancellation certificate was registered at Companies House on 26 September 2024.

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B Share Scheme

On 22 November 2024 approval was granted by Shareholders for the Company to issue and redeem up to £300 million of B Shares. The Board believes that one of the fairest and most efficient ways of returning substantial amounts of cash to Shareholders is by means of a bonus issue of redeemable B Shares (with a nominal value of one penny each) which would then be immediately redeemed by the Company in consideration for a cash payment equal to the amount treated as paid up on the issue of the B Shares.

The quantum and timing of any return(s) of capital to Shareholders under a B Share Scheme will be at the discretion of the Board and will be dependent on the realisation of the Company's investments and its liabilities, general working capital requirements and the amount and nature (from a tax perspective) of its distributable reserves. The adoption of a B Share scheme does not limit the ability of the Company to return cash to Shareholders by using other mechanisms and the Board will continue to monitor the tax effectiveness and cost efficiency of using B Shares.

The Board resolved on 27 February 2025 to return £16.5 million in aggregate to Shareholders via an issue of B Shares. On 7 March 2025 1,648,697,424 B Shares of one penny each were paid up from the Company's special distributable reserve and issued to all Shareholders by way of a bonus issue on the basis of 4 B Shares for every 1 Ordinary Share held at the Record Date of 6.00 p.m. on 6 March 2025.

The B Shares were immediately redeemed at their nominal value of one penny per B Share with a Redemption Date of 7 March 2025. The proceeds from the redemption of the B Shares, equivalent to 4 pence per Ordinary Share, were sent to uncertificated Shareholders through CREST with cheques posted to certificated Shareholders on 20 March 2025. Shareholders should note that no certificates were issued in respect of the B Shares.

Voting Rights, Share Restrictions and Amendments to Articles of Association

Ordinary shareholders are entitled to vote on all resolutions which are proposed at general meetings of the Company. The Ordinary shares carry a right to receive dividends. On a winding up, after meeting the liabilities of the Company, the surplus assets will be paid to Ordinary shareholders in proportion to their shareholdings.

There are no restrictions concerning the transfer of securities in the Company; no special rights with regard to control attached to securities; no agreements between holders of securities regarding their transfer known to the Company; and no agreements which the Company is party to that might affect its control following a takeover bid.

In accordance with the Companies Act, amendments to the Company's Articles of Association may only be made by shareholders passing a special resolution in general meeting.

Borrowings

A full breakdown of the Company's loan facilities is provided in note 14 to the financial statements.

Management Agreement

Under the terms of a Management Agreement dated 17 November 2017 between the Company and the AIFM, abrdn Fund Managers Limited (and amended by way of side letters dated 25 May 2018, 22 February 2019, 24 January 2023 and 10 July 2024), the AIFM was appointed to act as alternative investment fund manager of the Company with responsibility for portfolio management and risk management of the Company's investments. Under the terms of the Management Agreement, the AIFM may delegate portfolio management functions to the Investment Manager and is entitled to an annual management fee together with reimbursement of all reasonable costs and expenses incurred by it and the Investment Manager in the performance of its duties.

Effective 1 August 2024 the Company has paid lower management fees at the rate of 0.5% (reduced from 0.75%) and additional disposal fees between 0.65% and 0.75% depending on the net disposal proceeds realised on sale of investment properties. In addition, with effect from 23 July 2024, the Management Agreement became terminable by the Company or aFML on not less than three months' notice with such notice not to be served before 31 March 2025.

The annual management fee is payable in Euros quarterly in arrears, save for any period which is less than a full calendar quarter.

The AIFM has also been appointed by the Company under the terms of the Management Agreement to provide day-to-day administration services to the Company and provide the general company secretarial functions required by the Companies Act. In this role, the AIFM will provide certain administrative services to the Company which includes reporting the Net Asset Value, bookkeeping and accounts preparation. Effective from March 2020 accounting and administration services undertaken on behalf of the Company have been delegated to Brown Brothers Harriman.

The AIFM has also delegated the provision of the general company secretarial services to abrdn Holdings Limited.

Risk Management

Details of the financial risk management policies and objectives relative to the use of financial instruments by the Company are set out in note 22 to the financial statements.

The Board

The current Directors are Ms Gulliver, Mr Heawood and Mr Roper who, together with Ms Wilde who retired as a Director on 24 June 2024, were the only Directors who served during the year. In accordance with the Articles of Association, each Director will retire from the Board at the Annual General Meeting convened for 25 June 2025 and, being eligible, will offer himself or herself for re-election to the Board. In accordance with Principle 23 of the AIC's 2019 Code of Corporate Governance, each Director will retire annually and submit themselves for re-election at the AGM.

The Board considers that there is a balance of skills and experience within the Board relevant to the leadership and direction of the Company and that all the Directors contribute effectively.

In common with most investment trusts, the Company has no employees. Directors' & Officers' liability insurance cover has been maintained throughout the year at the expense of the Company.

Board Diversity

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As indicated in the Strategic Report, the Board recognises the importance of having a range of skilled, experienced individuals with the right knowledge represented on the Board in order to allow it to fulfil its obligations. The Board also recognises the benefits and is supportive of, and will give due regard to, the principle of diversity in its recruitment of new Board members. The Board will not display any bias for age, gender, race, sexual orientation, socio-economic background, religion, ethnic or national origins or disability in considering the appointment of Directors. The Board will continue to ensure that all appointments are made on

the basis of merit against the specification prepared for each appointment. The Board aims to take account of the targets set out in the FCA's Listing Rules, which are set out below. However, given the revised investment objective of the Company and the on-going sale of the portfolio which is expected to complete in the shorter term, the Board has decided not to recruit a new non executive Director to replace Ms Wilde who retired in June 2024. Consequently as the sales process culminates the Company is no longer in compliance with some of these diversity targets.

As an externally managed investment company, the Board employs no executive staff, and therefore does not have a chief executive officer (CEO) or a chief financial officer (CFO) - both of which are deemed senior board positions by the FCA. However, the Board considers the Chair of the Audit Committee to be a senior board position and the following disclosure is made on this basis. Other senior board positions recognised by the FCA are chair of the board and senior independent director (SID). In addition, the Board has resolved that the Company's year end date be the most appropriate date for disclosure purposes.

The following information has been voluntarily disclosed by each Director and is correct as at 31 December 2024.

Board as at 31 December 2024

	Number of Board Members	Percentage of the Board	Number of Senior Positions on the Board3
Men	2	66.6%	1
Women1	1	33.3%	2
Prefer not to say	-		-
White British or other White (including minority-white groups)	3	100%	3
Minority Ethnic2	-	-	0
Prefer not to say	-	-	-

¹ Following the retirement of Ms Wilde in June 2024, this does not meet the target that at least 40% of Directors are women as set out in LR 6.6.6R (9)(a)(i).

² Given that the Company is in managed wind-down which is expected to be completed in the shorter term, the Company is not recruiting for further Board members. Therefore, this does not currently meet the target that at least one Director is from a minority ethnic background as set out in LR 6.6.6R (9)(a)(iii).

³ The Company meets the target that at least one of the senior positions is filled by a woman set out in LR 6.6.6R (a) (ii) for the year ended 31 December 2024. Senior positions defined as Chair, Audit Chair and Senior Independent Director.

The Role of the Chairman and Senior Independent Director

The Chairman is responsible for providing effective leadership to the Board, by setting the tone of the Company, demonstrating objective judgement and promoting a culture of openness and debate. The Chairman facilitates the effective contribution, and encourages active engagement, by each Director. In conjunction with the Company Secretary, the Chairman ensures that Directors receive accurate, timely and clear information to assist them with effective decisionmaking. The Chairman leads the evaluation of the Board and individual Directors, and acts upon the results of the evaluation process by recognising strengths and addressing any weaknesses. The Chairman also engages with major shareholders offering annual review meetings and ensures that all Directors understand shareholder views.

The Senior Independent Director acts as a sounding board for the Chairman and as an intermediary for other directors, when necessary. The Senior Independent Director takes responsibility for an orderly succession process for the Chairman, and leads the annual appraisal of the Chairman's performance and is also available to shareholders to discuss any concerns they may have.

Corporate Governance

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The Company is committed to high standards of corporate governance. The Board is accountable to the Company's shareholders for good governance and this statement describes how the Company has applied the principles identified in the UK Corporate Governance Code as published in July 2018 (the "UK Code"), which is available on the Financial Reporting Council's (the "FRC") website: frc.org.uk.

The Board has also considered the principles and provisions of the AIC Code of Corporate Governance as published in February 2019 (the "AIC Code"). The AIC Code addresses the principles and provisions set out in the UK Code, as well as setting out additional provisions on issues that are of specific relevance to the Company. The AIC Code is available on the AIC's website: theaic.co.uk.

The Board considers that reporting against the principles and provisions of the AIC Code, which has been endorsed by the FRC, provides more relevant information to shareholders. The full text of the Company's Corporate Governance Statement can be found on the Company's website: eurologisticsincome.co.uk.

The Board confirms that, during the year, the Company complied with the principles and provisions of the AIC Code and the relevant provisions of the UK Code, except as set out below.

Provision 29 of the AIC Code requires members of the Audit Committee to be independent and ordinarily the Chair of the Company would not be a member of the Committee. However, this provision permits companies to include the Chair as a member of the Audit Committee subject to the provision of an explanation. In September 2024, following the retirement of Ms Diane Wilde, the Chair, Tony Roper joined the Audit Committee as a member. Given the small size of the Board and its decision not appoint any further Directors now that the Company is in managed wind-down, the appointment of the Chair to this Committee provides the Committee with flexibility. The Company confirms that the Chair was independent upon appointment and remains independent.

The UK Code includes provisions relating to:

• . interaction with the workforce (provisions 2, 5 and 6);
• . the need for an internal audit function (provision 26);
• . the role and responsibility of the chief executive (provisions 9 and 14);
• . previous experience of the chairman of a remuneration committee (provision 32); and
• . executive directors' remuneration (provisions 33 and 36 to 40).

The Board considers that these provisions are not relevant to the position of the Company, being an externally managed investment company. In particular, all of the Company's day-to-day management and administrative functions are outsourced to third parties. As a result, the Company has no executive directors, employees or internal operations. The Company has therefore not reported further in respect of these provisions.

During the year ended 31 December 2024, the Board had four scheduled meetings and over 19 other ad hoc Board meetings as well as numerous update calls. In addition, the Audit Committee met three times and there was one meeting of the Management Engagement Committee and one meeting of the Nomination Committee. Between meetings the Board maintains regular contact with the Investment Manager. The Directors have attended the following scheduled Board meetings and Committee meetings during the year ended 31 December 2024 (with their eligibility to attend the relevant meeting in brackets):

		Audit
Director	Board	Committee	MEC	Nomination
T Roper1	4 (4)	2 (2)	1 (1)	1 (1)
C Gulliver	4 (4)	3 (3)	1 (1)	1 (1)
D Wilde2	0 (1)	0 (1)	0 (1)	0 (1)
J Heawood	4 (4)	3 (3)	1 (1)	1 (1)

¹ Mr Roper was appointed to the Audit Committee with effect from 16 September 2024 following Ms Wilde's retirement.

2 Ms Wilde retired from the Board on 24 June 2024.

Policy on Tenure

The Board's policy on tenure is that Directors need not serve on the Board for a limited period of time only. The Board does not consider that the length of service of a Director is as important as the contribution he or she has to make, and therefore the length of service will be determined on a case-by-case basis. However, in accordance with corporate governance best practice and the future need to refresh the Board over time, it is currently expected that Directors will not typically serve on the Board beyond the Annual General Meeting following the ninth anniversary of their appointment.

Board Committees

Audit Committee

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The Audit Committee Report is on pages 62 to 64 of this Annual Report.

Nomination Committee

All appointments to the Board of Directors are considered by the Nomination Committee which, due to the relatively small size of the Board, comprises all of the Directors and is chaired by the Chairman of the Company. The Nomination Committee advises the Board on succession planning, bearing in mind the balance of skills, knowledge and experience existing on the Board, and will make recommendations to the Board in this regard. The Nomination Committee also advises the Board on its balance of relevant skills, experience and length of service of the Directors serving on the Board. The Board's overriding priority when appointing new Directors in the future will be to identify the candidate with the best range of skills and experience to complement existing Directors. The Board recognises the benefits of diversity and its policy on diversity is disclosed in the Strategic Report on page 15 and also on page 50 above.

The Committee has put in place the necessary procedures to conduct, on an annual basis, an appraisal of the Chairman of the Board, Directors' individual self evaluation and a performance evaluation of the Board as a whole and its Committees. In 2024 the Board conducted an external evaluation using the services of Board Forms, an external evaluation consultancy which is independent of the Company. The evaluation was based upon completed questionnaires covering the Board, individual Directors, the Chairman and the Audit Committee Chairman. The Chairman then met each Director individually to review their responses whilst the Senior Independent Director met with the Chairman to review his performance.

In accordance with Principle 23 of the AIC's Code of Corporate Governance which recommends that all directors of investment companies should be subject to annual re-election by shareholders, all the members of the Board will retire at the forthcoming Annual General Meeting and will offer themselves for re-election. In conjunction with the evaluation feedback, the Committee has reviewed each of the proposed reappointments and concluded that each of the Directors has the requisite high level and range of business and financial experience and recommends their re-election at the forthcoming AGM. Details of the contributions provided by each Director during the year are disclosed on pages 47 and 48.

The Committee has reviewed the current size of the Board and the skill set provide by the existing Directors and has concluded that in the run up to the liquidation of the Company there is no need to search for and appoint a new non executive Director.

Management Engagement Committee

The Management Engagement Committee comprises all of the Directors and is chaired by Mr Heawood. The Committee reviews the performance of the Manager and Investment Manager and its compliance with the terms of the management and secretarial agreement. The terms and conditions of the Manager's appointment, including an evaluation of fees, are reviewed by the Committee on an annual basis. Based upon the competitive management fee and expertise of the Manager, the Committee believes that the continuing appointment of the Manager on the terms agreed is in the interests of shareholders as a whole. The Committee also at least annually reviews the Company's relationships with its other service providers. These reviews aim to ensure that services being offered meet the requirements and needs of the Company, provide value for money and performance is in line with the expectations of stakeholders.

Remuneration Committee

Under the FCA Listing Rules, where an investment trust has only non-executive directors, the Code principles relating to directors' remuneration do not apply. Accordingly, matters relating to remuneration are dealt with by the full Board, which acts as the Remuneration Committee.

The Company's remuneration policy is to set remuneration at a level to attract individuals of a calibre appropriate to the Company's future development. Further information on remuneration is disclosed in the Directors' Remuneration Report on pages 58 to 60.

Terms of Reference

The terms of reference of all the Board Committees may be found on the Company's website eurologisticsincome.co.uk and copies are available from the Company Secretary upon request. The terms of reference are reviewed and re-assessed by the relevant Board Committee for their adequacy on an annual basis.

Going Concern

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The Directors, as at the date of this report, are required to consider whether they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

At the Annual General Meeting held on 24 June 2024, in accordance with the Board's recommendation, the resolution concerning the continuation of the Company was not passed by Shareholders. At the General Meeting held on 23 July 2024, the proposed revised Investment Policy for the implementation of a managed wind-down of the Company was overwhelmingly approved by the Company's Shareholders. Following the approval by Shareholders of the revised investment objective and policy, the process of for an orderly realisation of the Company's assets and a return of capital to Shareholders has begun. The Board will endeavour to realise the Company's investments in a manner that achieves a balance between maximising the value received from the sale of investments and timely returns of net proceeds to Shareholders.

Whilst the Directors are satisfied that the Company has adequate resources to continue in operation throughout the wind-down period and to meet all liabilities as they fall due, given that the Company is now in managed wind-down, the Directors consider it appropriate to adopt a basis other than going concern in preparing the financial statements.

No material adjustments to accounting policies or the valuation basis have arisen as a result of ceasing to apply the going concern basis.

Additional details about going concern are disclosed in note 1a to the financial statements.

Management of Conflicts of Interest

The Board has a procedure in place to deal with a situation where a Director has a conflict of interest. As part of this process, the Directors prepare a list of other positions held and all other conflict situations that may need to be authorised either in relation to the Director concerned or his/her connected persons. The Board considers each Director's situation and decides on any course of action required to be taken if there is a conflict, taking into consideration what is in the best interests of the Company and whether the Director's ability to act in accordance with his or her wider duties is affected. Each Director is required to notify the Company Secretary of any potential, or actual, conflict situations that will need authorising by the Board. Authorisations given by the Board are reviewed at each Board meeting.

No Director has a service contract with the Company although Directors are issued with letters of appointment upon appointment. No Director had any interest in contracts with the Company during the year or subsequently.

The Board has adopted appropriate procedures designed to prevent bribery. The Company receives periodic reports from its service providers on the anti-bribery policies of these third parties. It also receives regular compliance reports from the Investment Manager.

The Criminal Finances Act 2017 introduced the corporate criminal offence of "failing to take reasonable steps to prevent the facilitation of tax evasion". The Board has confirmed that it is the Company's policy to conduct all of its business in an honest and ethical manner. The Board takes a zero-tolerance approach to the facilitation of tax evasion, whether under UK law or under the law of any foreign country.

Accountability and Audit

The respective responsibilities of the Directors and the auditor in connection with the financial statements are set out on pages 61 and 72 respectively.

Each Director confirms that:

• . so far as he or she is aware, there is no relevant audit information of which the Company's auditor is unaware; and,
• . each Director has taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Additionally there have been no important events since the year end that impact this Annual Report.

The Directors have reviewed the level of non-audit services provided by the independent auditor during the year amounting to £nil (2023: £nil) and remain satisfied that the auditor's objectivity and independence is being safeguarded.

Independent Auditor

The auditor, KPMG LLP, has indicated its willingness to remain in office. The Directors will place a resolution before the Annual General Meeting to re-appoint KPMG LLP as auditor for the ensuing year, and to authorise the Directors to determine its remuneration.

Internal Control

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The Board is ultimately responsible for the Company's system of internal control and for reviewing its effectiveness and confirms that there is an ongoing process for identifying, evaluating and managing the significant risks faced by the Company. This process has been in place for the year under review and up to the date of approval of this Annual Report and Financial Statements. It is regularly reviewed by the Board and accords with the FRC Guidance.

The Board has reviewed the effectiveness of the system of internal control. In particular, it has reviewed the process for identifying and evaluating the significant risks affecting the Company and policies by which these risks are managed.

The Directors have delegated the investment management of the Company's assets to members of the Aberdeen Group within overall guidelines, and this embraces implementation of the system of internal control, including financial, operational and compliance controls and risk management. Internal control systems are monitored and supported by the Aberdeen Group's internal audit function which undertakes periodic examination of business processes, including compliance with the terms of the management agreement, and ensures that recommendations to improve controls are implemented.

Risks are identified and documented through a risk management framework by each function within the Aberdeen Group's activities. Risk includes financial, regulatory, market, operational and reputational risk. This helps the Aberdeen group internal audit risk assessment model identify those functions for review. Any weaknesses identified are reported to the Board, and timetables are agreed for implementing improvements to systems. The implementation of any remedial action required is monitored and feedback provided to the Board.

The significant risks faced by the Company have been identified as being strategic; investment and asset management; financial; regulatory; and operational.

The key components of the process designed by the Directors to provide effective internal control are outlined below:

• . the AIFM prepares forecasts and management accounts which allows the Board to assess the Company's activities and review its performance;
• . the Board and AIFM have agreed clearly defined investment criteria, specified levels of authority and exposure limits. Reports on these issues, including performance statistics and investment valuations, are regularly submitted to the Board and there are meetings with the AIFM and Investment Manager as appropriate;
• . as a matter of course the AIFM's compliance department continually reviews Aberdeen's operations and reports to the Board on a six monthly basis;
• . written agreements are in place which specifically define the roles and responsibilities of the AIFM and other third party service providers and, where relevant, ISAE3402 Reports, a global assurance standard for reporting on internal controls for service organisations, or their equivalents are reviewed;
• . the Board has considered the need for an internal audit function but, because of the compliance and internal control systems in place within Aberdeen, has decided to place reliance on the Investment Manager's systems and internal audit procedures. At its April 2025 meeting, the Audit Committee carried out an annual assessment of internal controls for the year ended 31 December 2024 by considering documentation from the AIFM and the Depositary, including the internal audit and compliance functions and taking account of events since 31 December 2024. The results of the assessment, that internal controls are satisfactory, were then reported to the Board at the subsequent Board meeting.

Internal control systems are designed to meet the Company's particular needs and the risks to which it is exposed. Accordingly, the internal control systems are designed to manage rather than eliminate the risk of failure to achieve business objectives and by their nature can only provide reasonable and not absolute assurance against misstatement and loss.

Substantial Interests

The Board has been advised that the following shareholders owned 3% or more of the issued Ordinary share capital of the Company at 31 December 2024 (based upon 412,174,356 shares in issue):

Fund Manager	Shares at 31-Dec-2024	% at 31-Dec-2024
Asset Value Investors	36,959,999	8.97
East Riding of Yorkshire	33,000,000	8.01
Hargreaves Lansdown, stockbrokers (EO)	26,007,975	6.31
Quilter Cheviot Investment Management	22,402,286	5.44
RBC Brewin Dolphin Ireland	22,113,747	5.37
BlackRock	20,525,582	4.98
Interactive Investor (EO)	16,486,487	4.00
Investec Wealth & Investment	15,518,240	3.76
AJ Bell, stockbrokers (EO)	12,461,295	3.02

On 27 March 2025, Asset Value Investors notified the Company that its total holding of Ordinary shares was 41,240,154 Ordinary shares representing 10.0% of the issued class of capital. Save as disclosed, there have been no significant changes notified in respect of the above holdings between 31 December 2024 and 10 April 2025.

Relations with Shareholders

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The Directors place a great deal of importance on communication with shareholders. The Annual Report will be widely distributed to other parties who have an interest in the Company's performance. Shareholders and investors may obtain up to date information on the Company through the freephone information service shown under Investor Information and on the Company's website eurologisticsincome.co.uk.

abrdn Holdings Limited (aHL) has been appointed Company Secretary to the Company. Whilst aHL is a wholly owned subsidiary of the Aberdeen Group, there is a clear separation of roles between the Investment Manager and Company Secretary with different board compositions and different reporting lines in place. The Board notes that, in accordance with Market Abuse Regulations, procedures are in place to control the dissemination of information within the Aberdeen Group plc group of companies when necessary. Where correspondence addressed to the Board is received there is full disclosure to the Board. This is kept confidential if the subject matter of the correspondence requires confidentiality.

The Board's policy is to communicate directly with shareholders and their representative bodies without the involvement of representatives of the Investment Manager (including the Company Secretary and Investment Manager) in situations where direct communication is required and usually a representative from the Board is available to meet with major shareholders on an annual basis in order to gauge their views.

The Notice of the Annual General Meeting, included within the Annual Report and financial statements, is sent out at least 20 working days in advance of the meeting. In normal circumstances, all Shareholders have the opportunity to put questions to the Board or the Investment Manager, either formally at the Company's Annual General Meeting or at the subsequent buffet luncheon for Shareholders. Shareholders are, however, invited to send any questions for the Board and/or the Investment Manager on the Annual Report by email to European.Logistics@aberdeenplc.com. The Company Secretary is available to answer general shareholder queries at any time throughout the year.

Annual General Meeting

The Annual General Meeting will be held on 25 June 2025 at 18 Bishops Square, London E1 6EG at 9.30 a.m. In addition to the usual resolutions the following matters will be proposed at the AGM:

Special Business Purchase of the Company's Shares

Resolution 10 is a special resolution proposing to renew the Directors' authority to make market purchases of the Company's shares in accordance with the provisions contained in the Companies Act 2006 and the Listing Rules of the Financial Conduct Authority. The minimum price to be paid per Ordinary share by the Company will not be less than £0.01 per share (being the nominal value) and the maximum price should not be more than the higher of (i) an amount equal to 5% above the average of the middle market quotations for an Ordinary share taken from the London Stock Exchange Daily Official List for the

five business days immediately preceding the date on which the Ordinary share is contracted to be purchased; and (ii) the higher of the price of the last independent trade and the current highest independent bid on the trading venue where the purchase is carried out.

The Directors do not intend to use this authority to purchase the Company's Ordinary shares unless to do so would result in an increase in NAV per share and would be in the interests of Shareholders generally. The authority sought will be in respect of 14.99% of the issued share capital as at the date of the Annual General Meeting rather than the date of this document.

The Board is very aware of the current wide share price discount to NAV and regularly monitors this. The Directors view buybacks as a very useful tool for seeking to assist in the management of the liquidity of the Company shares which could be used in the future as one of a number of methods to address imbalances of supply and demand which, arithmetically, can cause discounts to NAV per share. However, the Company's revised investment objective means that most available cash will be returned to shareholders where possible in the form of capital distributions. Shares bought back would be purchased at a discount to the prevailing NAV per share and the result would be accretive to the NAV for all on-going shareholders.

The authority being sought will expire at the conclusion of the Annual General Meeting in 2026 or 30 June 2026, whichever is earlier unless it is renewed before that date. Any Ordinary shares purchased in this way will either be cancelled and the number of Ordinary shares will be reduced accordingly or held in treasury.

This share buyback power will give the Directors additional flexibility going forward and the Board considers that it will be in the interests of the Company that such authority be available. Share buybacks will only take place when, in the view of the Directors, to do so will be to the benefit of Shareholders as a whole.

Special Business Notice of Meetings

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Resolution 11 is a special resolution seeking to authorise the Directors to call general meetings of the Company (other than Annual General Meetings) on 14 days' clear notice. This approval will be effective until the Company's Annual General Meeting in 2026 or 30 June 2026 whichever is earlier. In order to utilise this shorter notice period, the Company is required to ensure that Shareholders are able to vote electronically at the general meeting called on such short notice. The Directors confirm that, in the event that a general meeting is called, they will give as much notice as practicable and will only utilise the authority granted by Resolution 11 in limited and time sensitive circumstances.

Dividend Policy

As a result of the timing of the payment of the Company's quarterly dividends, the Company's Shareholders are unable to approve a final dividend each year. In line with good corporate governance, the Board therefore proposes to put the Company's dividend policy to Shareholders for approval at the Annual General Meeting and on an annual basis.

Resolution 4 is an ordinary resolution to approve the Company's dividend policy. The Company's dividend policy shall be that dividends on the Ordinary shares are payable quarterly in relation to periods ending March, June, September and December and the last dividend referable to a financial year end will not be categorised as a final dividend that is subject to Shareholder approval. It is intended that the Company will pay quarterly dividends consistent with the expected annual underlying portfolio yield. The Company has the flexibility in accordance with its Articles to make distributions from capital.

Shareholders should note that references to ''dividends'' are intended to cover both dividend income and income which is designated as an interest distribution for UK tax purposes and therefore subject to the interest streaming regime applicable to investment trusts.

Recommendation

Your Board considers Resolutions 1 to 11 to be in the best interests of the Company and its members as a whole and most likely to promote the success of the Company for the benefit of its members as a whole. Accordingly, your Board unanimously recommends that Shareholders should vote in favour of all Resolutions to be proposed at the AGM, as they intend to do in respect of their own beneficial shareholdings amounting to 272,812 Ordinary shares.

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By order of the Board

abrdn Holdings Limited - Company Secretaries Registered Office

280 Bishopsgate London EC2M 4AG

10 April 2025

Governance

Directors' Remuneration Report

The Board has prepared this report in accordance with the regulations governing the disclosure and approval of Directors' remuneration. This Directors' Remuneration Report comprises three parts:

Remuneration Policy

Which is subject to a binding shareholder vote every three years (or sooner if varied during this interval) – approved by Shareholders at the AGM held on 6 June 2022;

Implementation Report

Which provides information on how the Remuneration Policy has been applied during the year and which is subject to an advisory vote on the level of remuneration paid during the year; and

Annual Statement

Which confirms compliance with the regulations.

The law requires the Company's Auditor to audit certain of the disclosures provided in this report. Where disclosures have been audited, they are indicated as such. The auditor's opinion is included in the report on page 66.

Remuneration Policy

The Directors' remuneration policy takes into consideration the principles of UK Corporate Governance and there have been no changes to the policy during the year nor are there any changes proposed for the foreseeable future. No shareholder views were sought in setting the remuneration policy although any comments received from shareholders are considered by the Board.

As the Company has no employees and the Board is comprised wholly of non-executive Directors and, given the size and nature of the Company, the Board has not established a separate Remuneration Committee. Directors' remuneration is determined by the Board as a whole.

The Directors are non-executive and the Company's Articles of Association limit the annual aggregate fees payable to the Board of Directors to £300,000 per annum. This cap may be increased by shareholder resolution from time to time.

The annualised fees payable to Directors as at 31 December 2024 were:

	£
Chairman	58,000
Chairman of Audit Committee	45,000
Director	38,000

The fees were increased to the above levels with effect from 1 July 2024.

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Subject to this overall limit, the Board's policy is that the remuneration of non-executive Directors should reflect the nature of their duties, responsibilities and the value of their time spent and be fair and comparable to that of other investment trusts that are similar in size, have a similar capital structure and have a similar investment objective.

Appointment

• . The Company only appoints non-executive Directors.
• . Directors must retire and be subject to election at the first AGM after their appointment, and voluntarily submit themselves for annual election.
• . New appointments to the Board will be placed on the fee applicable to all Directors at the time of appointment.
• . No incentive or introductory fees will be paid to encourage a Directorship.
• . The Directors are not eligible for bonuses, pension benefits, share options, long-term incentive schemes or other benefits.
• . Directors are entitled to re-imbursement of out-ofpocket expenses incurred in connection with the performance of their duties, including travel expenses.
• . The Company indemnifies its Directors for all costs, charges, losses, expenses and liabilities which may be incurred in the discharge of duties, as a Director of the Company.

Performance, Service Contracts, Compensation and Loss of Office

• . The Directors' remuneration is not subject to any performance-related fee.
• . No Director has a service contract, although Directors are issued with letters of appointment.
• . No Director has an interest in any contracts with the Company during the year or subsequently.
• . The terms of appointment provide that a Director may be removed upon three months' notice.
• . Compensation will not be due upon leaving office.
• . No Director is entitled to any other monetary payment or to any assets of the Company.

Directors' and Officers' liability insurance cover is maintained by the Company on behalf of the Directors. Under the Articles, the Company indemnifies each of the Directors out of the assets of the Company against any liability incurred by them as a Director in defending proceedings or in connection with any application to the Court in which relief is granted and separate deeds of indemnity exist in this regard between the Company and each Director.

The Directors' Remuneration Policy was approved at the AGM held on 6 June 2022 and became effective for the three year period commencing from the conclusion of that AGM. A resolution to approve the Directors' Remuneration Policy for the three year period to 31 December 2027 will be proposed at the forthcoming Annual General Meeting.

Implementation Report

Directors' Fees

The Board has carried out an annual review of the level of fees payable to Directors including analysis of fees paid by comparable investment companies. The Board concluded that the level of fees payable should be increased with effect from 1 July 2025 to £60,000 payable to the Chair, £47,000 payable to the Audit Chair and £40,000 payable to other Directors. In taking this decision, the Board considered the effect of inflation, the level of fees payable by comparable investment companies and the increased workload generated by the managed wind-down of the portfolio. The Board confirms that it does not expect to make any further increases to Directors' fee levels up to completion of the managed wind-down and the point when the Company is liquidated and the Directors terminate their involvement with the Company. The fees were last increased with effect from 1 July 2024. There are no further fees to disclose as the Company has no employees, chief executive or executive directors. A resolution to approve the Directors' Remuneration Report (excluding the Directors' Remuneration Policy but including the Implementation Report) will be proposed at the forthcoming AGM.

Company Performance

The following chart illustrates the total shareholder return (including reinvested dividends) for a holding in the Company's shares as compared to the FTSE All Share Index for the period from launch to 31 December 2024 (rebased to 100 at launch). Given the absence of any meaningful index with which to compare performance, the FTSE All Share index is deemed to be the most appropriate one against which to measure the Company's performance.

Inception to 31 December 2024

Source: Aberdeen, Factset.

Statement of Voting at Annual General Meeting

At the Company's AGM held on 24 June 2024, Shareholders approved the Directors' Remuneration Report in respect of the year ended 31 December 2023 (other than the Directors' Remuneration Policy for the three years ending 30 June 2025 which was previously approved at the AGM held on 6 June 2022). The following proxy votes were received on the resolutions:

Resolution	For*	Against	Withheld
(2) Receive and Adopt Directors' Remuneration Report (approved on 24 June 2024)	214.5m (99.2%)	1.6m (0.8%)	0.04m
(3) Approve Directors' Remuneration Policy (approved on 6 June 2022)	195.9m (99.9%)	0.3m (0.1%)	0.05m

* Including discretionary votes.

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Spend on Pay (Audited)

Fees Payable

The Directors received the following fees which exclude employers' NI and any VAT payable for the year ended 31 December 2024 and the year ended 31 December 2023.

Fees are pro-rated where a change takes place during a financial year.

Director	2024 £'000	2023 £'000
T Roper	56	54
C Gulliver	43.5	42
J Heawood	37	36
D Wilde1	18	36
Total	154.5	168

1 Ms Wilde retired from the Board on 24 June 2024.

In euro terms the Directors were paid €180,000 (2023: €193,000).

The table below shows the actual expenditure in the year in relation to Directors' remuneration and shareholder dividends.

	2024 €'000	2023 €'000
Directors' Fees paid	180	193
Dividends paid	13,850	23,248

Sums Paid to Third Parties

None of the fees disclosed above were payable to third parties in respect of making available the services of the Directors.

Annual Percentage Change in Directors' Remuneration

The table below sets out the annual percentage change in Directors' fees for the past four years.

	Year ended 31 Dec 2024 %	Year ended 31 Dec 2023 %	Year ended 31 Dec 2022 %	Year ended 31 Dec 2021 %
T Roper1	7.4	8.0	2.0	4.3
C Gulliver	7.1	5.0	2.6	2.6
J Heawood	5.6	2.9	2.9	3.0
D Wilde2	N/A	2.9	2.9	3.0

1 Tony Roper was appointed Chairman on 11 June 2019.

2 Ms Wilde retired from the Board on 24 June 2024.

Directors' Interests in the Company

The Directors are not required to have a shareholding in the Company. The Directors' interests in contractual arrangements with the Company are as shown in note 23 to the financial statements. The Directors (including connected persons) at 31 December 2024 had no interest in the share capital of the Company other than those interests, all of which are beneficial interests, shown in the table below.

	31 Dec 2024 Ordinary shares	31 Dec 2023 Ordinary shares
T Roper	122,812	122,812
C Gulliver	90,000	90,000
J Heawood	60,000	60,000
D Wilde1	N/A	74,375

1 Ms Wilde retired from the Board on 24 June 2024.

These interests were unchanged at 10 April 2025, being the nearest practicable date prior to the signing of this Report.

Annual Statement

On behalf of the Board and in accordance with Part 2 of Schedule 8 of the Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013, I confirm that the above Report on Remuneration Policy and Remuneration Implementation summarises, as applicable, for the year ended 31 December 2024:

• . the major decisions on Directors' remuneration;
• . any substantial changes relating to Directors' remuneration made during the year; and
• . the context in which the changes occurred and in which decisions have been taken.

Tony Roper

Chairman

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10 April 2025

Governance

Statement of Directors' Responsibilities in Respect of the Annual Report and the Financial Statements

The Directors are responsible for preparing the Annual Report and the Group and parent Company financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare Group and parent Company financial statements for each financial year. Under that law they are required to prepare the Group financial statements in accordance with UK-adopted international accounting standards and applicable law and have elected to prepare the parent Company financial statements in accordance with UK accounting standards and applicable law, including FRS 101 Reduced Disclosure Framework.

Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and parent Company and of the Group's profit or loss for that period. In preparing each of the Group and parent Company financial statements, the Directors are required to:

• . select suitable accounting policies and then apply them consistently;
• . make judgements and estimates that are reasonable, relevant, reliable and prudent;
• . for the Group financial statements, state whether they have been prepared in accordance with UK-adopted international accounting standards;
• . for the parent Company financial statements, state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the parent Company financial statements;
• . assess the Group and parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
• . use the going concern basis of accounting unless they either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so. As explained in note 1a to the Financial Statements, the Directors do not believe that it is appropriate to prepare these financial statements on a going concern basis.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent Company's transactions and disclose with reasonable accuracy at any time the financial position of the parent Company and enable them to ensure that its financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Directors' Report, Directors' Remuneration Report and Corporate Governance Statement that complies with that law and those regulations.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In accordance with Disclosure Guidance and Transparency Rule ("DTR") 4.1.16R, the financial statements will form part of the annual financial report prepared under DTR 4.1.17R and 4.1.18R. The auditor's report on these financial statements provides no assurance over whether the annual financial report has been prepared in accordance with those requirements.

Responsibility statement of the Directors in respect of the annual financial report

We confirm that to the best of our knowledge:

• . the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the company and the undertakings included in the consolidation taken as a whole; and
• . the Strategic Report/Directors' Report includes a fair review of the development and performance of the business and the position of the issuer and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

We consider the Annual Report and financial statements, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's position and performance, business model and strategy.

By order of the Board Tony Roper

10 April 2025

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Governance Report of the Audit Committee

I am pleased to present the report of the Audit Committee (the 'Committee') for the year ended 31 December 2024 which has been prepared in compliance with applicable legislation.

Committee Composition

The Audit Committee comprises three independent Directors: Mr Heawood, Mr Roper and myself (Ms Gulliver) as Chair. Mr Roper was appointed to the Audit Committee following the retirement of Ms Wilde. Following the implementation of the managed wind-down and with a view to minimising costs the Company's Board now consists of only three Directors. The Directors have satisfied themselves that at least one of the Committee's members has recent and relevant financial experience. I am a member of the Institute of Chartered Accountants of Scotland (ICAS) and I confirm that the Audit Committee as a whole has competence relevant to the investment trust sector and that at least one member has competence in accounting.

Functions of the Committee

The principal function of the Committee is to assist the Board in relation to the reporting of financial information, the review of financial controls and the management of risk. The Committee has defined terms of reference which are reviewed and re-assessed for their adequacy on an annual basis. Copies of the terms of reference are published on the Company's website.

The Committee's main audit review functions are listed below:

• . to review and monitor the internal control systems and risk management systems (including review of nonfinancial and emerging risks) on which the Company is reliant;
• . to develop and implement policy on the engagement of the Auditor to supply non-audit services. No nonaudit fees were paid to the Auditor during 2024 (2023: £nil). The Audit Committee reviews and approves the provision of all non-audit services in the light of the potential for such services to impair the Auditor's independence;
• . to consider annually whether there is a need for the Company to have its own internal audit function;
• . to review and challenge the investment valuation process employed by the Investment Manager;
• . to monitor the integrity of the half-yearly and annual financial statements of the Company by reviewing, and challenging where necessary, the actions and judgements of the Investment Manager;
• . to review, and report to the Board on, the significant financial reporting issues and judgements made in connection with the preparation of the Company's financial statements, interim reports, announcements and related formal statements;
• . to review the content of the Half Yearly Report and Annual Report and Financial Statements and advise the Board on whether, taken as a whole, it is fair, balanced and understandable and provides the information necessary for Shareholders to assess the Company's performance, business model and strategy;
• . to meet with the Auditor to review their proposed audit programme of work and the findings of the Auditor. The Committee shall also use this as an opportunity to assess the effectiveness of the audit process;
• . to review a statement from the Investment Manager detailing the arrangements in place within the AIFM whereby the AIFM staff may, in confidence, escalate concerns about possible improprieties in matters of financial reporting or other matters ("whistleblowing");
• . to make recommendations in relation to the appointment of the Auditor and to approve the remuneration and terms of engagement of the Auditor;
• . to review the Company's audit arrangements and consider the requirement for an audit tender in line with best practice;
• . to monitor and review annually the Auditor's independence, objectivity, effectiveness, resources and qualification; and
• . to investigate, when an auditor resigns, the reasons giving rise to such resignation and consider whether any action is required.

Performance Evaluation of the Committee

In 2024 an externally-facilitated evaluation of the Audit Committee was conducted by the Board using the services of Board Forms. The evaluation, which concluded that the Committee operated effectively, was based upon questionnaires and the results allowed the Committee members to agree priorities for future consideration.

Activities During the Year

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The Audit Committee met three times during the year when it considered the Half Yearly Report in detail, reviewed the Auditor's audit planning report and reviewed the Annual Report and financial statements. The reviews of the Half Yearly Report and Annual Report included detailed work in relation to the Going Concern status and viability of the Company together with significant oversight of the preparation of the financial statements. Representatives of the AIFM's internal audit, risk and compliance departments reported to the Committee at these meetings on matters such as internal control systems, risk and the conduct of the business in the context of its regulatory environment. The Audit Committee continues to believe that the Company does not require an internal audit function of its own as it delegates its day to day operations to third parties from whom it receives internal controls reports.

Review of Internal Control Systems and Risk

The Committee considers the internal control systems and a matrix of risks at each of its meetings. There is more detail on the process of these reviews in the Directors' Report. In addition, details of the principal risks faced by the Company can be found within the Strategic Report on pages 11 to 14.

Financial Statements and Significant Issues

During its review of the Company's financial statements for the year ended 31 December 2024, the Audit Committee considered the following significant issues, including, in particular, those communicated by the Auditor as key areas of audit emphasis during their planning and reporting of the year end audit.

Valuation of Investment Property – The valuation of the Group's investment properties is performed by an independent external valuer in accordance with the RICS Red Book. The valuation of investment property requires significant judgement and estimates by the independent valuer. The Committee is responsible for reviewing and challenging the investment valuation process employed. The independent valuer is appointed by the Investment Manager and its direct property pricing committee is responsible for ensuring that the valuation is independent, fair and compliant with the Aberdeen valuation policies. Portfolio managers are responsible for correcting any matters of factual inaccuracy during the valuation process but are not permitted to express any opinion in relation to the valuation itself.

Recoverability of Investment in subsidiaries - The company's investment in subsidiaries is recognised at lower of carrying value and its recoverable amount. Recoverable amount is determined as the higher of an asset's fair value less costs of disposal (FVLCOD) and its value in use. The value in use represents the present value of future cash flows expected to be derived from the asset. When the carrying value exceeds the recoverable amount, an impairment provision is recognized. This determination of impairment involves estimates such as future cash flows and the fair value of investment properties.

The net asset value of each investment is reviewed to assess whether there is sufficient value within the subsidiary to meet the contractual cash flows. A key factor in this assessment is the fair value of the investment properties owned by the subsidiary. The Committee is responsible for reviewing and challenging the investment valuation process employed across its subsidiaries In cases where cash shortfalls are expected, the carrying value of the loans is impaired, and losses are recognized in the statement of comprehensive income.

Impact of changes in basis of preparation of financial

statements - One of the main changes resulting from the change in basis of preparation of the annual accounts to other than going concern is the assessment of assets held for sale. This assessment requires careful consideration of the criteria for classification, including the likelihood of sale within the next 12 months, the asset's current condition, and the active marketing efforts to locate a buyer. The judgment involved in this assessment is critical, as it directly impacts the presentation of these assets in the financial statements. The Audit Committee has reviewed these judgment to ensure they accurately reflect the current market conditions and the company's objectives during the managed wind-down process.

The decision to prepare the annual accounts on a basis other than going concern also necessitated a reassessment of the amortised cost of loans payable. This reassessment requires careful evaluation of cash flows due to the anticipated disposal of investment properties and the early repayment of loans, along with the associated early repayment penalties. The judgment required in this reassessment is crucial, as it directly affects the presentation and measurement of these liabilities in the financial statements. The Audit Committee has reviewed these judgment to ensure they accurately reflect the current financial conditions and the company's objectives during the managed wind-down process.

Going Concern

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On 24 June 2024, Shareholders voted against the continuation of the Company and, on 23 July 2024, approved a change in investment objective and investment policy allowing the Company to proceed with a managed wind-down and an orderly realisation of assets, returning capital to Shareholders. The Company is therefore preparing its financial statements on a basis other than going concern.

Review of Financial Statements

The Committee is responsible for the review of the Company's Annual Report. The process is extensive, requiring input from a number of different third party service providers. The Committee reports to the Board on whether, taken as a whole, the Annual Report and financial statements are fair, balanced and understandable. In so doing, the Committee has considered the following matters:

. the existence of a comprehensive control framework surrounding the production of the Annual Report and Financial Statements which includes a number of different checking processes;

• . the existence of extensive levels of reviews as part of the production process involving the depositary, the AIFM, the Company Secretary and the Auditor as well as the Committee's own expertise;
• . the controls in place within the various third party service providers to ensure the completeness and accuracy of the financial records and the security of the Company's assets;
• . the externally audited internal control reports of Aberdeen Group plc, and related service providers.

The Committee has reviewed the Annual Report and the work undertaken by the third party service providers and is satisfied that, taken as a whole, the Annual Report and Financial Statements is fair, balanced and understandable. The Committee has reported its findings to the Board which in turn has made its own statement in this regard in the Directors' Responsibility Statement on page 61.

Review of Auditor

The Audit Committee has reviewed the effectiveness of the Auditor including:

• . Independence: the Auditor discusses with the Audit Committee, at least annually, the steps it takes to ensure its independence and objectivity and makes the Committee aware of any potential issues, explaining all relevant safeguards;
• . Quality of audit work: (i) the ability to resolve issues in a timely manner – the Audit Committee is confident that identified issues are satisfactorily and promptly resolved; (ii) its communications/presentation of outputs – the Audit Committee is satisfied that the explanation of the audit plan, any deviations from it and the subsequent audit findings are comprehensible; and (iii) working relationship with management – the Audit Committee is satisfied that the Auditor has a constructive working relationship with the Investment Manager; and,
• . Quality of people and service including continuity and succession plans: the Audit Committee is satisfied that the audit team is made up of sufficient, suitably experienced staff.

The Audit Committee therefore supports the recommendation to the Board that the reappointment of the Auditor be put to Shareholders for approval at the AGM.

Tenure of the Auditor

KPMG has held office as Auditor since the incorporation of the Company in 2017. In accordance with present professional guidelines the audit partner will be rotated after no more than five years and the year ended 31 December 2024 is the second year for which the present partner has served. The Committee considers KPMG, the Company's auditor, to be independent of the Company. Companies Act legislation requires listed companies to tender the audit every 10 years and rotate after a maximum of 20 years.

Caroline Gulliver

Audit Committee Chairman

10 April 2025

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Financial Statements

The audited net asset value ("NAV") per share as at 31 December 2024 was 90.8c (GBp 75.3p), compared with the NAV per share of 93.4c (GBp 81.2p) at the end of 2023, reflecting, with the interim dividends paid, a NAV total return of 0.9% (2023: -17.1%) for the year in euro terms.

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Financial Statements

Independent Auditor's Report to the Members of abrdn European Logistics Income plc

Independent auditor's report

[UPDATED AUDIT REPORT TO BE SUPPLIED] to the members of abrdn European Logistics Income plc

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1. Our opinion is unmodified

We have audited the financial statements of abrdn European Logistics Income plc ("the Company" or "the Parent Company") and its subsidiaries (together "the Group") for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Changes in Equity, Consolidated Statement of Cash Flows, Parent Company Balance Sheet, Parent Company Statement of Changes in Equity, and the related notes, including the accounting policies in notes 1 to the Group and Parent Company financial statements.

In our opinion:

• the financial statements give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 December 2024 and of the Group's net return for the year then ended;
• the Group financial statements have been properly prepared in accordance with UKadopted international accounting standards;
• the Parent Company financial statements have been properly prepared in accordance with UK accounting standards, including FRS 101 Reduced Disclosure Framework; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities are described below. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. Our audit opinion is consistent with our report to the audit committee.

We were first appointed as auditor by the shareholders on 14 November 2017. The period of total uninterrupted engagement is for the seven financial years ended 31 December 2024. We have fulfilled our ethical responsibilities under, and we remain independent of the Group in accordance with, UK ethical requirements including the FRC Ethical Standard as applied to listed public interest entities. No non-audit services prohibited by that standard were provided.

Overview
Materiality: Group financial statements as a whole	€6.7 m (2023:€6.9m) 1.0% (2023: 1.0%) of Total Assets
Key audit matters		vs 2023
Recurring risks	Valuation of investment properties (Group)	◄►
	Recoverability of investment in subsidiaries (Parent)	◄►
Entering managed wind down phase	New: Impacts of managed wind-down

2. Emphasis of matter – non-going concern basis of preparation

We draw attention to the disclosure made in notes 1 to the Group and Parent Company financial statements which explains that the financial statements are now not prepared on the going concern basis for the reason set out in that note. Our opinion is not modified in respect of this matter.

3. Key audit matters: our assessment of risks of material misstatement

Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the financial statements and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by us, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. We summarise below the key audit matters, in decreasing order of audit significance, in arriving at our audit opinion above, together with our key audit procedures to address those matters and, as required for public interest entities, our results from those procedures. There was one new KAM from 2023 which was the Impacts of the Managed wind-down and we changed the parent company KAM from 2023 to be the recoverability of investment in subsidiaries balance reflecting that this is now our greatest focus in the parent accounts given the Company is in the process of disposing of its assets. These matters were addressed, and our results are based on procedures undertaken, in the context of, and solely for the purpose of, our audit of the financial statements as a whole, and in forming our opinion thereon, and consequently are incidental to that opinion, and we do not provide a separate opinion on these matters.

	The risk	Our response
Valuation of investment properties	Subjective valuation	We performed the detailed tests below (assisted by our own real estate valuation specialists for procedures 3,4 and 5)
(€614.9 million; 2023: €653.7m)	The carrying amount of the Group's property portfolio makes up 93% (2023: 94%) of the Group's total assets	rather than seeking to rely on controls, because the nature of the balance is such that we would expect to obtain audit evidence primarily through the detailed procedures described:
Refer to page 62 (Report of the Audit Committee), page 81	by value.	Understanding of valuation approach: Challenged the •

(accounting policy) and page 88 (financial disclosures).

*includes €117.6m (2023: €17.5m) of investment properties held-for-sale

Valuation of the Group's investment properties are performed by external

valuation advisers. The valuation of investment property requires significant judgement and

estimates by the Group and the external valuation advisers. As a result there is an inherent risk that the subjective assumptions used in the calculations of fair value are inappropriate.

Following the announcement of the managed wind-down, we anticipated the emergence of additional evidence from active marketing and offers received, some of which may be contradictory, that requires further consideration and assessment by both the Group and the external valuer.

The effect of these matters is that, as part of our risk assessment, we have determined that the valuation of investment properties has a high degree of estimation uncertainty, with a potential range of reasonable outcomes greater than our materiality for the financial statements as a whole, and possibly many times that amount. The financial statements disclose the sensitivity of the estimate to changes in the capitalisation rate / discount rate/ equivalent yield and Estimated Rental Value ('ERV').

• Understanding of valuation approach: Challenged the external valuers in order to understand the assumptions and methodologies used in valuing the investment properties and the market evidence used by the external valuers to support their assumptions. In addition to this, we performed inquiries of Group regarding the sales plan and inspected relevant documentation such as offers
• received and other marketing evidence. • Evaluate the design and implementation of the key control: Obtained an understanding of the Group's involvement in the valuation process to assess whether appropriate oversight has occurred.
• Assessing valuer's credentials: Critically assessed the independence, professional qualifications, competence and experience of the external valuer used by the Group to determine whether there were any matters that might have affected their objectivity or may have imposed scope limitations upon their work.
• Methodology choice: Challenged the methodology used by the valuer in considering whether their valuations are in accordance with RICS Valuation Professional Standards 'the Red Book' and relevant accounting standards.
• Benchmarking assumptions: Challenged key assumptions upon which the valuations were based for a risk-based selection of properties, including those related to estimated rental value, discount rate, and yield/capitalisation rate by comparing them to our own ranges derived from market data and other evidence.
• Input assessment: Agreed observable inputs used in the valuations, such as rental income, lease incentives, break clauses and lease lengths back to lease agreements, for a sample of properties.
• Disclosure assessment: Critically assessed the adequacy of the Group's disclosures about the methods and sensitivity to key assumptions made when estimating the value of the investment properties.

Our results

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We found the Group's valuation of investment properties to be acceptable (2023: acceptable).

	The risk	Our response
Impacts of managed wind-down Refer to page 62 (Report of the Audit Committee), page 77 (accounting policy), page 88 (financial disclosures for investment properties held for sale) and page 92 (financial disclosure for bank loans)	Accounting treatment As set out in the Chairman's Statement, following a Strategic Review, the Shareholders voted in a favour of a new investment policy to implement a managed wind-down of the Company and therefore the accounts are prepared on a non-going concern basis. Arising from this, there is an increased inherent risk that judgements related to the following items may not comply with the relevant accounting standards, and that the appropriate accounting treatment may not have been applied accordingly: • Determination of whether a provision is required under the relevant accounting standards for costs associated with business activities involved in the wind down. • Assessment of whether the held-for-sale recognition criteria are met under the relevant accounting standards for each investment property held. • Evaluation of whether remeasurement criteria are met for financial instruments and lease liabilities in the financial statements under the relevant accounting standards. Disclosure There is an increased risk of inaccurate or incomplete disclosure in the financial	We performed the detailed tests below rather than seeking to rely on controls, because the nature of the amounts are such that we would expect to obtain audit evidence primarily through the detailed procedures described: • Evaluated the Group's accounting memorandum considering whether a provision is required under relevant accounting standards and whether remeasurements are required under the relevant accounting standards and assess whether the judgement complies with the relevant accounting standards. • Evaluated the Group's model for remeasuring financial liability due to modification of cash flow against accounting standards, assessed the estimated cash flow with the Group's disposal plan and underlying loan agreement, and recalculated the carrying amount. • Critically assessed the Group's assessment of assets held-for-sale against the recognition criteria in the relevant accounting standards. • Read the other information and considered whether the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Our results We found the accounting treatment and disclosures about the managed wind-down to be acceptable.
Recoverability of investment in subsidiaries (Parent Company Key Audit Matter) (€103.9m; 2023: €109.7m)	statement and inconsistencies between the financial statements and other information. Subjective estimate The Parent Company's investment in subsidiaries accounts for 29.7% (2023:	We performed the detailed tests below rather than seeking to rely on controls, because the nature of the balance is such that we would expect to obtain audit evidence primarily through the detailed procedures
Refer to page 62 (Report of theAudit	30.0%) of its total assets. External market conditions and broader performance issues have affected subsidiary results.	described: Critically assessed the Group's assessment of •

Refer to page 62 (Report of theAudit Committee) and page 110 (accounting policy and financial disclosures).

have affected subsidiary results. Additionally, the Parent Company's net assets exceeded the Group's market capitalisation at the balance sheet date, increasing the risk of recoverability of these investments. Thus, an impairment assessment was needed at the year-end. This assessment compared the carrying value of the subsidiary investment to its recoverable amount, which is the higher of its value in use (VIU) or fair value less costs of disposal (FVLCD). Key assumptions for FVLCD include the fair value of subsidiaries and disposal costs, with the fair value based on subsidiary investment properties. Our risk assessment found high degrees of estimation uncertainty in determining the recoverable amount of certain subsidiary investments, with potential outcomes exceeding our materiality for the financial

statements.

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Our results We found the balance of the Parent Company's investments in subsidiaries and the related impairment charge to be acceptable (2023: acceptable).

• Assessed whether the Parent Company's

calculating the FVLCD.

whether there were any impairment indicators for the Parent Company's investment in subsidiaries, including comparing the carrying value of the Parent Company's net assets with the Group's market capitalisation and considering the subsidiaries' business performance. • Assessed the appropriateness of the Parent Company's FVLCD methodology and the appropriateness of the input assumptions used in

disclosures about the sensitivity of the outcome of the impairment assessment to changes in key assumptions reflect the risks inherent in the recoverable amount of investment in subsidiaries.

4. Our application of materiality and an overview of the scope of our audit

Materiality for the Group financial statements as a whole was set at €6.7m (2023: €6.9m), determined with reference to a benchmark of total assets, of which it represents 1.0% (2023: 1.0%).

Materiality for the Parent Company financial statements as a whole was set at €3.6m (2023: €3.6m), determined with reference to a benchmark of total assets, of which it represents 1.0% (2023: 1.0%).

In line with our audit methodology, our procedures on individual account balances and disclosures were performed to a lower threshold, performance materiality, so as to reduce to an acceptable level the risk that individually immaterial misstatements in individual account balances add up to a material amount across the financial statements as a whole.

Group and Parent Company performance materiality was set at 75% (2023: 75%) of materiality for the financial statements as a whole, which equates to €5.0m (2023: €5.2m), (Parent Company €2.7m (2023: €2.7m)). We applied this percentage in our determination of performance materiality because we did not identify any factors indicating an elevated level of risk.

In the prior year, we established a specific materiality of €760k for the audit of the rental income balance. However, given that the Group has announced a managed wind-down, the primary objective of the Group going forward is delivering capital returns. Therefore, income return is no longer considered a primary factor influencing the financial decisions made by the users of the financial statements and hence we did not apply a specific materiality to the rental income balance in the current year.

We agreed to report to the Audit Committee any corrected or uncorrected identified misstatements exceeding €333k (2023: €347k), in addition to other identified misstatements that warranted reporting on qualitative grounds.

We do consider that the directors' remuneration is still of specific interest to users for qualitative reasons and therefore we will investigate and evaluate any discrepancies exceeding €1,000 based on professional judgement.

Overview of the scope of our audit

This year, we applied the revised group auditing standard in our audit of the consolidated financial statements. The revised standard changes how an auditor approaches the identification of components, and how the audit procedures are planned and executed across components. In particular, the definition of a component has changed, shifting the focus from how the entity prepares financial information to how we, as the group auditor, plan to perform audit procedures to address group risks of material misstatement ("RMMs").

We identified the Group as a whole to be a single component, having considered our evaluation of the Group's legal structure, the investment property valuation approach across the Group, the existence of common information systems, and our ability to perform audit procedures centrally.

Accordingly, we performed audit procedures on the single component. The audit was performed using the materiality and performance materiality levels set out below:

Misstatements reported to the Audit Committee (2023: €347K)

Impact of controls on our Group audit

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The Group uses service organisations in its administrative and financial reporting processes. We identified the finance IT systems and the consolidation system used by two of the group's service organisations, as the main IT systems relevant to our audit. To assist us in understanding the IT general controls of the main finance system for one service organisation we made inquiries to understand the design of the IT general controls for the main finance system and for the other we obtained and read its Type 2 service organisation controls report reflecting the availability of the controls report.

We took a fully substantive approach in all areas of our audit, consistent with our approach noted within the key audit matters in section 3 of our report, as we consider this to be a more efficient and effective approach to gaining the appropriate audit evidence. We did not plan to rely on any of the Group's controls in relation to any areas of our audit, because the nature of the majority of the Group and Parent Company's balances, including the Group's investment properties and Parent Company's investment in subsidiaries, are such that we would expect to obtain audit evidence primarily from substantive procedures.

5. Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

• Enquiring of the directors of whether they are aware of fraud and of the Group's high-level policies and procedures to prevent and detect fraud;
• Reading Board and Audit Committee minutes; and
• Assessing the segregation of duties in place between the directors, the Administrators and the Group's and Parent Company's Investment Manager.

As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular to the risk that management may be in a position to make inappropriate accounting entries.

On this audit we do not believe there is a fraud risk related to revenue recognition because the Group's income primarily arises from operating lease contracts with fixed, or highly predictable, periodic payments.

We did not identify any significant unusual transactions or additional fraud risks.

We performed procedures including:

• evaluating the design and implementation of the controls over journal entries and other adjustments and made inquiries of the Administrators about inappropriate or unusual activity relating to the processing of journal entries and other adjustments; and
• identifying and selecting certain journal entries made at the end of the reporting period and post-closing entries for testing and comparing the identified entries to supporting documentation.

Identifying and responding to risks of material misstatement related to compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors, the Investment Manager and the Administrators (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations.

As the Group is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity's procedures for complying with regulatory requirements.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, overseas taxation legislation, and its qualification as an Investment Trust under UK taxation legislation, any breach of which could lead to the Parent Company losing various deductions and exemptions from UK corporation tax, and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We assessed the legality of the distributions made by the Group in the period based on comparing the dividends paid with the distributable reserves prior to each distribution, including consideration of interim accounts filed during the year.

Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: GDPR compliance, health and safety legislation, money laundering, bribery and corruption legislation, environmental protection legislation, landlord and tenant legislation, building regulations, and certain aspects of company legislation recognising the financial and regulated nature of the Group's and Parent Company's activities and its legal form.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and the Administrators and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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6. We have nothing to report on the other information in the Annual Report

The directors are responsible for the other information presented in the Annual Report together with the financial statements. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work we have not identified material misstatements in the other information.

Strategic report and directors' report

Based solely on our work on the other information:

• we have not identified material misstatements in the strategic report and the directors' report;
• in our opinion the information given in those reports for the financial year is consistent with the financial statements; and
• in our opinion those reports have been prepared in accordance with the Companies Act 2006.

Directors' remuneration report

In our opinion the part of the Directors' Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006.

Disclosures of emerging and principal risks and longer-term viability

We are required to perform procedures to identify whether there is a material inconsistency between the directors' disclosures in respect of emerging and principal risks and the viability statement, and the financial statements and our audit knowledge.

Based on those procedures, other than the emphasis of matter – non-going concern referred to above, we have nothing further material to add or draw attention to in relation to:

• the directors' confirmation on page 11 that they have carried out a robust assessment of the emerging and principal risks facing the Group, including those that would threaten its business model, future performance, solvency and liquidity;
• the Emerging and Principal Risks disclosures describing these risks and how emerging risks are identified, and explaining how they are being managed and mitigated; and
• the directors' explanation in the Viability statement of how they have assessed the prospects of the Group, over what period they have done so and why they considered that period to be appropriate, and their statement as to whether they have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the period of their assessment, including any related disclosures drawing attention to any necessary qualifications or assumptions.

We are also required to review the Viability statement, set out on page 15 under the Listing Rules. Based on the above procedures, we have concluded that the above disclosures are materially consistent with the financial statements and our audit knowledge.

Our work is limited to assessing these matters in the context of only the knowledge acquired during our financial statements audit. As we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of anything to report on these statements is not a guarantee as to the Group's and Parent Company's longerterm viability.

Corporate governance disclosures

We are required to perform procedures to identify whether there is a material inconsistency between the directors' corporate governance disclosures and the financial statements and our audit knowledge.

Based on those procedures, we have concluded that each of the following is materially consistent with the financial statements and our audit knowledge:

• the directors' statement that they consider that the annual report and financial statements taken as a whole is fair, balanced and understandable, and provides the information necessary for shareholders to assess the Group's position and performance, business model and strategy;
• the section of the annual report describing the work of the Audit Committee, including the significant issues that the audit committee considered in relation to the financial statements, and how these issues were addressed; and
• the section of the annual report that describes the review of the effectiveness of the Group's risk management.

We are required to review the part of the Corporate Governance Statement relating to the Group's compliance with the provisions of the UK Corporate Governance Code specified by the Listing Rules for our review. We have nothing to report in this respect.

7. We have nothing to report on the other matters on which we are required to report by exception

Under the Companies Act 2006, we are required to report to you if, in our opinion:

• adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
• the Parent Company financial statements and the part of the Directors' Remuneration Report to be audited are not in agreement with the accounting records and returns; or
• certain disclosures of directors' remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.

We have nothing to report in these respects.

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8. Respective responsibilities

Directors' responsibilities

As explained more fully in their statement set out on page 61, the directors are responsible for: the preparation of the financial statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Group and Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor's report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC's website at www.frc.org.uk/auditorsresponsibilities.

The Company is required to include these financial statements in an annual financial report prepared under Disclosure Guidance and Transparency Rule 4.1.17R and 4.1.18R. This auditor's report provides no assurance over whether the annual financial report has been prepared in accordance with those requirements.

9. The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

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Matthew Humphrey (Senior Statutory Auditor)

for and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants 15 Canada Square Canary Wharf, London E14 5GL 10 April 2025

Financial Statements

Consolidated Statement of Comprehensive Income

For the year ended 31 December 2024

		Year ended 31 December 2024				Year ended 31 December 2023
		Revenue	Capital	Total	Revenue	Capital	Total
	Notes	€'000	€'000	€'000	€'000	€'000	€'000
REVENUE
Rental income	2	31,499	-	31,499	33,435	-	33,435
Property service charge income		8,379	-	8,379	8,095	-	8,095
Other operating income		210	-	210	540	-	540
Total revenue		40,088	-	40,088	42,070	-	42,070
GAINS/(LOSSES) ON INVESTMENTS
Gains on disposal of investment properties	9	-	35	35	-	133	133
Change in fair value of investment properties	9	-	(6,284)	(6,284)	-	(106,878)	(106,878)
Total income and gains/(losses) on investments		40,088	(6,249)	33,839	42,070	(106,745)	(64,675)
EXPENDITURE
Investment management fee		(2,508)	-	(2,508)	(3,193)	-	(3,193)
Direct property expenses		(1,690)	-	(1,690)	(3,155)	-	(3,155)
Property service charge expenditure		(8,379)	-	(8,379)	(8,095)	-	(8,095)
SPV property management fees		(297)	-	(297)	(232)	-	(232)
Impairment loss on trade receivables		(605)	-	(605)	(1,237)	-	(1,237)
Other expenses	3	(4,105)	-	(4,105)	(3,583)	-	(3,583)
Total expenditure		(17,584)	-	(17,584)	(19,495)	-	(19,495)
Net operating return/(loss) before finance costs		22,504	(6,249)	16,255	22,575	(106,745)	(84,170)
FINANCE COSTS
Finance costs	4	(8,404)	(915)	(9,319)	(8,002)	(110)	(8,112)
Gains arising from the derecognition of derivative financial		-	13	13	-	313	313
instruments
Effect of fair value adjustments on derivative financial		-	(1,311)	(1,311)	-	(1,706)	(1,706)
instruments
Effect of foreign exchange differences		(145)	(282)	(427)	(67)	(146)	(213)
Net return before taxation		13,955	(8,744)	5,211	14,506	(108,394)	(93,888)
Taxation	5	(928)	(1,253)	(2,181)	(1,327)	13,414	12,087
Net return for the year		13,027	(9,997)	3,030	13,179	(94,980)	(81,801)
Total comprehensive return / (loss) for the year		13,027	(9,997)	3,030	13,179	(94,980)	(81,801)
Basic and diluted earnings per share	7	3.1¢	(2.4¢)	0.7¢	3.2¢	(23.0¢)	(19.8¢)

The accompanying notes are an integral part of the financial statements.

The total column of the Consolidated Statement of Comprehensive Income is the profit and loss account of the Company.

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued during the year.

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Financial Statements Consolidated Balance Sheet

As at 31 December 2024

		As at 31 December 2024	As at 31 December 2023
	Notes	€'000	€'000
NON-CURRENT ASSETS
Investment properties	9	497,319	636,187
Deferred tax asset	5	2,941	4,896
Total non-current assets		500,260	641,083
CURRENT ASSETS
Trade and other receivables	10	16,998	14,682
Cash and cash equivalents	11	25,011	18,061
Other assets		750	876
Derivative financial assets	15	366	1,690
Investment properties held for sale	9	117,609	17,500
Deferred tax asset - arising on held for sale	5	203	-
Total current assets		160,937	52,809
Total assets		661,197	693,892
CURRENT LIABILITIES
Bank loans	14	140,300	-
Leasehold liability	12	682	659
Trade and other payables	13	15,322	16,353
Deferred tax liability - arising on held for sale	5	4,028	-
Total current liabilities		160,332	17,012
NON-CURRENT LIABILITIES
Bank loans	14	96,315	256,524
Leasehold liability	12	23,717	23,694
Deferred tax liability	5	6,725	11,734
Total non-current liabilities		126,757	291,952
Total liabilities		287,089	308,964
Net assets		374,108	384,928
SHARE CAPITAL AND RESERVES
Share capital	16	4,717	4,717
Share premium	17	-	269,546
Special distributable reserve	18	145,016	152,099
Special distributable reserve II	17/18	269,546	-
Capital reserve	19	(74,197)	(64,200)
Revenue reserve		29,026	22,766
Equity shareholders' funds		374,108	384,928
Net asset value per share (cents)	8	90.8	93.4

The financial statements on pages 73 to 128 were approved and authorised for issue by the Board of Directors on 10 April 2025 and signed on its behalf by:

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Caroline Gulliver

Independent Non-Executive Director

Company number: 11032222.

Financial Statements Consolidated Statement of Changes in Equity

For the year ended 31 December 2024

Notes	Share capital €'000	Share premium €'000	Special distributable reserve €'000	Special distributable reserve II €'000	Capital reserve €'000	Revenue reserve €'000	Total €'000
Balance at 31 December 2023	4,717	269,546	152,099	-	(64,200)	22,766	384,928
Total comprehensive return for the year		- -	-	-	(9,997)	13,027	3,030
Cancellation of Share premium		- (269,546)	-	269,546	-	-	-
Dividends paid	6	- -	(7,083)	-	-	(6,767)	(13,850)
Balance at 31 December 2024	4,717	-	145,016	269,546	(74,197)	29,026	374,108

For the year ended 31 December 2023

	Notes	Share capital €'000	Share premium €'000	Special distributable reserve €'000	Special distributable reserve II €'000	Capital reserve €'000	Revenue reserve €'000	Total €'000
Balance at 31 December 2022		4,717	269,546	164,851	-	30,780	20,083	489,977
Total comprehensive return for the year		-	-	-	-	(94,980)	13,179	(81,801)
Dividends paid	6	-	-	(12,752)	-	-	(10,496)	(23,248)
Balance at 31 December 2023		4,717	269,546	152,099	-	(64,200)	22,766	384,928

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Financial Statements

Consolidated Statement of Cash Flows

For the year ended 31 December 2024

Notes	Year ended 31 December 2024 €'000	Year ended 31 December 2023 €'000
CASH FLOWS FROM OPERATING ACTIVITIES
Net return for the year before taxation	5,211	(93,888)
Adjustments for:
Change in fair value of investment properties	6,284	106,878
Gains on disposal of investment properties	(35)	(133)
Decrease in lease liability	383	272
Increase in trade and other receivables	(3,187)	(2,300)
Increase in trade and other payables	(879)	10
Change in fair value of derivative financial instruments	1,311	1,706
Result arising from the derecognition of derivative financial instruments	(13)	(313)
Finance costs 4	9,319	8,112
Tax paid	(1,966)	(1,092)
Cash generated by operations	16,428	19,252
Net cash inflow from operating activities	16,428	19,252
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditure and cost of disposal	56	(898)
Disposal of investment properties	33,200	18,500
Net cash inflow from investing activities	33,256	17,602
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid 6	(13,850)	(23,248)
Bank loans interest paid	(5,134)	(5,202)
Early termination fees	-	(110)
Bank loans repaid	(23,763)	(10,808)
Proceeds from derivative financial instruments	13	313
Net cash outflow from financing activities	(42,734)	(39,055)
Net increase/(decrease) in cash and cash equivalents	6,950	(2,201)
Opening balance 31 December 2023	18,061	20,262
Closing cash and cash equivalents	25,011	18,061
REPRESENTED BY
Cash at bank 11	25,011	18,061

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Financial Statements

Notes to the Financial Statements

1. Accounting policies

The consolidated financial statements of the Group for the year ended 31 December 2024 comprise the results of abrdn European Logistics Income plc and its subsidiaries. The principal accounting policies adopted by the Group are set out below, all of which have been applied consistently throughout the year.

(a) Basis of accounting

The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards ("UK-adopted IFRS"), which comprise standards and interpretations approved by the International Accounting Standards Board ('IASB'), and International Accounting Standards and Standing Interpretations Committee interpretations approved by the International Accounting Standards Committee ('IASC') that remain in effect, and to the extent that they have been adopted by the United Kingdom, and the Listing Rules of the UK Listing Authority.

The consolidated financial statements of the Group have been prepared under the historical cost convention as modified by the measurement of investment property, investment properties held for sale, and derivative financial instruments at fair value. The consolidated financial statements are presented in Euro.

In compliance with the AIC's Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts (Issued November 2014 and updated in October 2019 with consequential amendments), the consolidated statement of comprehensive income is separated between capital and revenue profits and losses.

Going Concern

At the Annual General Meeting held on 24 June 2024, in accordance with the Board's recommendation, the resolution concerning the continuation of the Company was not passed by Shareholders. At the General Meeting held on 23 July 2024, the proposed revised Investment Policy for the implementation of a managed wind-down of the Company was overwhelmingly approved by the Company's Shareholders. Following the approval by Shareholders of the revised investment objective and policy, the process of an orderly realisation of the Company's assets and a return of capital to Shareholders has begun. The Board will endeavour to realise the Company's investments in a manner that achieves a balance between maximising the value received from the sale of investments and timely returns of net proceeds to Shareholders. Whilst the Directors are satisfied that the Company has adequate resources to continue in operation throughout the wind-down period and to meet all liabilities as they fall due, given that the Company is now in managed wind-down, the Directors consider it appropriate to adopt a basis other than going concern in preparing the financial statements. No material adjustments to accounting policies or the valuation basis have arisen as a result of ceasing to apply the going concern basis.

The Group ended the year with €25.0 million cash in hand. Following the announcement of the managed wind-down, the revolving credit facility ("RCF") of €70 million with Investec Bank was terminated in May 2024.

As detailed in note 14, there are currently eight bank facilities of which four are due to expire in 2025. The Board is monitoring the expected disposal timelines of the underlying properties to achieve a balance between maximising the value received from disposal of those properties and extending the associated loan facility with the relevant banks. The Investment Manager has engaged with the Company's partner banks and received terms for possible short-term extensions of the facilities to allow for the orderly disposal of the properties, if that were to conclude after the loan expiry date. In the event the Company is unable to secure refinancing at attractive rates, the Company has the option to withhold proceeds from the disposal of properties to repay the loans.

Under the terms of the debt agreements, each debt obligation is "ring fenced" within a sub-group of property holding companies. These non-recourse loans range in maturities between 0.4 and 4.1 years with all-in interest rates ranging between 1.10% and 3.05% per annum. All debts have a fixed rate or fixed rate nature by entering into interest rate SWAPs and caps to manage exposure to potential interest rate fluctuations.

The permitted loan to value ("LTV") ratios in the debt arrangements as at 31 December 2024 are between 45% and 60% (soft breach limits). The "hard breach" LTV ratio covenants which give the lenders the right to exercise their security are between 55% and 65%.

If the lenders were to adopt the valuations carried out for the purposes of these financial statements as at 31 December 2024, the ratios would be between 41% and 59% respectively. For the year ended 31 December 2024, there were no hard or soft breaches of LTV ratio covenants. Based on the most recent covenant submissions to lenders, there are two facilities with less than 5% headroom before a soft breach. The Directors believe that the

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liquidity residing within the Group could be used for partial repayment of a loan in the event of a breach of LTV limits on these facilities.

The permitted interest coverage ratios as at 31 December 2024, which give the lenders the right to exercise their security, are between 200% and 300%.

The latest calculated interest coverage ratios ("ICR") were between 208% and 1306% respectively. For the year ended 31 December 2024, there were no breaches of ICR. The risk of ICR breach during the managed winddown period is limited.

The Board recognises the 22% share price discount to NAV, as at 31 December 2024 (24% as at 31 December 2023). The valuation of investment property is the main driver of the NAV, and was determined by Savills as independent valuer. The Board is satisfied that the valuation exercise was performed in accordance with RICS Valuation - Global Standards. As such, the Board has full confidence in the level of the NAV disclosed in the financial statements at the reporting date. The Board expects the discount to narrow as the Company progresses with the execution of the manged wind-down.

The Directors note that the real estate values during the year continued to decline and have stabilised towards the end of the year. The Directors consider the decline will have no impact on the Group's ability to comply with debt covenants:

• . The Directors consider that in most cases there is sufficient or good headroom on covenant ratios.
• . The Group has a substantial cash balance, with the ability to increase those amounts further with certain mitigating actions.
• . The Group has substantial unsecured properties.
• . The parent company, is not itself a party to any of the debt contracts (in any capacity including as borrower, guarantor or security provider). The lenders would therefore not, in any event, have any recourse to the ultimate parent under the debt contracts.

While the Company cannot predict the outcome of the above matters, based on the financial forecasts prepared the Directors believe there are adequate resources to continue in operation throughout the wind-down period and to meet all liabilities as they fall due. However, as the Company is now in managed wind-down, the Directors consider it appropriate to adopt a basis other than going concern in preparing the financial statements.

New and revised standards and interpretations issued in the current year

The accounting policies adopted have been consistently applied throughout the year presented, unless otherwise stated. This includes the below noted Standards, Interpretations and annual improvements to IFRS that became effective during the year, which the group has incorporated in the preparation of the financial statements:

Annual improvements to IFRS Standards (effective 1 January 2024):

The Group has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2024:

Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants – Amendments to IAS 1, the amendments clarify:

• a) what is meant by a right to defer settlement;
• b) that a right to defer settlement must exist at the end of the reporting period;
• c) that classification is unaffected by the likelihood that an entity will exercise its deferral right; and
• d) that only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification.
• . Lease Liability in a Sale and Leaseback Amendments to IFRS 16, the amendments specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains.
• . Disclosures of Supplier Finance Arrangements Amendments to IAS 7 and IFRS 7, the amendments specify disclosure requirements to enhance the current requirements, which are intended to assist users of financial statements in understanding the effect of supplier finance arrangements on an entity's liabilities, cash flows and exposure to liquidity risk. Also, they clarify the characteristics of supplier finance arrangements. In these arrangements, one or more finance providers pay amounts an entity owes to its suppliers. The entity agrees to settle those amounts with the finance providers according to the terms and conditions of the arrangements, either at the same date or at a later date than that on which the finance providers pay the entity's suppliers.

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The Board considered the impact of new and revised accounting standards, interpretations or amendments on the Group. It was concluded that none have a material impact on the consolidated financial statements.

Certain new accounting standards and interpretations have been published for 31 December 2024 reporting periods and have not been early adopted by the Group. As at 31 December 2024, the following standards are not expected to have a material impact on the consolidated financial statements of the Group in the current or future reporting periods and on foreseeable future transactions:

Standards and interpretations issued by IASB but not adopted by the United Kingdom and not yet effective:

• . Amendments to IAS 21 Lack of Exchangeability (effective 1 January 2025).
• . Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments (effective 1 January 2026)
• . Annual Improvements to IFRS Accounting Standards Volume 11 (effective 1 January 2026)
• . IFRS 18 Presentation and Disclosure in Financial Statements (effective 1 January 2027)
• . IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective 1 January 2027)

There are no other standards that are not yet effective and that would be expected to have a material impact on the consolidated financial statements of the Group in the current or future reporting periods and on foreseeable future transactions.

(b) Significant accounting judgements, estimates and assumptions

The preparation of the Group's financial statements requires the directors to make judgements, estimates and assumptions that affect the amounts recognised in the financial statements and contingent liabilities. However, uncertainty about these judgements, assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in future periods.

Key estimation uncertainties

Fair value of investment properties and investment properties held for sale is stated at fair value as at the balance sheet date as set out in note 9 to these financial statements.

The determination of the fair value of investment properties requires the use of estimates such as future cash flows from the assets, estimated inflation, market rents, discount rates, capitalisation rates, estimated rental value and net initial and net equivalent property yields. The estimate of future cash flows includes consideration of the repair and condition of the property, lease terms, future lease events, as well as other relevant factors for the particular asset.

These estimates are based on local market conditions existing at the balance sheet date.

Held for sale assessment

Management has assessed the criteria for classification of investment properties as held for sale, including the likelihood of sale within the next 12 months, the asset's current condition, and the active marketing efforts to locate a buyer. This assessment involves evaluating the probability and timing of the sale, which can be influenced by market conditions and other external factors. The judgement made in this regard impacts the presentation and measurement of these assets in the financial statements.

(c) Basis of consolidation

The consolidated financial statements comprise the accounts of the Company and its subsidiaries drawn up to 31 December 2024. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. The Group acquired subsidiaries that own real estate properties. At the time of acquisition, the Group considered whether the acquisition represented the acquisition of a business. The Group accounted for an acquisition as a business combination where an integrated set of activities was acquired in addition to the property. More specifically, consideration was made with regard to the extent to which significant processes were acquired and, in particular, the extent of ancillary services provided by the Group (e.g. maintenance, cleaning, security, bookkeeping, and the like).

The significance of any process is judged with reference to the guidance in IAS 40 on ancillary services. When the acquisition of subsidiaries did not represent a business, it is accounted for as an acquisition of a group of assets and liabilities. The cost of the acquisition was allocated to the assets and liabilities acquired based upon their relative fair values, and no goodwill or deferred tax is recognised.

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(d) Functional and presentation currency

Items included in the consolidated financial statements of the Group are measured using the currency of the primary economic environment in which the Company and its subsidiaries operate ("the functional currency") which in the judgement of the Directors is Euro. The financial statements are also presented in Euro. All figures in the consolidated financial statements are rounded to the nearest thousand unless otherwise stated.

(e) Foreign currency

Transactions denominated in foreign currencies are converted at the exchange rate ruling at the date of the transaction. Monetary and non-monetary assets and liabilities denominated in foreign currencies held at the financial year end are translated using the foreign exchange rate ruling at that date. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is included as an exchange gain or loss to capital or revenue in the Consolidated Statement of Comprehensive Income as appropriate. Foreign exchange movements on investments are included in the Consolidated Statement of Comprehensive Income within gains on investments.

(f) Revenue recognition

Rental income, including the effect of lease incentives, arising from operating leases (including those containing fixed rent increases) is recognised on a straight line basis over the lease term. Service charge income represents the charge to tenants for services the Group is obliged to provide under lease agreements. This income is recorded gross within Income on the basis the Group is acting as principal, with any corresponding cost shown within expenses. Interest income is accounted for on an effective interest rate basis.

(g) Expenses

All expenses, including the management fee, are accounted for on an accruals basis and are recorded through the revenue column of the Consolidated Statement of Comprehensive Income. Gains or losses on investment properties are recorded in the capital column.

(h) Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax is defined as the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Where corporation tax arises in subsidiaries, these amounts are charged to the Consolidated Statement of Comprehensive Income. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the date of the balance sheet in the countries where the Group operates.

The Investment Manager periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation, and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

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The carrying values of the Group's investment properties are assumed to be realised by sale at the end of use. The capital gains tax rate applied is that which would apply on a direct sale of the property recorded in the Consolidated Balance Sheet regardless of whether the Group would structure the sale via the disposal of the subsidiary holding the asset, to which a different tax rate may apply. The deferred tax is then calculated based on the respective temporary differences and tax consequences arising from recovery through sale, and accounted for through the capital reserve.

(i) Investment properties

Investment properties are initially recognised at cost, being the fair value of consideration given, including transaction costs associated with the investment property. Any subsequent capital expenditure incurred in improving investment properties is capitalised in the year during which the expenditure is incurred. After initial recognition, investment properties are measured at fair value, with the movement in fair value recognised in the Consolidated Statement of Comprehensive Income and transferred to the Capital Reserve. Fair value is based on the external valuation provided by Savills (2023: Savills), chartered surveyors, at the balance sheet date undertaken in accordance with the RICS Valuation – Global Standards 2024, (Red Book), published by the Royal Institution of Chartered Surveyors. The assessed fair value is reduced by the carrying amount of any accrued income resulting from the spreading of lease incentives and/or minimum lease payments. On derecognition, gains and losses on disposals of investment properties are recognised in the Consolidated Statement of Comprehensive Income.

Non-current assets and investment properties held for sale

A non-current asset or a group of assets containing a non-current asset (a disposal group) is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use, it is available for immediate sale and sale is highly probable within one year. On initial classification as held for sale, non-current assets and disposal groups are measured at the lower of previous carrying amount and fair value less costs to sell with any adjustments taken to profit or loss.

Deferred tax classified as held for sale is measured in accordance with accounting policy as outlined in note 1 (h). Investment properties held for sale continue to be recognised under the fair value model. On derecognition, gains and losses on disposals of investment properties held for sale are recognised in the Consolidated Statement of Comprehensive Income.

(j) Distributions

Interim distributions payable to the holders of equity shares are recognised in the Statement of Changes in Equity in the year in which they are paid. An annual shareholder resolution is voted upon to approve the Group's distribution policy.

(k) Lease contracts

Operating lease contracts – the Group as lessor

The Group has entered into commercial property leases on its investment property portfolio. The Group has determined, based on an evaluation of the terms and conditions of the arrangements, that it retains all the significant risks and rewards of ownership of these properties and so accounts for leases as operating leases. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of

Operating and finance lease contracts - the Group as intermediate lessor

the leased asset and recognised as an expense on a straight-line basis over the lease term.

When the Group is an intermediate lessor, it accounts for its interest in the head lease and the sub-lease separately. The Group assesses all leases where it acts as an intermediate lessor, based on an evaluation of the terms and conditions of the arrangements.

Any head leases identified as finance leases are capitalised at the lease commencement present value of the minimum lease payments discounted at an applicable discount rate as a right-of-use asset and leasehold liability.

Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the finance balance outstanding. The interest element of the finance cost is charged to the Statement of Comprehensive Income over the lease period.

(l) Share issue expenses

Incremental external costs directly attributable to the issue of shares that would otherwise have been avoided are written off to share premium.

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(m) Segmental reporting

The Group is engaged in property investment in Europe. Operating results are analysed on a geographic basis by country. In accordance with IFRS 8 'Operating Segments', financial information on business segments is presented in note 20 of the Consolidated financial statements.

(n) Cash and cash equivalents

Cash and cash equivalents are defined as cash in hand, demand deposits, and other short-term highly liquid investments readily convertible within three months or less to known amounts of cash and subject to insignificant risk of changes in value.

(o) Financial instruments

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the Consolidated Statement of Comprehensive Income.

Financial assets

Financial assets are measured at amortised cost, financial assets 'at fair value through profit or loss' (FVTPL), or financial assets 'at fair value through other comprehensive income' (FVOCI). The classification is based on the business model in which the financial asset is managed and its contractual cash flow characteristics. All purchases and sales of financial assets are recognised on the trade date basis.

Financial assets at amortised cost

Financial assets at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.

Loans and receivables (including trade and other receivables, and others) are subsequently measured at amortised cost using the effective interest method, less any impairment. The Group holds the trade receivables with the objective to collect the contractual cash flows.

Impairment of financial assets

The Group's financial assets are subject to the expected credit loss model. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. The expected loss rates are based on the payment profiles of tenants over a period of twelve months before the measurement date, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the liability of the tenants to settle the receivable.

Such forward-looking information would include:

• . significant financial difficulty of the issuer or counterparty; or
• . breach of contract, such as a default or delinquency in interest or principal payments; or
• . it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or
• . the disappearance of an active market for that financial asset because of financial difficulties. The Group's financial assets are subject to the expected credit loss model. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. The expected loss rates are based on the payment profiles of tenants over a period of twelve months before the measurement date, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the liability of the tenants to settle the receivable.

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Such forward-looking information would include:

• . changes in economic, regulatory, technological and environmental factors, (such as industry outlook, GDP, employment and politics);
• . external market indicators; and
• . tenant base.

Financial liabilities

Financial liabilities are classified as 'other financial liabilities'.

Other financial liabilities

Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant year. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.

(p) Derivative financial instruments

The Company used forward foreign exchange contracts to mitigate potential volatility of income returns and to provide greater certainty as to the level of Sterling distributions expected to be paid in respect of the year covered by the relevant currency hedging instrument. It does not seek to provide a long-term hedge for the Company's income returns, which will continue to be affected by movements in the Euro/Sterling exchange rate over the longer term.

The Company used interest rate SWAPs and interest rate caps to mitigate potential volatility in interest rates and income returns. Derivatives are measured at fair value calculated by reference to forward exchange rates for contracts with similar maturity profiles. Changes in the fair value of derivatives are recognised in the Statement of Comprehensive Income.

(q) Reserves

Share capital

This represents the proceeds from issuing Ordinary shares and is non-distributable.

Share premium

Share premium represents the excess consideration received over the par value of Ordinary shares issued and is classified as equity and is non-distributable. Incremental costs directly attributable to the issue of Ordinary shares are recognised as a deduction from share premium.

Special distributable reserve

The special reserve is a distributable reserve to be used for all purposes permitted by applicable legislation and practice, including the buyback of shares and the payment of dividends.

Special distributable reserve II

The special reserve is a distributable reserve set up following the cancellation of amounts standing to the credit of the share premium account to be used for capital distributions to shareholders as sufficient cash is generated from asset sales under the managed wind-down policy.

Capital reserve

The capital reserve is a distributable reserve subject to applicable legislation and practice, and the following are accounted for in this reserve:

• . gains and losses on the disposal of investment properties, which are distributable;
• . increases and decreases in the fair value of investment properties held at the year end, which are not distributable.

Revenue reserve

The revenue reserve is a distributable reserve and reflects any surplus arising from the net return on ordinary activities after taxation.

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2. Rental income

	Year ended 31 December 2024 €'000	Year ended 31 December 2023 €'000
Rental income	31,499	33,435
Total rental income	31,499	33,435

Rental income includes amortisation of operating lease incentives granted.

3. Expenditure

	Year ended 31 December 2024 €'000	Year ended 31 December 2023 €'000
Professional fees	3,066	2,438
Audit fee for statutory services	485	412
Directors' fees	180	193
Depositary fees	50	122
Registrar fees	50	47
Stock exchange fees	27	37
Broker fees	71	93
Directors liability insurance expense	16	26
Employers NI	13	15
Other expenses	147	200
Total expenses	4,105	3,583

Audit fee for statutory services includes group audit fee of £283,600 plus VAT (2023: £253,000 plus VAT) and subsidiary audit fee of €25,700 (2023: €24,100).

There were no non-audit services' fees incurred in 2024 and 2023.

Professional fees included €1.2m of costs associated with the Strategic review, of which €0.5m was incurred on technical and environmental due diligence of properties.

Future operating costs in relation to the managed wind-down will be expensed as incurred.

4. Finance costs

	Year ended 31 December 2024			Year ended 31 December 2023
	Revenue €'000	Capital €'000	Total €'000	Revenue €'000	Capital €'000	Total €'000
Interest on bank loans	5,126	-	5,126	5,478	-	5,478
Amortisation of loan costs	1,779	-	1,779	2,129	-	2,129
Remeasurement of loan liability	1,159	915	2,074	-	-	-
Bank interest	340	-	340	395	-	395
Early loan repayment cost	-	-	-		110	110
Total finance costs	8,404	915	9,319	8,002	110	8,112

Following the announcement of the managed wind-down the Group intends to repay a number of loans prior to maturity. The amortised cost of bank loans was therefore remeasured and any unamortised balance of loan issue cost was fully amortised as at 31 December 2024. The remeasurement of loan liability costs includes an estimated €915,000 in loan break-up costs for the Erlensee and Flörsheim loans to DZ Hyp. Early termination cost is treated as capital within the Consolidated Statement of Comprehensive Income.

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5. Taxation

The Company is resident in the United Kingdom for tax purposes. The Company is approved by HMRC as an investment trust under sections 1158 and 1159 of the Corporation Tax Act 2010. In respect of each accounting year for which the Company continues to be approved by HMRC as an investment trust the Company will be exempt from UK taxation on its capital gains. The Company is, however, liable to UK Corporation tax on its income. The Company is able to elect to take advantage of modified UK tax treatment in respect of its ''qualifying interest income'' for an accounting year, referred to as the ''streaming'' regime. Under regulations made pursuant to the Finance Act 2009, the Company may, if it so chooses, designate as an ''interest distribution'' all or part of the amount it distributes to Shareholders as dividends, to the extent that it has ''qualifying interest income'' for the accounting year. Were the Company to designate any dividend it pays in this manner, it would be able to deduct such interest distributions from its income in calculating its taxable profit for the relevant accounting year. The Company should in practice be exempt from UK corporation tax on dividend income received, provided that such dividends (whether from UK or non-UK companies) fall within one of the ''exempt classes'' in Part 9A of the CTA 2010. There was no change of the Corporate tax rate in 2024 (2023: increase from 19% to 25% on 1 April 2023).

	Year ended 31 December 2024			Year ended 31 December 2023
	Revenue €'000	Capital €'000	Total €'000	Revenue €'000	Capital €'000	Total €'000
Current taxation:
Overseas taxation	928	482	1,410	1,327	440	1,767
Deferred taxation:
Overseas taxation	-	771	771	-	(13,854)	(13,854)
Total taxation	928	1,253	2,181	1,327	(13,414)	(12,087)

(a) Tax charge in the Group Statement of Comprehensive Income

Current taxation charged to capital of €482,000 (2023: €440,000) relates to capital gains tax paid on disposal of investment property.

Reconciliation between the tax charge and the product of accounting profit/(loss) multiplied by the applicable tax rate for the year ended 31 December 2024.

	Year ended 31 December 2024			Year ended 31 December 2023
	Revenue €'000	Capital €'000	Total €'000	Revenue €'000	Capital €'000	Total €'000
Net result before taxation	13,955	(8,744)	5,211	14,506	(108,394)	(93,888)
Theoretical tax at UK corporation tax rate of 25% (2023: Blended rate of 23.52% - 19% to 1 April 2023 and 25% from 1 April 2023)	3,489	(2,186)	1,303	3,413	(25,495)	(22,082)
Effect of:
Losses where no deferred taxes have been recognised	-	1,590	1,590	-	13,535	13,535
Impact of different tax rates on foreign jurisdictions	(234)	426	192	(1,460)	(1,855)	(3,315)
Expenses that are not deductible/ income that is not taxable	(932)	1,423	491	459	401	860
Other adjustments	(648)	-	(648)	-	-	-
Impact of UK interest distributions from the Investment Trust	(747)	-	(747)	(1,085)	-	(1,085)
Total taxation on return	928	1,253	2,181	1,327	(13,414)	(12,087)

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(b) Tax in the Group Balance Sheet

	2024 €'000	2023 €'000
Deferred tax assets:
On overseas tax losses	3,036	4,740
On other temporary differences	108	156
Total taxation on return	3,144	4,896
	2024 €'000	2023 €'000
Deferred tax assets:
Deferred tax assets non-current	2,941	4,896
Deferred tax assets current - arising on investment properties held for sale	203	-
Total taxation on return	3,144	4,896
	2024 €'000	2023 €'000
Deferred tax liabilities:
Differences between tax and derivative valuation	53	422
Differences between tax and property valuation	10,700	11,312
Total taxation on return	10,753	11,734
	2024 €'000	2023 €'000
Deferred tax liabilities:
Deferred tax liabilities non-current	6,725	11,734
Deferred tax liabilities current - arising on investment properties held for sale	4,028	-
Total taxation on return	10,753	11,734

There was no change of the Corporate tax rate in 2024 (2023: increase from 19% to 25% on 1 April 2023).

No deferred tax asset has been recognised (2023: nil) on estimated UK tax losses.

The Group has subsidiaries in France, Germany, Netherlands, Poland and Spain. There are no changes to tax rates in each country expected to have a material impact on the Group.

Tax losses for which deferred tax asset was recognised expire as follows:

	2024
	Tax losses carried forward €'000	Deferred tax asset €'000	Expiry date	Tax losses carried forward €'000	Deferred tax asset €'000	Expiry date
Expire	791	150	2025-2027	2,645	563	2024-2027
Never expire	14,425	2,886	-	16,828	4,177	-
Total	15,216	3,036		19,473	4,740

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6. Dividends

	Year ended 31 December 2024 €'000	Year ended 31 December 2023 €'000
2023 Fourth interim dividend not declared/paid (2022 Fourth Interim: 1.41c /1.20p)	-	5,812
2024 First interim dividend of 1.41c/1.21p per Share paid 5 July 2024 (2023 First interim: 1.41c /1.23p)	5,812	5,812
2024 Second interim dividend of 0.90c/0.77p per Share paid 27 September 2024 (2023 Second interim: 1.41c/1.22p)	3,710	5,812
2024 Third interim dividend of 1.05c/0.87p per Share paid 31 December 2024 (2023 Third interim: 1.41c/1.23p)	4,328	5,812
Total Dividends Paid	13,850	23,248

A fourth interim dividend for 2024 of 0.97c/0.81p per share was paid on 31 March 2025 to Shareholders on the register on 28 February 2025. Although this payment relates to the year ended 31 December 2024, under IFRS it will be accounted for in the year in which it has been paid.

7. Earnings per share (Basic and Diluted)

	Year ended 31 December 2024	Year ended 31 December 2023
Revenue net return attributable to Ordinary shareholders (€'000)	13,027	13,179
Weighted average number of shares in issue during the year	412,174,356	412,174,356
Total revenue return per ordinary share	3.1¢	3.2¢
Capital return attributable to Ordinary shareholders (€'000)	(9,997)	(94,980)
Weighted average number of shares in issue during the year	412,174,356	412,174,356
Total capital return per ordinary share	(2.4¢)	(23.0¢)
Total return per ordinary share	0.7¢	(19.8¢)

Earnings per share is calculated on the revenue and capital loss for the year (before other comprehensive income) and is calculated using the weighted average number of shares in the year of 412,174,356 shares (2023: 412,174,356 shares).

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8. Net asset value per share

	2024	2023
Net assets attributable to shareholders (€'000)	374,108	384,928
Number of shares in issue at 31 December	412,174,356	412,174,356
Net asset value per share	90.8¢	93.4¢

9. Investment properties

	2024 €'000	2023 €'000
Opening carrying value	636,187	776,616
Acquisition costs, disposal costs and capital expenditure	31	329
Proceeds from disposal of investment property	(15,700)	(18,500)
Realised gain on disposal	265	133
Right of use asset reassessment	429	1,988
Decrease in leasehold liability	(379)	(272)
Valuation losses	(6,915)	(106,935)
Movements in lease incentives	1,010	328
Movements in investment properties held for sale	(117,609)	(17,500)
Total carrying value at 31 December	497,319	636,187

Movements in investment property held for sale can be analysed as follows:

	2024 €'000	2023 €'000
Opening carrying value	17,500	-
Transfer to investment property held for sale	117,609	17,500
Disposal of investment property held for sale	(17,500)	-
Disposal costs	230	-
Realised loss on disposal	(230)	-
Total carrying value at 31 December	117,609	17,500

On 25 March 2024 the Company announced the sale of its Meung-Sur-Loire warehouse in France for €17,500,000 which generated a realised loss on disposal of €230,000. On 2 December 2024 the Company announced the sale of the warehouse in Oss in the Netherlands for €15,700,000 which generated a realised gain on disposal of €265,000.

The properties in Poland and two properties in Spain were classified as held for sale as at 31 December 2024 and were valued at €117.6m. The Spanish assets were disposed of on 22 January 2025. See note 25 for details.

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Valuation methodology

The Investment Manager appoints a suitable valuer (such appointment is reviewed on a periodic basis) to undertake a valuation of all the direct real estate investments on a quarterly basis. The valuation is undertaken in accordance with the RICS Valuation – Global Standards ('Red Book Global Standards') effective from 31 January 2022, published by the Royal Institution of Chartered Surveyors.

Valuations were performed by Savills (2023: Savills), an accredited independent valuer with a recognised and relevant professional qualification. The valuer has sufficient current local and national knowledge of the particular property markets involved and has the skills and understanding to undertake the valuations competently.

The Investment Manager meets with the valuer on a quarterly basis to ensure the valuer is aware of all relevant information for the valuation and any change in the investments over the quarter. The Investment Manager then reviews and discusses draft valuations with the valuer to ensure correct factual assumptions are made prior to the valuer issuing a final valuation report. Where known, the property valuer takes account of deleterious materials included in the construction of the investment properties in arriving at its estimate of fair value when the Investment Manager advises of the presence of such materials. The majority of the leases are on a full repairing and insurance basis and as such the Group is not liable for costs in respect of repairs or maintenance to its investment properties.

The fair value of investment property is determined using either the discounted cash flow or traditional method. Choice of methodology for a particular jurisdiction is determined by the valuers independently, based on local market practices. Both valuation methodologies are in accordance with RICS guidelines and used in determining the fair value of investment properties.

Discounted cash flow methodology is based on the future annual net cash flow over a hold period of 10 years. The calculation of fair value using this method includes:

• . Present value of the cashflow generated through the future net operating income from the investment property over the hold period.
• . Present value of the exit value (sale price) at the end of the 10-year hold period.

The rate used to calculate the present value of cashflow is the Discount Rate. The rate used to calculate the exit value at the end of hold period is called the Capitalisation Rate (exit cap rate). Fair value is calculated using rates that the valuer considers appropriate for the specific investment property.

The traditional method requires an assessment of rental value (the market rent) and a market-based yield. The yield can be simply defined as the annual return on investment expressed as a percentage of capital value. The traditional method can reflect income streams which are under-rented and over-rented by incorporating risk within the yield choice (i.e., an all risks yield) and by structuring the calculation appropriately, for example a term and reversion for under-rented income streams and a hardcore and top-slice for over-rented income streams. This will require the valuer to reflect risk in each element of the calculation, e.g., increasing the yield above the market in the top-slice to reflect the added risk of an above market rent being paid for a specified period, or reducing the yield in the term to reflect that a below market rent is being paid until the reversion is due. These 'traditional' approaches are typically referred to as being growth implicit, meaning that rental growth is built into the choice of yield and not explicitly modelled within the calculation.

As at 31 December 2024 and 31 December 2023 the German, French, Polish and Spanish assets were valued using the discounted cash flow method, and Netherlands properties using the traditional method. The fair value of investment properties amounted to €593,991,000 (2023: €633,806,000).

The difference between the fair value and the value per the Consolidated Balance Sheet for Investment properties and Investment properties held for sale at 31 December 2024 consists of adjustments for lease incentive assets and the Den Hoorn lease liability separately recognised in the balance sheet of €3,462,000 and €24,399,000 respectively (2023: €4,472,000 and €24,353,000). Further details of the Den Hoorn lease are disclosed in note 12.

The following disclosure is provided in relation to the adoption of IFRS 13 Fair Value Measurement. All properties are deemed Level 3 for the purposes of fair value measurement and the current use of each property is considered the highest and best use.

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Country and sector	Fair value 2024 €'000	Fair value 2023 €'000	Valuation techniques	Key Unobservable inputs	Range (weighted average) 2024	Range (weighted average) 2023
Netherlands - Logistics	173,200	191,700	Traditional Method	ERV	€609,052 - €3,695,185 (€2,542,168)	€578,180 - €3,242,079 (€2,192,655)
				Equivalent yield	5.00% - 6.25% (5.57%)	4.58% - 5.65% (4.98%)
Germany - Logistics	59,300	63,200	Discounted Cash Flow	Capitalisation rate	4.50% - 4.70% (4.62%)	4.60% - 4.65% (4.63%)
				Discount rate	6.00% - 6.20% (6.08%)	5.60% - 6.10% (5.80%)
				ERV	€1,481,502 - €2,016,994 (€1,799,366)	€1,486,034 - €2,088,971 (€1,849,513)
France - Logistics	77,345	99,380	Discounted Cash Flow	Capitalisation rate	4.95% - 5.00% (4.96%)	4.50% - 5.25% (4.75%)
				Discount rate	6.45% - 7.05% (6.57%)	6.00% - 8.00% (6.45%)
				ERV	€430,900 - €2,590,707 (€1,826,559)	€430,900 - €2,590,794 (€1,704,072)
Poland - Logistics	88,890	90,390 Discounted Cash Flow Discount rate ERV		Capitalisation rate	6.40% - 6.65% (6.54%)	6.10% - 6.50% (6.28%)
					7.60% - 8.00% (7.74%)	7.65% - 8.05% (7.80%)
						€1,867,527 - €2,186,059 (€2,006,817)
Spain - Logistics	195,256	189,136	Discounted Cash Flow	Capitalisation rate	4.75% - 5.25% (4.97%)	4.75% - 5.00% (4.89%)
				Discount rate	6.50% - 7.50% (6.87%)	6.25% - 7.50% (6.78%)
				ERV	€486,749 - €2,568,852 (€1,549,050)	€486,749 - €2,568,852 (€1,546,589)

Sensitivity analysis

The table below presents the sensitivity of the valuation to changes in the most significant assumptions underlying the valuation of investment property.

All non-current assets other than financial instruments, deferred tax assets and trade receivables are non-UK based.

			Effect on valuation 2024	Effect on valuation 2023
Country and sector	Assumption	Movement	€'000	€'000
	Equivalent Yield	+50 basis points Equivalent Yield (2023: +100 basis points Equivalent Yield)	(14,800)	(32,613)
Netherlands - Logistics		-50 basis points Equivalent Yield (2023: -100 basis points Equivalent Yield)	17,600	49,116
	ERV	-5% ERV (2023: -10% ERV)	(6,600)	(14,444)
		+5% ERV (2023: +10% ERV)	6,600	14,571
	Capitalisation	+50 basis points (2023: +100 basis points)	(23,295)	(46,886)
Germany - Logistics		-50 basis points (2023: -100 basis points)	28,409	70,530
France - Logistics	Discount	+50 basis points (2023: +100 basis points)	(15,507)	(32,213)
Poland - Logistics		-50 basis points (2023: -100 basis points)	16,267	35,405
Spain - Logistics	ERV	-5% ERV (2023: -10% ERV)	(13,288)	(25,854)
		+5% ERV (2023: +10% ERV)	13,206	22,978

Due to the observed reduction in the pace of decline in investment property valuations during 2024, attributed to improved market conditions, sensitivity analysis for 2024 has been conducted based on 50 basis points variation in capitalisation and discount rates and 5% variation in ERV. This analysis aims to provide a more accurate reflection of the current market environment and its potential impact on property valuations.

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10.Trade and other receivables

	2024 €'000	2023 €'000
Trade debtors	9,748	11,197
Bad debt provisions	(573)	(1,821)
Lease incentives	3,462	4,472
Deposit on sale of Investment properties held with notary	2,970	-
Tax receivables	930	562
VAT receivable	455	270
Other receivables	6	2
Total receivables	16,998	14,682

Lease incentives include accrued income resulting from the spreading of lease incentives and/or minimum lease payments over the term of the lease. A proportion of this balance relates to periods over 12 months.

The ageing of trade debtors is as follows:

	2024 €'000	2023 €'000
Less than 6 months	8,523	9,433
Between 6 & 12 months	79	1,493
Over 12 months	1,146	271
Total receivables	9,748	11,197

11.Cash and cash equivalents

	2024 €'000	2023 €'000
Cash at bank	25,011	18,061
Total cash and cash equivalents	25,011	18,061

12. Leasehold liability

	2024 €'000	2023 €'000
Maturity analysis - contractual undiscounted cash flows
Less than one year	682	659
One to two years	682	659
Two to three years	682	659
Three to four years	682	659
Four to five years	682	659
More than five years	25,900	26,218
Total undiscounted lease liabilities	29,310	29,513

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	2024 €'000	2023 €'000
Lease liability included in the statement of financial position
Current	682	659
Non - Current	23,717	23,694
Total lease liability included in the statement of financial position	24,399	24,353

On 15 January 2020 the Group acquired a logistics warehouse in Den Hoorn. The property is located on land owned by the local municipality and leased to the Group on a perpetual basis. The Group reserves the option to acquire the freehold ownership on 1 July 2044 for the total sum of €15,983,000. The annual ground lease payments amount to €682,000 per annum (2023: €659,000 per annum), the present value of these future payments (assuming the option to acquire the freehold is exercised) being €24,399,000 as at 31 December 2024.

13.Trade and other payables

	2024 €'000	2023 €'000
Trade payables	2,496	4,729
Tenant deposits	3,759	4,008
Rental income received in advance	3,912	3,994
Deposit on sale of Investment properties	2,970	-
Accruals	869	1,681
VAT payable	743	1,172
Management fee payable	573	729
Accrued acquisition and development costs	-	40
Total payables	15,322	16,353

14.Bank loans

	2024 €'000	2023 €'000
Bank borrowing drawn	235,700	259,462
Loan issue costs paid	(6,384)	(6,384)
Accumulated amortisation of loan issue costs	5,224	3,446
Remeasurement of loan liability	2,075	-
Total bank loans	236,615	256,524

Following the announcement of the managed wind-down the Group intends to repay a number of loans prior to maturity. The amortised cost of bank loans was therefore remeasured and any unamortised balance of loan issue cost was fully amortised as at 31 December 2024.

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	2024 €'000	2023 €'000
Maturity less than 1 year	140,300	-
Maturity above 1 year	96,315	256,524
Total receivables	236,615	256,524

The above loans are secured on the following properties on a non-recourse basis.

Country	Property	Lender	Loan (€'000)	Start date	End date	Fixed interest rate (including margin)
Germany	Erlensee	DZ Hyp	17,800	20/02/2019	31/01/2029	1.62%
Germany	Flörsheim	DZ Hyp	12,400	18/02/2019	30/01/2026	1.54%
France	Avignon	BayernLB	22,000	12/02/2019	12/02/2026	1.57%
Netherlands	Ede + Waddinxveen	Berlin Hyp	34,300	06/06/2019	06/06/2025	1.35%
Netherlands	's Heerenberg	Berlin Hyp	11,000	27/06/2019	27/06/2025	1.10%
Netherlands	Den Hoorn + Zeewolde	Berlin Hyp	43,200	15/01/2020	14/01/2028	1.38%
Spain	Madrid Gavilanes 4 + Madrid Coslada + Barcelona	ING Bank	51,000	26/09/2022	26/09/2025	3.05%
Spain	Madrid Gavilanes 1 + 2 + 3	ING Bank	44,000	07/07/2022	07/07/2025	2.72%
			235,700			2.02%

The difference of €915,000 between the above table and figures presented in the consolidated balance sheet consists of loan break costs of lender DZ Hyp calculated from expected payment date to loan expiry date (2023: nil) and recognised as remeasurement of bank loans, following the managed wind-down plan.

Reconciliation of movements of liabilities to cash flows arising from financing activities.

	Bank borrowings €'000	Bank interest €'000	Financial Derivatives €'000	Total €'000
Balance at 1 January 2024	256,524	16	1,690	258,230
Cash flow from financing activities:
Bank loans interest repaid	-	(5,134)	-	(5,134)
Bank loans repaid	(23,762)	-	-	(23,762)
Non-cash movement:
Amortisation of capitalised borrowing costs	1,778	-	-	1,778
Remeasurement of loan liability	2,075	-	-	2,075
Termination of derivative financial instruments	-	-	(13)	(13)
Changes in fair value of financial instruments	-	-	(1,311)	(1,311)
Change in creditors for loan interest payable	-	5,143	-	5,143
Balance at 31 December 2024	236,615	25	366	237,006

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	Bank borrowings €'000	Bank interest €'000	Financial Derivatives €'000	Total €'000
Balance at 1 January 2023	265,532	-	3,709	269,241
Cash flow from financing activities:
Bank loans interest repaid	-	(5,202)	-	(5,202)
Bank loans repaid	(10,808)	-	-	(10,808)
Non-cash movement:
Amortisation of capitalised borrowing costs	2,129	-	-	2,129
Capitalised borrowing costs	(329)	-	-	(329)
Termination of derivative financial instruments	-	-	(313)	(313)
Changes in fair value of financial instruments	-	-	(1,706)	(1,706)
Change in creditors for loan interest payable	-	5,218	-	5,218
Balance at 31 December 2023	256,524	16	1,690	258,230

15.Derivative financial instruments

	2024 €'000	2023 €'000
Interest rate swap	366	1,690
	366	1,690

During the 2022 financial year ASELI Leon B.V entered into an agreement with ING Bank N.V for a loan facility of €25.35 million at an interest rate payable of EURIBOR plus 1.9%. In order to mitigate the interest rate risk, it entered a fixed floating interest rate swap for the notional amount of €23.52 million against an all-in fixed rate of 3.05% over the three year loan term expiring September 2025. The remaining €1.83 million drawn on the loan facility was capped at all-in fixed rate of 4.15%. Following repayment of the loan in amount of €10.81 million on 3 May 2023, the company terminated €8.98 million of interest rate swaps and €1.83 million cap realising a gain on termination of €313,000. The notional amount of fixed floating interest rate swap amounts to €14.54 million as at 31 December 2024.

AELI Madrid Logistics 1 S.L.U has an agreement with ING Bank N.V for a loan facility of €44 million at an interest rate payable of EURIBOR plus 1.15%. In order to mitigate the interest rate risk, it entered a fixed floating interest rate swap for the notional amount of €40 million against an all-in fixed rate of 2.57% over the three year loan term expiring July 2025.The remaining €4 million drawn on the loan facility is capped at all-in fixed rate of 4.15%. The notional amount of fixed floating interest rate swap amounts to €40 million and cap to €4 million as at 31 December 2024.

AELI Madrid Logistics 2 S.L.U has an agreement with ING Bank N.V for a loan facility of €39.3 million at an interest rate payable of EURIBOR plus 1.15%. In order to mitigate the interest rate risk, it entered a fixed floating interest rate swap for the notional amount of €36.5 million against an all-in fixed rate of 3.05% over the three year loan term expiring September 2025. The remaining €2.8 million drawn on the loan facility is capped at all-in fixed rate of 4.15%. On 10 July 2024 the Company repaid the loan of €2.86 million. Following repayment of the loan, the company terminated €2.86 million of interest rate swaps realising a gain on termination of €13,000. The notional amount of fixed floating interest rate swap amounts to €36.4 million as at 31 December 2024.

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16.Share capital

	2024 €'000	2023 €'000
Opening balance	4,717	4,717
Balance as at 31 December	4,717	4,717

Ordinary shareholders participate in all general meetings of the Company on the basis of one vote for each share held.

Each Ordinary share has equal rights to dividends and equal rights to participate in a distribution arising from a winding up of the Company. The Ordinary shares are not redeemable.

The number of Ordinary shares authorised, issued and fully paid at 31 December 2024 was 412,174,356 (2023: 412,174,356).

The nominal value of each share is £0.01.

17. Share premium

	2024 €'000	2023 €'000
Opening balance	269,546	269,546
Cancellation of share premium	(269,546)	-
Balance as at 31 December	-	269,546

On 6 November 2024 the Board of the Company announced details of its proposal to implement a B Share mechanism to facilitate the return of capital to Shareholders as part of the managed wind-down. The Board believes that one of the fairest and most efficient ways of returning substantial amounts of cash to Shareholders is by means of a bonus issue of redeemable B Shares (with a nominal value of one penny each) which would then be immediately redeemed by the Company in consideration for a cash payment equal to the amount treated as paid up on the issue of the B Shares. The use of B Shares will enable the Company to return capital on a strictly pro rata basis, ensuring that no individual Shareholder or group of Shareholders is disadvantaged. B Shares will be issued to Shareholders (at no cost to Shareholders) pro rata to their holdings of Ordinary Shares at the time of issue of the B Shares and, shortly thereafter, redeemed and cancelled in accordance with their terms for an amount not exceeding the amount treated as paid up on the issue of the B Shares. The Company will not allot any fractions of B Shares, and the entitlement of each Shareholder will be rounded down to the nearest whole B Share.

On 23 July 2024 shareholders approved in General Meeting the cancellation of the amount standing to the credit of the Company's Share Premium account. Subsequently, on 24 September 2024, the Court issued a sealed order confirming the proposal to cancel the Share Premium account and the cancellation certificate was registered at Companies House on 26 September 2024.

The implementation of B Shares mechanism was approved by the Shareholders on 22 November 2024. As of result the Share Premium of the Company was cancelled and its balance was moved to Special Distributable Reserve II.

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18.Special distributable reserve

Special distributable reserve

	2024 €'000	2023 €'000
Opening balance	152,099	164,851
Dividends paid	(7,083)	(12,752)
Balance as at 31 December	145,016	152,099

At a General Meeting held on 8 November 2017, a special resolution was passed authorising, conditional on the issue of Ordinary shares by the Company, the amount standing to the credit of the share premium account of the Company following issue to be cancelled. In order to cancel the Share Premium account the Company was required to obtain a Court Order, which was received on 13 March 2018. A Statement of Capital form was lodged at Companies House with a copy of the Court Order on 16 March 2018. With effect from that date the amount of the share premium account cancelled was credited as a Special Distributable Reserve in the Company's books of account. Further details of the dividends paid from the special distributable reserve are provided in note 7 of the parent company accounts.

Special distributable reserve II

	2024 €'000	2023 €'000
Opening balance	-	-
Cancellation of share premium	269,546	-
Balance as at 31 December	269,546	-

Due to the implementation of B Shares mechanism, approved by the Shareholders on 22 November 2024, the Share Premium of the Company was cancelled and its balance was moved to Special Distributable Reserve II.

19.Capital reserves

	Realised capital reserve €'000	Unrealised gains/(losses) €'000	Total capital reserve €'000
Opening balance	2,951	(67,151)	(64,200)
Deferred taxation	-	(771)	(771)
Change in fair value of investments	(8,629)	2,345	(6,284)
Gains on disposal of investment properties	35	-	35
Taxation on disposal of investment properties	(482)	-	(482)
Early repayment cost due to remeasurement of loan liability	(915)	-	(915)
Movement in fair value gains on derivative financial instruments	-	(1,311)	(1,311)
Gains arising from the derecognition of derivative financial instruments	13	-	13
Currency losses during the year	-	(282)	(282)
Balance as at 31 December 2024	(7,027)	(67,170)	(74,197)

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	Realised capital reserve €'000	Unrealised gains/(losses) €'000	Total capital reserve €'000
Opening balance	(2)	30,782	30,780
Deferred taxation	1,124	12,730	13,854
Change in fair value of investments	1,933	(108,811)	(106,878)
Gains on disposal of investment properties	133	-	133
Taxation on disposal of investment properties	(440)	-	(440)
Early loan repayments costs	(110)	-	(110)
Movement in fair value gains on derivative financial instruments	-	(1,706)	(1,706)
Gains arising from the derecognition of derivative financial instruments	313	-	313
Currency losses during the year	-	(146)	(146)
Balance as at 31 December 2023	2,951	(67,151)	(64,200)

20.Operating segments

The Group's reportable segments are the geographical areas in which it operates. These operating segments reflect the components of the Group that are regularly reviewed to allocate resources and assess performance.

						Parent
2024	Netherlands €'000	Poland €'000	Germany €'000	Spain €'000	France €'000	Company €'000	Total €'000
Total assets	210,000	95,012	61,499	205,141	84,439	5,106	661,197
Total liabilities	118,644	5,759	33,061	101,749	27,034	842	287,089
Total comprehensive return for the year (revenue)	4,617	1,642	1,093	(2,362)	1,270	6,767	13,027
Total Comprehensive return for the year (capital)	(3,750)	(1,334)	(4,281)	4,037	(4,388)	(281)	(9,997)
Included in total comprehensive income
Change in fair value of investment properties	(3,270)	(1,250)	(3,909)	6,220	(4,075)	-	(6,284)
Rental income	12,062	5,368	3,296	7,038	3,735	-	31,499

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2023	Netherlands €'000	Poland €'000	Germany €'000	Spain €'000	France €'000	Parent Company €'000	Total €'000
Total assets	224,723	94,759	64,670	198,564	108,816	2,360	693,892
Total liabilities	128,459	5,832	33,044	100,070	40,107	1,452	308,964
Total comprehensive return for the year (revenue)	3,588	1,623	182	(2,568)	197	10,157	13,179
Total Comprehensive return for the year (capital)	(28,319)	(2,126)	(4,319)	(54,376)	(6,031)	191	(94,980)
Included in total comprehensive income
Change in fair value of investment properties	(36,416)	(2,892)	(4,913)	(54,187)	(8,470)	-	(106,878)
Rental income	11,808	5,068	3,242	9,259	4,058	-	33,435

21.Financial instruments and investment properties

Fair value hierarchy

IFRS 13 requires the Group to classify its financial instruments held at fair value using a hierarchy that reflects the significance of the inputs used in the valuation methodologies. These are as follows:

Level 1 – quoted prices in active markets for identical investments;

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc.); and

Level 3 – significant unobservable inputs.

The following table shows an analysis of the fair values of investment properties recognised in the balance sheet by level of the fair value hierarchy:

31 December 2024	Level 1 €'000	Level 2 €'000	Level 3 €'000	Total fair value €'000
Investment properties	-	-	497,319	497,319
Investment properties held for sale	-	-	117,609	117,609
31 December 2023	Level 1 €'000	Level 2 €'000	Level 3 €'000	Total fair value €'000
Investment properties	-	-	636,187	636,187
Investment properties held for sale	-	-	17,500	17,500

The lowest level of input is the underlying yields on each property which is an input not based on observable market data.

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31 December 2024	Level 1 €'000	Level 2 €'000	Level 3 €'000	Total fair value €'000
Derivative financial asset	-	366	-	366
31 December 2023	Level 1 €'000	Level 2 €'000	Level 3 €'000	Total fair value €'000
Derivative financial asset	-	1,690	-	1,690

The lowest level of input is EUR:GBP exchange rate for forward foreign currency contracts. The lowest level of inputs for Interest rate SWAPs and Caps are current market interest rates and yield curve over the remaining term of the instrument.

31 December 2024	Level 1 €'000	Level 2 €'000	Level 3 €'000	Total fair value €'000
Bank loans	-	235,580	-	235,580
31 December 2023	Level 1 €'000	Level 2 €'000	Level 3 €'000	Total fair value €'000
Bank loans	-	253,667	-	253,667

Bank loans are measured at amortised cost. The fair value is estimated using discounted cash flows with the current interest rates and yield curve applicable to each loan. As at 31 December 2024 the estimated fair value of the Group's bank loans is €235,580,000 (2023: €253,667,000). The amortised cost is €236,615,000 (2023: €256,524,000). These amounts include repayment penalties payable on expected early settlement of loans due to the managed wind-down.

22.Risk management

The Group's financial instruments comprise securities and other investments, cash balances, loans and debtors and creditors that arise directly from its operations; for example, in respect of sales and purchases awaiting settlement, and debtors for accrued income. The Group also has the ability to enter into derivative transactions in the form of forward foreign currency contracts, futures and options, for the purpose of managing currency and market risks arising from the Group's activities. The Group also has the ability to enter into derivative transactions to hedge against fluctuations in the cost of borrowing as a result of changes in interest rates.

The main risks the Group faces from its financial instruments are (a) market price risk (comprising of (i) interest rate risk, (ii) foreign currency risk and (iii) other price risk), (b) liquidity risk and (c) credit risk.

(a) Market price risk

The fair value or future cash flows of a financial instrument held by the Group may fluctuate because of changes in market prices. This market risk comprises three elements - interest rate risk, foreign currency risk and other price risk.

(i) Market risk arising from interest rate risk

Interest rate movements may affect the level of income receivable on cash deposits. The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account when making investment and borrowing decisions.

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Interest risk profile

The interest rate risk profile of the portfolio of financial assets and liabilities at the year end were as follows:

	Interest rate	Local currency	Foreign exchange	Euro equivalent
As at 31 December 2024	%	'000	rate	€'000
Assets:
Euro	3.00	20,510	1.00	20,510
Pound Sterling	4.75	3,471	0.83	4,182
Polish Zloty	5.25	1,344	4.27	319
Total				25,011
	Interest	Local	Foreign	Euro
As at 31 December 2023	rate %	currency '000	exchange rate	equivalent €'000
Assets:
Euro	4.00	17,457	1.00	17,457
Pound Sterling	5.25	180	0.87	207
Polish Zloty	5.25	1,723	4.35	397

The floating rate assets consist of cash deposits on call earning interest at prevailing market rates.

An increase of 100bps in interest rates as at the reporting date would have increased the reported profit and equity shareholders' funds by €250,110 (2023: €180,610). Other Comprehensive Income and Capital Reserves would have been €589,387 (2023: €1,253,958) higher as a result of an increase in the fair value of the derivative designated as interest rate swaps and €7,597 (2023: €63,684) higher as a result of an increase in the fair value of the derivative designated as interest rate caps on floating rate borrowings.

A decrease of 100bps in interest rates would have reduced the reported profit and equity shareholders' funds by €250,110 (2023: €180,610). Other Comprehensive Income and the Capital Reserve would have been €589,387 (2023: €1,253,952) lower as a result of a decrease in the fair value of the derivative designated as interest rate swaps and €572 (2023: €29,261) lower as a result of a decrease in the fair value of the derivative designated as interest rate caps on floating rate borrowings.

Other financial assets and liabilities (e.g. debtors, creditors) are not subject to interest rate risk. The rates of interest on the bank loans are fixed or hedged until the end of their term hence not subject to any interest rate risk. Further details are disclosed in note 15.

(ii) Market risk arising from foreign currency risk

The income and capital value of the Groups investments and liabilities can be affected by exchange rate movements as some of the Group's assets and income are denominated in currencies other than Euro which is the Group's reporting currency.

The revenue account is subject to currency fluctuation arising from overseas income.

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Foreign currency risk profile

Foreign currency risk exposure by currency of denomination:

	Net monetary exposure	Total currency exposure
As at 31 December 2024	€'000	€'000
Pound Sterling	3,704	3,704
Złoty	319	319
Total foreign currency	4,023	4,023
Euro	(244,843)	(244,843)
Total	(240,820)	(240,820)
	Net monetary exposure	Total currency exposure
As at 31 December 2023	€'000	€'000
Pound Sterling	(680)	(680)
Złoty	397	397
Total foreign currency	(283)	(283)
Euro	(268,476)	(268,476)

The asset allocation between specific markets can vary from time to time based on the Investment Manager's opinion of the attractiveness of the individual markets.

Foreign currency sensitivity

The following table details the Group's sensitivity to a 10% increase and decrease in Sterling and Polish Zloty against the Euro and the resultant impact that any such increase or decrease would have on net return before tax and equity shareholders' funds. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year end for a 10% change in foreign.

	As at 31 December 2024 €'000	As at 31 December 2023 €'000
Polish Złoty	32	40
Pound Sterling	370	(68)

(iii)Market risk arising from other price risk

Other price risks (i.e. changes in market prices other than those arising from interest rate or currency risk) may affect the value of the quoted investments. The carrying amount for financial assets approximates to the fair value of trade and other receivables (note 10) and trade and other payables (note 13).

Other price risk sensitivity

If the investment property valuation fell by 10% at 31 December 2024, the decrease in total assets and return before tax would be €59m (2023: €63m). If the investment property valuation rose by 10% at 31 December 2024, the increase in total assets and return before tax would be €59m (2023: €63m). Exposures vary throughout the year as a consequence of changes in the net assets of the Group arising out of the investment property and risk management processes.

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(b) Liquidity risk

This is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities. All creditors are payable within three months.

The Group's liquidity risk is managed by the Investment Manager placing cash in liquid deposits and accounts. Liquidity risk is the risk that the Group will encounter in realising assets or otherwise raising funds to meet financial commitments and also includes:

The level of dividends and other distributions to be paid by the Group may fluctuate and there is no guarantee that any such distributions will be paid.

Following the announcement of the managed wind-down and as the Group progresses with the disposal of properties, its ability to generate income will diminish. Consequently, the Group has revised its dividend policy to align with the reduced income levels. Therefore, liquidity risk is not considered to be significant.

(c) Credit risk

This is the risk of failure of the counterparty to a transaction to discharge its obligations under that transaction that could result in the Group suffering a loss.

The risk is not considered significant by the Board, and is managed as follows:

The Group has acquired a portfolio of European logistics properties and has a number of leases with tenants. In the event of default by a tenant, the Group will suffer a rental shortfall and incur additional costs until the property is re-let, including legal expenses, in maintaining, insuring and re-letting the property. The Board receives regular reports on concentrations of risk and any tenants in arrears. The Investment Manager monitors such reports in order to anticipate and minimise the impact of defaults by tenants. Cash is held only with reputable financial institutions with high quality external credit ratings.

None of the Group's financial assets is secured by collateral.

The maximum credit risk exposure as at 31 December 2024 was €38.5m (2023: €28.3m). This was due to trade receivables and cash as per notes 10 and 11.

All cash is placed with financial institutions with a credit rating of -A or above. Bankruptcy or insolvency may cause the Group's ability to access cash placed on deposit to be delayed or limited. Should the credit quality or the financial position of the financial institutions currently employed significantly deteriorate, the Investment Manager would move the cash holdings to another financial institution. There are no significant concentrations of liquidity risk within the Group.

(d) Taxation and Regulation risks

The Company must comply with the provisions of the Companies Act and, as the shares are admitted to the closed ended investment funds segment of the Official List, the Listing Rules and the Disclosure Guidance and Transparency Rules. A breach of the Companies Act could result in the Company and/or the Board being fined or being the subject of criminal proceedings. Breach of the Listing Rules could result in the shares being suspended from listing. Legal and regulatory changes could occur that may adversely affect the Company. The Company has obtained UK Investment Trust Company status. The Company must comply with the provisions of sections 1158 and 1159 of the Corporation Tax Act 2010 and Part 2 Chapter 1 of Statutory Instruments 2011/2999 to maintain this status. Breaching these regulations could result in the Company paying UK Corporation Tax it would otherwise be exempt from, adversely affecting the Company's ability to pursue its investment objective.

Capital management

The Group considers that capital comprises issued Ordinary shares and long-term borrowings. The Group's capital is deployed in the acquisition and management of subsidiaries in line with the Group's original investment objective, which was to provide a regular and attractive level of income return together with the potential for long-term income and capital growth from investing in high quality European logistics real estate. The following investment limits and restrictions apply to the Group and its business which, where appropriate, are measured at the time of investment and once the Group is fully invested:

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• . the Group will only invest in assets located in Europe;
• . no more than 50 per cent. of Gross Assets will be concentrated in a single country;
• . no single asset may represent more than 20 per cent. of Gross Assets;
• . forward funded commitments will be wholly or predominantly pre-let and the Group's overall exposure to forward funded commitments will be limited to 20 per cent. of Gross Assets;
• . the Group's maximum exposure to any single developer will be limited to 20 per cent. of Gross Assets;
• . the Group will not invest in other closed-ended investment companies;
• . the Group may only invest in assets with tenants which have been classified by the Investment Manager's investment process as having strong financial covenants; and
• . no single tenant will represent more than 20 per cent. of the Group's annual gross income measured annually.

Following the approval of the managed wind-down plan and revised Investment Policy, the Group's primary use of cash is to maintain sufficient liquidity for operations, repay debt as it falls due, and return surplus cash to Shareholders. The Group may from time to time have surplus cash (for example, following the disposal of an investment). Pending return to Shareholders, it is expected that any surplus cash will be temporarily invested in cash equivalents, money market instruments, bonds, commercial paper or other debt obligations with financial institutions or other counterparties having a single –A (or equivalent) or higher credit rating as determined by an internationally recognised rating agency; or ''government and public securities'' as defined for the purposes of the FCA rules.

The Group monitors capital primarily through regular financial reporting and also through a gearing policy. The Group used gearing to improve shareholder returns. Debt is typically secured at the asset level and potentially at the Group level with or without a charge over some or all of the Group's assets, depending on the optimal structure for the Group and having consideration to key metrics including lender diversity, cost of debt, debt type and maturity profiles. Borrowings is typically non-recourse and secured against individual assets or groups of assets and the aggregate borrowings at asset level will always be subject to an absolute maximum, calculated at the time of drawdown for a property purchase, of 50 per cent. of Gross Assets. Where borrowings are secured against a group of assets, such group of assets shall not exceed 25 per cent. of Gross Assets in order to ensure that investment risk remains suitably spread. The Board has established gearing guidelines for the Investment Manager in order to maintain an appropriate level and structure of gearing within the parameters set out above. Under these guidelines, aggregate borrowings at asset level are expected to be at or around 35 per cent. of gross assets. The Board will keep the level of borrowings under review and the aggregate borrowings will always be subject to the absolute maximum set at the time of the Group's launch, calculated at the time of drawdown for a property purchase, of 50 per cent of Gross Assets. The carrying value of the Groups bank borrowings as at 31 December 2024, excluding any early repayment penalty costs, was €235,700,000 (2023: €259,462,000).

Contractual undiscounted maturities

All financial liabilities presented as current are payable within 3 months. The analysis of financial liabilities is below:

As at 31 December 2024	Within 1 year €'000	1-2 years €'000	2-5 years €'000	Over 5 years €'000	Total €'000
Bank loans	143,764	35,523	62,955	-	242,242
Lease liability	682	682	2,046	25,900	29,310
Trade liabilities	15,322	-	-	-	15,322
Total	159,768	36,205	65,001	25,900	286,874
As at 31 December 2023	Within 1 year €'000	1-2 years €'000	2-5 years €'000	Over 5 years €'000	Total €'000
Bank loans	5,182	156,823	90,759	17,824	270,588
Lease liability	659	659	1,977	26,218	29,513
Trade liabilities	16,353	-	-	-	16,353

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23.Related party transactions

The Company's Alternative Investment Fund Manager ('AIFM') throughout the year was abrdn Fund Managers Limited ("aFML"). Under the terms of a Management Agreement dated 17 November 2017 the AIFM is appointed to provide investment management services, risk management services and general administrative services including acting as the Company Secretary.

Under the terms of the agreement portfolio management services are delegated by aFML to abrdn Investments Ireland Limited ('aIIL'). Effective 1 August 2024 the Company has paid lower management fees at the rate of 0.5% (reduced from 0.75%) and additional disposal fees between 0.65% and 0.75% depending on the net disposal proceeds realised on sale of investment properties. In addition, with effect from 23 July 2024, the Management Agreement became terminable by the Company or aFML on not less than three months' notice with such notice not to be served before 31 March 2025. The total management fees charged to the Consolidated Statement of Comprehensive Income during the year were €2,508,000 (2023: €3,193,000), of which €573,000 (2023: €729,000) were payable at the year end. Under the terms of a Global Secretarial Agreement between aFML and abrdn Holdings Limited ('aHL'), company secretarial services are provided to the Company by aHL. There are no separate fees payable by the Company to aHL for these services.

A promotional and marketing budget fee of £114,000 (2023: £214,000) was approved for 2024/2025 at the July 2024 Board meeting which is payable to abrdn Investment Management Limited ('aIML'). As at 31 December 2024 £96,418 was payable (31 December 2023: £214,000).

The remuneration of Directors is detailed below. Further details on the Directors can be found on pages 58 to 60.

	2024 €'000	2023 €'000
Tony Roper	66	62
Caroline Gulliver	51	49
John Heawood	43	41
Diane Wilde	20	41
Balance as at 31 December	180	193

Please note the above figures are all Euro, while those in the directors remuneration report are stated in GBP.

The Directors' shareholdings are detailed below.

	31 December 2024 Ordinary shares	31 December 2023 Ordinary shares
Tony Roper	122,812	122,812
Caroline Gulliver	90,000	90,000
John Heawood	60,000	60,000
Diane Wilde	N/A	74,375

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Diane Wilde resigned from the position of non-executive Director in June 2024.

24.Lease analysis

The group leases out its investment properties under operating leases.

The future income under operating leases, based on the unexpired lease length at the year end was as follows (based on total rents and excluding annual CPI adjustments).

	2024 €'000	2023 €'000
Less than one year	32,437	33,884
Between one and two years	30,474	32,370
Between two and three years	28,802	29,584
Between three and four years	27,508	26,086
Between four and five years	25,084	23,689
Over five years	100,845	89,742
Total	245,150	235,355

The largest single tenant at the year end accounted for 10.7 per cent (31 December 2023: 10.7 per cent) of the annualised rental income at 31 December 2024.

The Group has entered into commercial property leases on its investment property portfolio. These leases have remaining lease terms of between 1 and 22 years.

25.Post balance sheet events

On 22 January 2025, the Group sold the Barcelona and Madrid Calle Rumania warehouses in Spain for €29.7m realising a loss of €0.5m. As at 31 December 2024, the properties were valued at €29.7m (2023: €26.9m). Following completion of sale, €17.7m of loans were repaid to ING Bank and full termination of €17.7m interest rate swaps and caps took place.

A fourth interim dividend of 0.97c/0.81p per share was paid on 31 March 2025 to Shareholders on the register on 28 February 2025.

Pursuant to the authority received from Shareholders at the general meeting held on 22 November 2024, the Board resolved on 27 February 2025 to return approximately £16.5 million in aggregate to Shareholders via an issue of B Shares. B Shares of one penny each were paid up from the Company's special distributable reserve II, created by the recent cancellation of the share premium account, and issued to all Shareholders by way of a bonus issue on the basis of 4 B Shares for every 1 Ordinary Share. The B Shares were issued on 7 March 2025 and immediately redeemed at one penny per B Share. The Redemption date in respect of this B Share issue was 7 March 2025.

26.Capital commitments

As at the 31 December 2024 the Group had capital commitments of €nil (2023: €nil).

27.Ultimate parent company

In the opinion of the Directors on the basis of shareholdings reviewed by them, the Company has no immediate or ultimate controlling party.

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Parent Company Balance Sheet

As at 31 December 2024

	Notes	2024 €'000	2023 €'000
Non-current assets
Investment in subsidiaries	2	103,870	109,670
Group loans receivable	3	166,422	249,311
		270,292	358,981
Current assets
Group loans receivable	3	70,140	-
Group loan interest receivable	3	3,483	2,897
Cash and cash equivalents		5,059	2,348
Other receivables		415	336
		79,097	5,581
Total assets		349,389	364,562
Current liabilities
Trade and other payables	4	1,166	1,713
		1,166	1,713
Non-current liabilities
Bank loans	5	-	(39)
Total liabilities		1,166	1,674
Net assets		348,223	362,888
Represented by:
Share capital	6	4,717	4,717
Share premium	6	-	269,546
Special distributable reserve	6	145,016	152,099
Special distributable reserve II	6	269,546	-
Capital reserve		(71,056)	(63,474)
		348,223	362,888

The Directors have taken advantage of the exemption available under Section 408 of the Companies Act 2006 and not presented an income statement or a statement of comprehensive income for the Company alone.

The loss made by the Parent Company in the year was €815,000 (2023: loss of €45,246,000).

The financial statements on pages 106 to 117 were approved and authorised for issue by the Board of Directors on 10 April 2025 and signed on its behalf by:

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Caroline Gulliver

Independent Non-Executive Director

Company number: 11032222.

Parent Company Statement of Changes in Equity

For the year ended 31 December 2024

Notes	Share Capital €'000	Share Premium €'000	Special Distributable Reserve €'000	Special Distributable Reserve II €'000	Revenue Reserve €'000	Capital Reserve €'000	Total €'000
As at 31 December 2023	4,717	269,546	152,099	-	-	(63,474)	362,888
Total comprehensive income /(loss)	-	-	-	-	6,767	(7,582)	(815)
Cancellation of Share premium	-	(269,546)	-	269,546	-	-	-
Dividends paid	-	-	(7,083)	-	(6,767)	-	(13,850)
As 31 December 2024	4,717	-	145,016	269,546	-	(71,056)	348,223

For the year ended 31 December 2023

Notes	Share Capital €'000	Share Premium €'000	Special Distributable Reserve €'000	Special Distributable Reserve II €'000	Revenue Reserve €'000	Capital Reserve €'000	Total €'000
As at 31 December 2022	4,717	269,546	164,851	-	-	(7,732)	431,382
Total comprehensive income	-	-	-	-	10,496	(55,742)	(45,246)
Dividends paid	-	-	(12,752)	-	(10,496)	-	(23,248)
As 31 December 2023	4,717	269,546	152,099	-	-	(63,474)	362,888

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Parent Company Notes to the Financial Statements

1. Accounting policies

The principal accounting policies, all of which have been applied consistently throughout the period, are set out below.

(a) Basis of accounting

Basis of preparation of financial statements

The Parent Company financial statements have been prepared in accordance with FRS 101 Reduced Disclosure Framework and the Companies Act 2006 (the Act). FRS 101 sets out a reduced disclosure framework for a 'qualifying entity' as defined in the standard which addresses the financial reporting requirements and disclosure exemptions in the individual financial statements of qualifying entities that otherwise apply the recognition, measurement and disclosure requirements of UK-adopted IFRS.

As permitted by FRS 101, the Company has taken advantage of the disclosure exemptions available under that standard in relation to business combinations, financial instruments, capital management, presentation of comparative information in respect of certain assets, presentation of a cash flow statement, the effect of new but not yet effective IFRS's, impairment of assets, share-based payments and related party transactions. Where required, equivalent disclosures are given in the consolidated financial statements.

At the Annual General Meeting held on 24 June 2024, in accordance with the Board's recommendation, the resolution concerning the continuation of the Company was not passed by Shareholders. At the General Meeting held on 23 July 2024, the proposed revised Investment Policy for the implementation of a managed wind-down of the Company was overwhelmingly approved by the Company's Shareholders. Following the approval by Shareholders of the revised investment objective and policy, the process of an orderly realisation of the Company's assets and a return of capital to Shareholders has begun. The Board will endeavour to realise the Company's investments in a manner that achieves a balance between maximising the value received from the sale of investments and timely returns of net proceeds to Shareholders. Whilst the Directors are satisfied that the Company has adequate resources to continue in operation throughout the wind-down period and to meet all liabilities as they fall due, given that the Company is now in managed wind-down, the Directors consider it appropriate to adopt a basis other than going concern in preparing the financial statements. Further details are set out in note 1a of the consolidated financial statements.

The Directors have taken advantage of the exemption available under Section 408 of the Companies Act 2006 and not presented an income statement or a statement of comprehensive income for the Company alone. The loss made by the Parent Company in the year was €815,000 (2023: loss of €45,246,000). A summary of the Company's significant accounting policies is set out below.

(b) Significant accounting judgements, estimates and assumptions

The preparation of the Company's financial statements requires Directors to make judgements, estimates and assumptions that affect the amounts recognised in the financial statements. However, uncertainty about these judgements, assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in future periods.

Key estimation uncertainties

Investment in subsidiaries is recognised at lower of carrying value and recoverable amount. The recoverable amount is determined as the higher of an asset's fair value less costs of disposal and its value in use. The value in use of an asset is the present value of the future cash flows expected to be derived from the asset. Where carrying value is higher than recoverable amount, a provision for impairment is recognised. The determination of impairment requires the use of estimates such as future cash flows, fair value of investment properties and expected disposal costs.

Fundamental to the net asset value of the subsidiary is the fair value of the investment properties owned. The valuation uncertainty of investment properties is detailed within the consolidated group financial statement notes.

(c) Functional and presentation currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates ("the functional currency") which in the judgement of the Directors is Euro. The financial statements are also presented in Euro. All figures in the financial statements are rounded to the nearest thousand unless otherwise stated.

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(d) Foreign currency

Transactions denominated in foreign currencies are converted at the exchange rates ruling at the date of the transaction. Monetary and non-monetary assets and liabilities denominated in foreign currencies held at the financial year end are translated using London closing foreign exchange rates at the financial year end. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is included as an exchange gain or loss to capital or revenue in the Statement of Comprehensive Income as appropriate. Foreign exchange movements on investments are included in the Statement of Comprehensive Income within gains on investments.

(e) Revenue recognition

Interest income is accounted for on an effective interest rate basis and included in finance income.

(f) Expenses

Expenses are accounted for on an accruals basis. The Company's investment management and administration fees, finance costs and all other expenses are charged through the Statement of Comprehensive Income.

(g) Taxation

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date. Current income tax relating to items recognised directly in equity is recognised in equity and not in profit or loss. Positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation are periodically evaluated and provisions established where appropriate.

(h) Distributions

Interim distributions payable to the holders of equity shares are recognised in the Statement of Changes in Equity in the year in which they are paid. An annual shareholder resolution is voted upon to approve the Company's distribution policy.

(i) Share issue expenses

Incremental external costs directly attributable to the issue of shares that would otherwise have been avoided are written off to share premium.

(j) Cash and cash equivalents

Cash and cash equivalents are defined as cash in hand, demand deposits, and other short-term highly liquid investments readily convertible within three months or less to known amounts of cash and subject to insignificant risk of changes in value.

(k) Trade and other receivables

Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest rate method less any impairment losses.

(l) Trade and other payables

Trade and other payables are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.

(m) Reserves

Share Capital

This represents the proceeds from issuing Ordinary shares and is non-distributable.

Share Premium

Share premium represents the excess consideration received over the par value of Ordinary shares issued and is classified as equity. Incremental costs directly attributable to the issue of Ordinary shares are recognised as a deduction from share premium. This reserve is non-distributable.

Special Distributable Reserve

The special reserve is a distributable reserve to be used for all purposes permitted, including the buyback of shares and the payment of dividends.

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Special Distributable Reserve II

The special reserve is a distributable reserve set up following the cancellation of amounts standing to the credit of the share premium account to be used for capital distributions to shareholders as sufficient cash is generated from asset sales under the managed wind-down policy.

Capital Reserve

Is a distributable reserve subject to applicable legislation and practice and realised gains and losses on currency settlements and disposals are accounted for in this reserve.

Revenue Reserve

The revenue reserve is a distributable reserve and reflects any surplus arising from the net return on ordinary activities after taxation.

(n) Investments in subsidiaries

Investments in subsidiaries are initially recognised at cost, then at the cost less any provision for impairment.

(o) Intercompany loans

The Company measure loans at amortised cost as the Directors believe these loans represent solely payments of principal and interest and should have been measured at amortised cost as they are held in a hold to collect business model. Intercompany loans are classified to non-current or current assets depending on the expected winddown plan of investment in subsidiary owning particular loan. For subsidiaries holding investment properties classified as held for sale such loans are presented as current assets because of expected settlement of the loan, following the sale of investment property within subsidiary that is highly probable within one year (please see note 1i of the consolidated financial statements).

2. Investments in subsidiaries

Additional details of each subsidiary are noted below. All subsidiary shares are the same class:

		31 December 2024		31 December 2023
Subsidiary	Address	Share capital & premium (€'000)	% Shares owned	Share capital & premium (€'000)	% Shares owned	Activity
ASELI Florsheim B.V	Naritaweg 165, 1043 BW Amsterdam, The Netherlands	5,171	100	5,171	100	Property investment
ASELI Erlensee B.V	Naritaweg 165, 1043 BW Amsterdam, The Netherlands	8,373	100	8,373	100	Property investment
ASELI Leon B.V	Naritaweg 165, 1043 BW Amsterdam, The Netherlands	8,345	100	7,123	100	Property investment
ASELI Netherlands I B.V	Naritaweg 165, 1043 BW Amsterdam, The Netherlands	4,420	100	5,173	100	Property investment
ASELI Netherlands II B.V	Naritaweg 165, 1043 BW Amsterdam, The Netherlands	1,975	100	2,538	100	Property investment
ASELI Waddinxveen B.V	Naritaweg 165, 1043 BW Amsterdam, The Netherlands	4,076	100	5,170	100	Property investment
ASELI France Holding SAS 8 Avenue Hoche,	75008 Paris, France	11,322	100	15,267	100	Property investment
ASELI sHeerenberg B.V	Naritaweg 165, 1043 BW Amsterdam, The Netherlands	7,894	100	8,126	100	Property investment

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		31 December 2024		31 December 2023
Subsidiary	Address	Share capital & premium (€'000)	% Shares owned	Share capital & premium (€'000)	% Shares owned	Activity
ASELI Netherlands Holdings B.V	Naritaweg 165, 1043 BW Amsterdam, The Netherlands	6,537	100	6,537	100	Property investment
PDC Industrial 92 Sp. z.o.o Piekna 18,	00-549 Warsaw, Poland	4,658	100	4,658	100	Property investment
PDC Industrial 72 Sp. z.o.o Piekna 18,	00-549 Warsaw, Poland	3,707	100	3,707	100	Property investment
Circulus Investments Sp. z.o.o.	Piekna 18, 00-549 Warsaw, Poland	2,867	100	2,867	100	Property investment
ASELI Madrid Holding S.L.U	Pinar 7 - 5 Izq, 28006 Madrid, Spain	13,219	100	14,110	100	Property investment
AELI Madrid Holding 2 S.L.U	Pinar 7 - 5 Izq, 28006 Madrid, Spain	21,306	100	20,850	100	Property investment
		103,870		109,670

Additional details relating to the cost of shares, share premium and net asset value of each subsidiary is noted below.

	31 December 2024			31 December 2023
	Share capital €'000	Share premium €'000	Net asset value €'000	Share capital €'000	Share premium €'000	Net asset value €'000
Direct Subsidiaries
ASELI Florsheim B.V	1	5,170	7,941	1	5,170	8,549
ASELI Erlensee B.V	1	8,372	9,818	1	8,372	12,398
ASELI Leon B.V	1	8,344	8,863	1	7,122	7,123
ASELI Netherlands I B.V	1	4,419	4,725	1	5,172	5,173
ASELI Netherlands II B.V	1	1,974	2,323	1	2,537	2,538
ASELI Waddinxveen B.V	1	4,075	4,490	1	5,169	6,023
ASELI France Holding SAS	11,322	-	12,149	15,267	-	15,267
ASELI sHeerenberg B.V	1	7,893	8,318	1	8,125	8,126
ASELI Netherlands Holdings B.V	1	6,536	10,203	1	6,536	7,302
PDC Industrial 92 Sp. z.o.o	1	4,657	8,714	1	4,657	9,148
PDC Industrial 72 Sp. z.o.o	88	3,619	10,289	88	3,619	9,470
Circulus Investments Sp. z.o.o.	3	2,864	5,429	3	2,864	5,506
ASELI Madrid Holding S.L.U	3	13,216	14,442	3	14,107	14,110
AELI Madrid Holding 2 S.L.U	3	21,303	21,954	3	20,847	20,851
	11,428	92,442	129,658	15,373	94,297	131,584

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	31 December 2024			31 December 2023
	Share capital €'000	Share premium €'000	Net asset value €'000	Share capital €'000	Share premium €'000	Net asset value €'000
Indirect subsidiaries
ASELI France Holding
ASELI Meung SCI	7,030	-	(3,182)	7,030	-	(4,835)
ASELI Avignon SCI	18,174	-	27,280	18,174	-	27,401
AELI Messageries SCI	14,215	-	9,026	14,215	-	10,823
AELI Immobiler SCI	-	-	-	10	-	(79)
ASELI Netherlands Holdings B.V
ASELI Den Hoorn B.V	12	13,424	38,669	12	13,424	34,066
ASELI Madrid Holding S.L.U
AELI Madrid Logistics 1 S.L.U	62	49,227	14,422	62	49,227	13,381
AELI Madrid Holding 2 S.L.U
AELI Madrid Logistics 2 S.L.U	3	43,376	21,984	3	41,876	20,820

Impairment analysis

Where subsidiaries have a lower net asset value than carrying amount of investment, an impairment is recognised. Due to a decrease in the value of the investment, the accumulated impairment recognised on investments is shown below:

	2024 €'000	2023 €'000
ASELI Madrid Holding S.L.U	39,580	38,690
AELI Madrid Holding 2 S.L.U	22,202	21,158
ASELI France Holding SAS	4,438	494
ASELI Leon B.V	-	1,221
ASELI Netherlands I B.V	1,714	961
ASELI Waddinxveen B.V	1,094	-
ASELI Netherlands II B.V	982	419
ASELI sHeerenberg B.V	918	685
Total	70,928	63,628

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The company's share price was a discount to NAV as at 31 December 2024 (31 December 2023: Discount). An impairment assessment has been carried out to assess the recoverability of the investment in subsidiaries. A reconciliation of opening to closing investments in subsidiaries is noted below.

	2024 €'000	2023 €'000
Opening carrying value as at 1 January	109,670	173,862
Additions	1,500	200
Capital reductions	-	(8,820)
Impairment	(7,300)	(55,572)
Total carrying value as at 31 December	103,870	109,670

The table below presents the sensitivity of the impairment of investment in subsidiaries to the changes in valuation of investment properties. Further details on the sensitivity of the investment properties can be found in note 9 of the Group Consolidated Financial Statements.

		2024			2023
Direct Subsidiaries	5% decrease in property value (€'000)	Carrying amount (€'000)	5% increase in property value (€'000)	5% decrease in property value (€'000)	Carrying amount (€'000)	5% increase in property value (€'000)
ASELI Florsheim B.V.	-	5,171	-	-	5,171	-
ASELI Erlensee B.V.	(451)	8,373	-	-	8,373	-
ASELI Leon B.V.	(937)	8,345	-	(1,084)	7,123	1,221
ASELI Netherlands I B.V.	(1,205)	4,420	948	(1,552)	5,173	961
ASELI Netherlands II B.V.	(1,116)	1,975	982	(1,136)	2,538	419
ASELI Waddinxveen B.V.	(1,384)	4,076	1,094	(612)	5,170	-
ASELI France Holding SAS	(3,867)	11,322	3,532	(5,051)	15,267	493
ASELI sHeerenberg B.V.	(1,336)	7,894	918	(1,365)	8,126	685
ASELI Netherlands Holdings B.V.	-	6,537	-	(1,166)	6,537	-
PDC Industrial 92 Sp. z.o.o.	-	4,658	-	-	4,658	-
PDC Industrial 72 Sp. z.o.o.	-	3,707	-	-	3,707	-
Circulus Investments Sp. z.o.o.	-	2,867	-	-	2,867	-
ASELI Madrid Holding S.L.U	(5,413)	13,220	5,413	(5,258)	14,110	5,258
AELI Madrid Holding 2 S.L.U	(2,865)	21,305	2,865	(2,854)	20,850	2,854
Total	(18,574)	103,870	15,752	(20,078)	109,670	11,891

The Directors estimated the recoverable amount of investments in subsidiaries. The key assumption in estimating the recoverable amount is the net asset value. Fundamental to the net asset value of the subsidiary is the fair value of the underlying. investment properties. As at 31 December 2024, the recoverable amount of investments in subsidiaries was as follows.

	2024 €'000	2023 €'000
Recoverable amount	129,658	131,583

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3. Intercompany loans

	2024 €'000	2023 €'000
Accrued interest on intercompany loan receivable in less than one year	3,483	2,897
	3,483	2,897
Intercompany loan expected to be received in greater than one year	166,422	249,311
Intercompany loan expected to be received in less than one year	70,140	-
	236,562	249,311

A summary of the various group loans is provided in the following table:

		Balance Drawn €'000					Outstanding Interest €'000
Borrower	Limit €'000	As at 31 Dec 2024	As at 31 Dec 2023	Maturity	Date Loan Type	Interest Rate	As at 31 Dec 2024	As at 31 Dec 2023
ASELI Florsheim B.V.	6,125	3,425	3,425	Jan 28	Interest bearing loan	3.50%	30	30
ASELI Erlensee B.V.	16,500	1,679	1,679	May 28	Interest bearing loan	2.50%	-	-
ASELI Erlensee B.V.	10,300	5,486	5,486	May 28	Interest bearing loan	3.50%	60	60
ASELI Leon B.V. (Polinya)	13,370	6,221	5,470	Jun 31	Interest bearing loan	3.49%	156	48
ASELI Netherlands I B.V. (Ede)	35,584	6,058	11,808	Aug 28	Interest bearing loan	4.80%	122	143
ASELI Netherlands II B.V. (Zeewolde)	23,760	9,173	9,173	Sep 28	Interest bearing loan	4.60%	106	106
ASELI Den Hoorn B.V.	16,000	13,986	13,986	Jan 33	Interest bearing loan	3.05%	108	108
ASELI France Holding SAS (Avignon)	10,905	9,394	9,394	Oct 28	Interest bearing loan	3.13%	74	197
ASELI France Holding SAS (Meung)	6,096	4,212	4,212	Feb 29	Interest bearing loan	3.13%	33	88
ASELI France Holding SAS	8,523	7,723	7,723	May 32	Interest bearing loan	2.63%	52	139
ASELI Avignon SCI	27,264	-	1,989	Oct 28	Interest bearing loan	3.13%	-	16
AELI Messageries SCI	21,465	20,765	20,765	May 32	Interest bearing loan	2.63%	138	138
ASELI Waddinxveen B.V.	29,200	8,075	8,075	Nov 28	Interest bearing loan	4.50%	92	92
ASELI Waddinxveen B.V.	5,180	5,180	5,180	Jul 32	Interest bearing loan	3.05%	40	40
ASELI Meung SCI	15,240	2,820	8,580	Nov 28	Interest bearing loan	3.13%	45	135
PDC Industrial 72 Sp. z.o.o.	2,000	2,000	2,000	Feb 29	Interest bearing loan	4.10%	21	345
PDC Industrial 72 Sp. z.o.o.	18,807	17,157	17,157	Feb 29	Interest bearing loan	4.20%	177	228
ASELI sHeerenberg B.V.	11,300	2,776	2,776	Jun 29	Interest bearing loan	5.29%	37	37
ASELI sHeerenberg B.V.	8,000	8,000	8,000	Jun 29	Interest bearing loan	5.29%	107	107
ASELI sHeerenberg B.V.	8,470	7,290	7,290	Sep 29	Interest bearing loan	3.50%	64	64
AELI Madrid Logistics 1	78,656	50,380	50,381	Nov 33	Interest bearing loan	3.69%	1,328	469
Circulus Investments Sp. z.o.o.	25,780	24,772	24,772	Apr 31	Interest bearing loan	3.39%	212	148
PDC Industrial 92 Sp. z.o.o.	21,340	19,990	19,990	Oct 29	Interest bearing loan	4.10%	481	159
	419,865	236,562	249,311				3,483	2,897
Fair value of intercompany loans		254,671	255,491

4. Trade payables

	2024 €'000	2023 €'000
Investment management fee payable	573	729
Accruals and other payables	593	984
	1,166	1,713

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5. Bank loans

The Company cancelled an uncommitted master facility loan agreement with Investec Bank plc on 31 May 2024 (2023: uncommitted master facility €70 million).

In prior years the Company incurred €207,000 of capitalised financing fees, which were being spread over the four year term of the facility until October 2024. As at 31 December 2024 the remaining amortised cost of these financing fees is €nil being fully amortised (2023: €39,000).

6. Share capital and share premium

Share capital

	2024 €'000	2023 €'000
Opening balance	4,717	4,717
As at 31 December	4,717	4,717

Ordinary shareholders participate in all general meetings of the Company on the basis of one vote for each share held.

Each Ordinary share has equal rights to dividends and equal rights to participate in a distribution arising from a winding up of the Company. The Ordinary shares are not redeemable.

The number of Ordinary Shares authorised, issued and fully paid at 31 December 2024 was 412,174,356 (2023: 412,174,356). The nominal value of each share is £0.01.

Share premium

	2024 €'000	2023 €'000
Opening balance	269,546	269,546
Share premium reclass to special distributable reserve II	(269,546)	-
Balance at 31 December	-	269,546

There was no share premium arising in the year. Due to the implementation of B Shares mechanism, approved by the Shareholders on 22 November 2024, the Share Premium of the Company was cancelled and its balance was moved to Special distributable reserve II. Refer to note 17 and 18 of the consolidated financial statements.

7. Dividends

To maintain status as an approved Investment Trust Company, the Company must comply with the eligibility conditions set out in section 1158 of the Corporation Tax Act 2010 as well as additional requirements outlined in The Investment Trust (Approved Company) (Tax) Regulations 2011. Regulation 19 provides that the Company must comply with an income distribution requirement and, specifically, cannot retain more than the higher of 15% of its income for the accounting year or any brought forward revenue reserve deficit. Any dividend that the Company must pay in order to satisfy this requirement must be paid within 12 months of the end of the accounting year.

A fourth interim dividend of 0.97c/0.81p per share was paid on 31 March 2025 to Shareholders on the register on 28 February 2025. Although this payment relates to the year ended 31 December 2024, under IFRS it will be accounted for in the year in which it has been paid.

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Dividends paid in the year have been split between the Special distributable reserve and Revenue reserve as follows:

	Special distributable reserve €'000	Revenue reserve €'000	Total €'000	Accounting year applied to for income retention test
2024 First interim dividend of 1.41c (1.21p) per share paid 5 July 2024	-	5,812	5,812	2024
2024 Second interim dividend of 0.90c (0.77p) per share paid 27 September 2024	2,755	955	3,710	2024
2024 Third interim dividend of 1.05c (0.87p) per share paid 31 December 2024	4,328	-	4,328	2024
Total dividends paid in 2024	7,083	6,767	13,850

	Special distributable reserve €'000	Revenue reserve €'000	Total €'000	Accounting year applied to for income retention test
2022 Fourth interim dividend of 1.41c (1.20p) per share paid 24 March 2023	-	5,812	5,812	2022
2023 First interim dividend of 1.41c (1.23p) per share paid 23 June 2023	1,128	4,684	5,812	2023
2023 Second interim dividend of 1.41c (1.22p) per share paid 22 September 2023	5,812	-	5,812	2023
2023 Third interim dividend of 1.41c (1.23p) per share paid 29 December 2023	5,812	-	5,812	2023
Total dividends paid in 2023	12,752	10,496	23,248

8. Capital commitments

As at 31 December 2024 the Company had capital commitments of €183.3 million (2023: €150.4 million) relating to undrawn intercompany loans.

9. Ultimate parent company

In the opinion of the Directors on the basis of shareholdings reviewed by them, the Company has no immediate or ultimate controlling party.

10.Fair value of financial instruments

The Company measures fair values using the following fair value hierarchy, which reflects the significance of the inputs used in making the measurements.

Level 1: Inputs that are quoted market prices (unadjusted) in active markets for identical instruments.

Level 2: Inputs other than quoted prices included within Level 1 that are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices). This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or other valuation techniques in which all significant inputs are directly or indirectly observable from market data.

Level 3: Inputs that are unobservable. This category includes all instruments for which the valuation technique includes inputs that are not observable and the unobservable inputs have a significant effect on the instrument's valuation.

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Fair value hierarchy

The Company's financial instruments measured at fair value relate to group loans due from group entities, disclosed in note 3. The group loans are classified as level 3 (2023: level 3) in the fair value hierarchy.

Level 3 fair value measurements

Reconciliation

The following table shows a reconciliation from the beginning balances to the ending balances for fair value measurements in Level 3 of the fair value hierarchy.

	2024 €'000	2023 €'000
Opening balance	-	254,301
Classified to amortised cost, see note 1(o)	-	(254,301)
Closing balance	-	-

During the year, €13,499,000 (2023: €4,990,000) of group loans were repaid and €750,000 of new loans were granted to subsidiaries.

Group loans are measured at amortised cost less impairment. The fair value is estimated using discounted cash flows with the current interest rates and yield curve applicable to each loan. The amortised cost is €236,562,000 (2023: €249,311,000).

The fair value considers the net asset value of each borrower and whether this is sufficient value within the subsidiary to meet the contract cash flows. The net asset value of the borrower is primarily driven by the valuation of investment property, refer to the unobservable inputs into that valuation in Note 9 of the Group Consolidated Financial Statements.

11.Post balance sheet events

On 22 January 2025, ASELI Leon B.V. sold the Barcelona and Madrid Calle Rumania warehouses in Spain for €29.7m realising a loss of €0.5m. As at 31 December 2024, the properties were valued at €29.7m (2023: €26.9m). Following completion of sale, €17.7m of loans were repaid to ING Bank and partial termination of €17.7m interest rate swaps and caps took place.

A fourth interim dividend of 0.97c/0.81p per share was paid on 31 March 2025 to Shareholders on the register on 28 February 2025.

Pursuant to the authority received from Shareholders at the general meeting held on 22 November 2024, the Board resolved on 27 February 2025 to return approximately £16.5 million in aggregate to Shareholders via an issue of B Shares. B Shares of one penny each were paid up from the Company's special distributable reserve II, created by the recent cancellation of the share premium account, and issued to all Shareholders by way of a bonus issue on the basis of 4 B Shares for every 1 Ordinary Share. The B Shares were issued on 7 March 2025 and immediately redeemed at one penny per B Share. The Redemption date in respect of this B Share issue is therefore 7 March 2025.

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Corporate Information Information about the Investment Manager

The Company's Investment Manager is abrdn Investments Ireland Limited, a wholly owned subsidiary of abrdn pc whose group companies as at 31 December 2023 had

approximately £495 billion under management and administration.

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Corporate Information Information about the Investment Manager

abrdn Fund Managers Limited

abrdn Fund Managers Limited ("aFML"), authorised and regulated by the Financial Conduct Authority, has been appointed as alternative investment fund manager to the Company. aFML has in turn delegated portfolio management to the Danish branch of abrdn Investments Ireland Limited ("aIIL").

Aberdeen

On 4 March 2025 the manager announced a change to its trading name from 'abrdn' to 'Aberdeen' and from 'abrdn plc' to 'Aberdeen Group plc'. Worldwide, Aberdeen Group plc group companies had approximately £511.4 billion under management and administration (as at 31 December 2024) in assets for a range of clients, including individuals and institutions, through mutual and segregated funds.

Aberdeen operates a fully integrated property investment management platform and has an extensive regional presence across the UK and Continental Europe. Its eight offices across Europe - London, Edinburgh, Frankfurt, Amsterdam, Madrid, Paris, Brussels and Copenhagen - employ over 300 real estate professionals in fund management, research, transactions, asset management, financing and other specialist property activities.

The real estate teams within these offices are responsible for sourcing and managing all the assets acquired across the region. Having teams in the key target markets in which the Company invests provides, in the Investment Manager's view, a significant competitive advantage, with improved local market knowledge, better access to potential deals, closer implementation of asset business plans and improved ability to manage and mitigate risk.

The Investment Team Senior Managers

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Troels Andersen Deputy Head of European Real Estate Investment Management

Troels Andersen, who joined Aberdeen in April 2011 and is based in Copenhagen, assumed the role of lead fund manager for the Company in October 2022. Prior to his involvement with the Company, Troels had been Fund Manager of Aberdeen's €150 million multisector European Long Income Real Estate Fund, having successfully overseen its launch in 2019. Prior to that he was Fund Manager of Aberdeen's €500 million gross asset value Aberdeen Property Nordic I Fund, together with a further segregated value-add mandate. He was previously a member of Aberdeen's Nordic and European Investment Committees, which approves all major decisions for investments in the region. Troels brings 25 years of real estate investment experience, including logistics asset transactions, together with knowledge of debt facility management, having spent the first part of his career working for German banks in both Germany and the UK. He speaks English, Danish and German.

Geoff Hepburn

Deputy Fund Manager, Real Estate Investment Management

Geoff Hepburn is Deputy Fund Manager of the Company based in Edinburgh. Responsibilities include developing and implementing Company strategy, client reporting, managing transactions and ensuring the delivery of the ESG strategy. Since joining Aberdeen in January 2012 he has had responsibility as Investment Manager and Deputy Fund Manager for several balanced UK institutional funds. He joined Aberdeen from a London property company as Development & Investment Manager responsible for two large Central London office projects as well as a mixed use regional investment and development portfolio. Previously, Geoff worked for Ediston Properties having begun his client-side career at Standard Life Investments as Portfolio Manager on the Pooled Pension Fund in 2001. In a varied career spanning more than 20 years, Geoff has transacted and developed over £1bn of real estate.

Geoff graduated LLB Bachelor of Scots Law, followed by a Postgraduate Diploma in Land Economy (with commendation) in 1999. Both degrees were awarded by the University of Aberdeen. Geoff qualified as a Chartered Surveyor (MRICS) with DTZ in 2001. He speaks English and French.

Attila Molnar

Deputy Fund Manager, Real Estate Investment Management

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Attila is a Fund Manager based in Frankfurt. Attila joined Dresdner Bank's property fund management business (DEGI) in 2006, shortly before the business was acquired by Aberdeen. Attila has been involved in the planning and establishment of new product lines for institutional clients and joined the fund management teams of those funds. At present, in addition to his responsibilities for the Company, he is responsible for two institutional funds. Prior to joining DEGI Attila worked for PricewaterhouseCoopers where he was responsible for a diverse range of audit and due diligence projects in the property funds sector. Attila graduated with a MSc in Accounting and Finance from Budapest University of Economics and speaks English, German and Hungarian.

The Investment Process

The Investment Manager is responsible for managing the transaction process working through its property teams based in Europe. The teams based in the target markets have an in-depth knowledge of the local markets and a wide network of relationships for identifying and selecting the best investment and disposal opportunities. Having local teams on the ground provides for in-depth local insight and, in turn, is a significant competitive advantage that should enable the Investment Manager to implement the Company's investment policy across key cities and regions.

Furthermore, focusing on income durability, location and propensity for rental growth, combined with the ability to carry out active asset management, enabled the Investment Manager to invest in properties where competition among potential buyers is higher.

The process is informed by a significant database of proprietary information held by the Investment Manager, experienced investment professionals, including people on the ground in the relevant markets and a dedicated research function that assists in understanding rental and capital growth prospects at country, regional, city, sub-market and sector level.

The Investment Manager operates a pan-European Investment Committee which approves all transactions, financing decisions and material asset management activity. The Investment Committee includes senior members of the real estate team.

An active asset management strategy (i.e. defining, implementing and regularly reviewing business plans for each property in the Portfolio) is an important element in helping to enhance and deliver value. An important part of this is that the properties are managed by local asset managers in the countries where the properties are located who have better access to tenants, advisers and consultants to help generate better outcomes.

Approach to ESG

The Investment Manager views ESG as a fundamental part of its business. Whilst real estate investment provides valuable economic benefits and returns for investors it has – by its nature – the potential to affect environmental and social outcomes, both positively and negatively.

The Investment Manager's approach is underpinned by the following three over-arching principles:

• . Transparency, Integrity and Reporting: being transparent in the ways in which it communicates and discusses strategy, approach and performance with investors and stakeholders.
• . Capability and Collaboration: drawing together and harnessing the capabilities and insights of its platforms, with those of its investment, supply chain and industry partners.
• . Investment Process and Asset Management: integrating ESG into decision making, governance, underwriting decisions and asset management approach. This includes the identification and management of material ESG risks and opportunities across the Portfolio.

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Corporate Information Investor Information

Investors may receive information about the Company via email by registering at the foot of the homepage of the website: eurologisiticsincome.co.uk

The website also includes current and historic Annual and Half-Yearly Reports, performance data, the latest quarterly factsheet issued by the Investment Manager together with links to the Company's share price and recent London Stock Exchange announcements.

Information about the Company, and other investment companies managed by the Investment Manager, may also be found on social media, as follows:

'X'/(Twitter): @AberdeenTrusts

LinkedIn: Aberdeen Investment Trusts

Alternative Investment Fund Managers Directive ("AIFMD") and Pre-Investment Disclosure Document ("PIDD")

The Company has appointed abrdn Fund Managers Limited as its alternative investment fund manager and Citibank UK Limited as its depositary under the AIFMD. Details of the leverage and risk policies which the Company is required to have in place under the AIFMD are published in the Company's PIDD which can be found on the website eurologisticsincome.co.uk. The periodic disclosures required to be made by the AIFM under the AIFMD are set out on page 129.

Investor Warning: Be alert to share fraud and boiler room scams

The Company has been made aware by Aberdeen that some investors have received telephone calls from people purporting to work for Aberdeen, or third parties, who have offered to buy their investment trust shares. These may be scams which attempt to gain personal information with which to commit identity fraud or could be 'boiler room' scams where a payment from an investor is required to release the supposed payment for their shares. These callers do not work for Aberdeen and any third party making such offers has no link with Aberdeen. Aberdeen never makes these types of offers and does not 'cold-call' investors in this way. If investors have any doubt over the veracity of a caller, they should not offer any personal information, end the call and contact Aberdeen's investor services centre using the details provided below.

The Financial Conduct Authority provides advice with respect to share fraud and boiler room scams at: fca.org.uk/consumers/scams

Shareholder Enquiries

Registered Shareholders

In the event of queries regarding their holdings of shares, lost certificates, dividend payments, registered details, etc shareholders holding their shares in the Company directly should contact the registrars, Equiniti Limited, via their website www.shareview.co.uk or Tel: +44 (0) 371 384 2030. Lines are open Monday to Friday (excluding public holidays in England & Wales).

General Enquiries

Any general enquiries about the Company should be directed to the Company Secretary, abrdn European Logistics Income plc, 280 Bishopsgate, London EC2M 4AG or by email at CEF.CoSec@aberdeenplc.com.

A note about the Aberdeen Investment Trust Savings Plans (the 'Plans')

The Aberdeen Investment Trusts ISA, Share Plan and Investment Plan for Children (the "Plans") closed in December 2023. All investors with a holding or cash balance in the Plans at that date transferred to interactive investor ("ii"), an Aberdeen group company. ii communicated with Plan holders in late November 2023 to set up account security to ensure that investors would continue to access their holdings via ii following the closure of the Plans.

Former Aberdeen Plan holders should contact ii for any ongoing support with their ii accounts on 0345 646 1366, or +44 113 346 2309 if calling from outside the UK. Lines are open 8.00am to 5.00pm Monday to Friday. Alternatively, Plan holders can access the website at ii.co.uk/abrdn-welcome.

Suitable for Retail/NMPI Status

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The Company's securities are intended for investors primarily in the UK (including retail investors), professionally advised private clients and institutional investors who are seeking exposure to European logistical real estate and who understand and are willing to accept the risks of exposure to this asset class. Investors should consider consulting a financial adviser who specialises in advising on the acquisition of shares and other securities before acquiring shares. Investors should be capable of evaluating the risks and merits of such an investment and should have sufficient resources to bear any loss that may result.

The Company currently conducts its affairs so that its securities can be recommended by a financial adviser to ordinary retail investors in accordance with the Financial Conduct Authority's (FCA) rules in relation to non-mainstream pooled investments (NMPIs) and intends to continue to do so for the foreseeable future.

The Company's shares are excluded from the FCA's restrictions which apply to non-mainstream investment products because they are shares in an investment trust.

Key Information Document ("KID")

The KID relating to the Company can be found under 'Key Documents' in the 'Literature' section of the Company's website.

How to Invest in the Company and other Aberdeen-managed investment trusts

A range of leading investment platforms and share dealing services let you buy and sell Aberdeen-managed investment trusts including the shares of the Company.

Many of these platforms operate on an 'execution-only' basis. This means they can carry out your instruction to buy or sell a particular investment trust. But they may not be able to advise on suitable investments for you. If you require advice, please speak to a qualified financial adviser (see below).

Flexibility

Many investment platform providers will allow you to buy and hold Aberdeen Investment Trust shares within an Individual Savings Account (ISA), Junior ISA or Self Invested Personal Pension (SIPP), all of which have potential tax advantages. Most will also allow you to invest on both a lump sum and regular savings basis.

Costs and service

It is important to choose the right platform for your needs, so take time to research what each platform offers before you make your decision, as well as considering charges. When it comes to charges, some platforms have flat fee structures while others levy percentage-based charges. Typically, you will also pay a fee every time you buy and sell shares, so you need to bear in mind these transaction costs if you are trading frequently. There may also be additional charges for ISA and SIPP investments.

Can I exercise my voting rights if I hold my shares through an investment platform?

Yes, you should be able to exercise your right to vote by contacting your platform provider. Procedures differ, but some platforms will automatically alert you when new statutory documents are available and then allow you to vote online. Others will require you to contact them to vote. Your chosen platform provider will provide further guidance. Alternatively, the Association of Investment Companies has provided information on how to vote investment company shares held on some of the major platforms. This information can be found at: www.theaic.co.uk/how-to-vote-your-shares.

Getting advice

Aberdeen recommends that you seek financial advice prior to making an investment decision. If you do not currently have a financial adviser, details of authorised financial advisers in your area can be found at pimfa.co.uk or unbiased.co.uk (see below). You will pay a fee for advisory services.

Platform providers

Platforms featuring Aberdeen Group managed investment trusts include:

• . interactive investor (an Aberdeen owned business): www.ii.co.uk/investment-trusts
• . AJ Bell: www.ajbell.co.uk/markets/investment-trusts
• . Barclays Smart Investor: www.barclays.co.uk/smart-investor
• . Bestinvest: www.bestinvest.co.uk
• . Charles Stanley Direct: www.charles-stanley-direct.co.uk
• . Fidelity: www.fidelity.co.uk

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• . Halifax: www.halifax.co.uk/investing
• . Hargreaves Lansdown: www.hl.co.uk/shares/investment-trusts
• . Novia: www.wealthtime.com/advisers/
• . transact: www.transact-online.co.uk
• . Aberdeen (an Aberdeen owned business): www.abrdn.com/adviser/wrap

The companies above are shown for illustrative purposes only. Other platform providers are available. The links above direct you to external websites operated by each platform provider. Aberdeen is not responsible for the content and information on these third-party sites, apart from interactive investor, which is owned by Aberdeen.

Discretionary Private Client Stockbrokers

If you have a large sum to invest, you may wish to contact a discretionary private client stockbroker. They can manage your entire portfolio of shares and will advise you on your investments. To find a private client stockbroker visit The Personal Investment Management & Financial Advice Association at: pimfa.co.uk.

Financial Advisers

To find an adviser who recommends on investment trusts, visit: unbiased.co.uk.

Regulation of Stockbrokers

Before approaching a stockbroker, always check that they are regulated by the Financial Conduct Authority:

Tel: 0800 111 6768 or at

at https://register.fca.org.uk

Email: consumerqueries@fca.org.uk

Note

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Please remember that past performance is not a guide to the future. Stock market and currency movements may cause the value of shares and the income from them to fall as well as rise and investors may not get back the amount they originally invested.

As with all equity investments, the value of investment trusts purchased will immediately be reduced by the difference between the buying and selling prices of the shares, the market maker's spread.

Investors should further bear in mind that the value of any tax relief will depend on the individual circumstances of the investor and that tax rates and reliefs, as well as the tax treatment of ISAs, may be changed by future legislation.

The information on pages 122 to 124 has been issued by abrdn Investments Limited, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom. abrdn Investments Limited is entered on the Financial Services Register under registration number 121891.

Corporate Information EPRA Financial Reporting (Unaudited)

Prepared in accordance with EPRA best practice recommendations (BPR) February 2022.

EPRA Performance Measures

		31 December 2024 Total	31 December 2023 Total
	A. EPRA Earnings (€'000)	12,745	13,033
	A. EPRA Earnings per share (cents)	3.1	3.2
	B. EPRA Net tangible assets ("NTA") (€'000)	384,442	394,550
	B. EPRA Net tangible assets per share (cents)1	93.3	95.7
	C. EPRA Net reinstatement value ("NRV") (€'000)	419,224	430,527
	C. EPRA Net reinstatement value per share (cents)	101.7	104.5
	D. EPRA Net disposal value ("NDV")(€'000)	375,143	387,785
	D. EPRA Net disposal value per share (cents)	91.0	94.1
	E. EPRA Net initial yield (%)	4.9	4.4
	E. EPRA topped-up net initial yield (%)	4.9	4.4
	F. EPRA Vacancy rate (%)	3.5	6.0
	G. EPRA Cost ratios - including direct vacancy costs (%)	29.2	34.1
	G. EPRA Cost ratios - excluding direct vacancy costs (%)	28.2	32.4
	H. EPRA Capital expenditure (€'000)	135	139
	I. EPRA Like for like rental growth (%)	-0.3	1.8
	J. EPRA LTV (%)	37.2	40.0
	1 Defined as an Alternative performance measure.
A.	EPRA Earnings (€000)
	Earnings per IFRS income statement	3,030	(81,801)
	Adjustments to calculate EPRA Earnings, exclude:
	Changes in value of investment properties	6,284	106,878
	Gains on disposal of investment properties	(35)	(133)
	Tax on profits on disposals	482	440
	Deferred tax	771	(13,854)
	Gains arising from the derecognition of derivative financial instruments	(13)	(313)
	Early repayment cost due to remeasurement of loan liability	915	110
	Effect of fair value adjustments on derivative financial instruments	1,311	1,706
	EPRA Earnings	12,745	13,033
	Weighted average basic number of shares ('000)	412,174	412,174
	EPRA Earnings per share (cents)	3.1	3.2

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		31 December 2024	31 December 2023
		Total	Total
B.	EPRA Net tangible assets ("NTA") (€'000)
	IFRS NAV	374,108	384,928
	Exclude:
	Fair value of financial instruments	(366)	(1,690)
	Deferred tax in relation to fair value gains of investment property1	10,700	11,312
	EPRA Net tangible assets	384,442	394,550
	Shares in issue at end of year ('000)	412,174	412,174
	EPRA Net tangible assets per share (cents)	93.3	95.7
	1 Excludes deferred tax adjustments on other temporary differences, recognised under IFRS.
C.	EPRA Net reinstatement value ("NRV") (€'000)
	EPRA Net tangible assets	384,442	394,550
	Real estate transfer tax and other purchasers' costs	34,782	35,977
	EPRA Net reinstatement value	419,224	430,527
	EPRA Net reinstatement value per share (cents)	101.7	104.5
D.	EPRA Net disposal value ("NDV") (€'000)
	IFRS NAV	374,108	384,928
	Fair value adjustment for fixed interest debt	1,035	2,857
	EPRA Net disposal value	375,143	387,785
	EPRA Net disposal value per share (cents)	91.0	94.1
E.	EPRA Net initial yield and 'topped up' NIY disclosure (€'000)
	Investment property - wholly owned	593,991	633,806
	Less: developments	-	-
	Completed property portfolio	593,991	633,806
	Allowance for estimated purchasers' costs	34,782	35,977
	Gross up completed property portfolio valuation	628,773	669,783
	Annualised cash passing rental income2	33,049	34,150
	Property outgoings	(2,295)	(4,392)
	Annualised net rents	30,754	29,758
	Add: notional rent expiration of rent free periods or other lease incentives	-	-
	Topped-up net annualised rent	30,754	29,758
	EPRA NIY (%)	4.9	4.4
	EPRA "topped-up" NIY (%)	4.9	4.4
	2 Calculated based on lease agreements as at the reporting date.

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		31 December 2024 Total	31 December 2023 Total
F.	EPRA Vacancy rate (€'000)
	Estimated rental value of vacant space	1,277	2,231
	Estimated rental value of whole portfolio	36,374	37,420
	EPRA Vacancy Rate (%)	3.5	6.0
	EPRA vacancy rate corresponds to the vacancy rate at year-end. It is calculated as the ratio between the estimated market rental value of vacant spaces and potential rents for the operating property portfolio. EPRA vacancy rate does not include leases signed with a future effect date.
G.	EPRA Cost ratios (€'000)
	Administrative / property operating expense per IFRS income statement	17,584	19,495
	Net service charge costs / fees	(8,379)	(8,095)
	EPRA Costs (including direct vacancy costs)	9,205	11,400
	Direct vacancy costs	(333)	(558)
	EPRA Costs (excluding direct vacancy costs)	8,872	10,842
	Gross Rental income less ground rent costs	31,499	33,435
	EPRA Cost Ratio (including direct vacancy costs) (%)	29.2	34.1
	EPRA Cost Ratio (excluding direct vacancy costs) (%)	28.2	32.4
	Overhead and operating expenses capitalised	-	-
H.	Property related capital expenditure for the Group (€'000)
	Acquisitions	-	-
	Investment properties:
	Non incremental lettable space	135	139
	Incremental lettable space	-	-
	Total capital expenditure	135	139
	Conversion from accrual to cash basis	(191)	378
	Total CapEx on cash basis	(56)	517
	There is no capital expenditure associated with Joint Ventures. Capital expenditure recognised by the Group that has not resulted in increase of the lettable area. Please see details in note 9 of consolidated financial statements. The difference in comparison to note 9 is disposal costs on sale of assets which are not included in above table.

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		31 December 2024 Total	31 December 2023 Total
I.	Like for like rental growth
	Rental income growth (%):
	Germany	(11.4)	2.1
	Poland	0.6	7.9
	France	5.1	1.3
	Spain	(1.0)	(5.2)
	Netherlands	1.1	4.5
	Like for like rental growth	(0.3)	1.8
	Rental income total1 (€000):
	Germany	2,983	3,366
	Poland	5,855	5,820
	France	4,305	4,098
	Spain	8,473	8,560
	Netherlands	11,432	12,306
		33,048	34,150
	1 Calculated based on lease agreements as at the reporting date.
	Total portfolio value on which the like-for-like rental growth is based (€000):
	Germany	59,300	63,200
	Poland	88,890	90,390
	France	77,345	99,380
	Spain	195,256	189,136
	Netherlands	173,200	191,700
		593,991	633,806
J.	EPRA LTV (€'000)
	Borrowings from financial institutions2	235,700	259,462
	Net payables3	15,322	16,353
	Exclude:
	Cash and cash equivalents	(25,011)	(18,061)
	Net debt (a)	226,011	257,754
	Investment properties at fair value4	593,991	633,806
	Net receivables (excluding lease incentives)5	13,536	10,210
	Total property value (b)	607,527	644,016
	LTV (a/b) (%)	37.2	40.0
	2 Excludes €915,000 of loan break costs on expected early payment of loan. 3 Refer to note 13 for details. 4 Based on independent property valuation. Includes Investment properties held for sale. 5 Refer to note 10 for details.

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Corporate Information

Alternative Investment Fund Managers Directive Disclosures (Unaudited)

abrdn Fund Managers Limited and the Company are required to make certain disclosures available to investors in accordance with the Alternative Investment Fund Managers Directive ('AIFMD'). Those disclosures that are required to be made pre-investment are included within a pre-investment disclosure document ('PIDD') which can be found on the Company's website eurologisticsincome.co.uk. There have been no material changes to the disclosures contained within the PIDD since its last publication in May 2024.

The periodic disclosures as required under the AIFMD to investors are made below:

• . Information on the investment strategy, geographic and sector investment focus and principal stock exposures are included in the Strategic Report.
• . None of the Company's assets are subject to special arrangements arising from their illiquid nature.
• . The Strategic Report, note 22 to the financial statements and the PIDD together set out the risk profile and risk management systems in place. There have been no changes to the risk management systems in place in the period under review and no breaches of any of the risk limits set, with no breach expected.
• . There are no new arrangements for managing the liquidity of the Company or any material changes to the liquidity management systems and procedures employed by aFML.
• . All authorised Alternative Investment Fund Managers are required to comply with the AIFMD Remuneration Code. In accordance with the Remuneration Code, the Company's AIFM remuneration policy is available from the Company Secretaries, abrdn Holdings Limited on request (see contact details on page 122) and the numerical remuneration in the disclosures in respect of the AIFM's reporting period for the year ended 31 December 2024 are available on the Company's website.

Leverage

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The table below sets out the current maximum permitted limit and actual level of leverage for the Company:

	Gross method	Commitment method
Maximum level of leverage	365.0%	185.0%
Actual level at 31 December 2024	158.8%	158.8%

There have been no breaches of the maximum level during the period and no changes to the maximum level of leverage employed by the Company. There is no right of re-use of collateral or any guarantees granted under the leveraging arrangement. Changes to the information contained either within this Annual Report or the PIDD in relation to any special arrangements in place, the maximum level of leverage which aFML may employ on behalf of the Company; the right of use of collateral or any guarantee granted under any leveraging arrangement; or any change to the position in relation to any discharge of liability by the Depositary will be notified via a regulatory news service without undue delay in accordance with the AIFMD.

The information above has been issued by abrdn Investments Limited, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom. abrdn Investments Limited is entered on the Financial Services Register under registration number 121891.

Glossary of Terms and Definitions and Alternative Performance Measures

Aberdeen	Aberdeen Group plc (previously known as abrdn plc)
Aberdeen Group	the Aberdeen Group plc group of companies
AIC	Association of Investment Companies
AIFMD	The Alternative Investment Fund Managers Directive
AIFM	the alternative investment fund manager, being aFML
Alternative Performance Measures	Alternative performance measures are numerical measures of the Company's current, historical or future performance, financial position or cash flows, other than financial measures defined or specified in the applicable financial framework. The alternative performance measures that have been adopted by the Company are in line with general comparable measures used widely across the investment trust industry such as the level of discount/premium, NAV/Share price total return and ongoing charges which are each explained more fully below. The Company's applicable financial framework includes IFRS
Annual Rental Income	Rental income passing at the Balance Sheet date
aFML or AIFM or Manager	abrdn Fund Managers Limited
aIIL or the Investment Manager	abrdn Investments Ireland Limited is a wholly owned subsidiary of Aberdeen Group plc and acts as the Company's investment manager
Asset Cover	The value of a company's net assets available to repay a certain security. Asset cover is usually expressed as a multiple and calculated by dividing the net assets available by the amount required to repay the specific security.
B Shares	The Company has used a B Share mechanism to return capital to shareholders. The first B Share distribution was in March 2025. Pursuant to the authority received from Shareholders at the general meeting held on 22 November 2024, the Board resolved to return approximately £16.5 million in aggregate to Shareholders via the issue of B Shares. On 7 March 2025 1,648,697,424 B Shares of one penny each were paid up from the Company's special distributable reserve and issued to all Shareholders by way of a bonus issue on the basis of 4 B Shares for every 1 Ordinary Share held at the Record Date of 6.00 p.m. on 6 March 2025. The B Shares were immediately redeemed at their nominal value of one penny per B Share with a Redemption Date of 7 March 2025. the aggregate base cost of the Ordinary shares which should be apportioned against the B Shares redemption proceeds, received by Shareholders on 20 March 2025 is 6.7%, calculated as follows:
	Market value
	Class of share	on first day of trading (pence per share)	Relevant ratio used for the issue of B Shares	Relevant value (pence per share)	Relevant percentage
	Ordinary share*	55.8	1	55.8	93.3%
	B Share	1	4	4	6.7%
	* The lower of the two prices for an Ordinary share shown in the London Stock Exchange Daily Official List for 7 March 2025 as the closing price for an Ordinary share on that day plus one-half of the difference between those two figures in accordance with SI 2015/616. This information does not constitute tax advice and is intended as a guide only to United Kingdom and HMRC published practice (which are both subject to change at any time, possibly with retrospective effect).
Contracted Rent	The contracted gross rent receivable which becomes payable after all the occupier incentives in the letting have expired
Covenant Strength	This refers to the quality of a tenant's financial status and its ability to perform the covenants in a lease

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Dividend Cover1 The ratio of the Company's net profit after tax (excluding the below items) to the dividends paid.

		As at 31 December 2024 €'000	As at 31 December 2023 €'000
	Earnings per IFRS income statement	3,030	(81,801)
	Adjustments to calculate dividend cover:
	Net changes in the value of investment property	6,284	106,878
	Gains on disposal of investment property	(35)	(133)
	Gains on termination of financial instruments	(13)	(313)
	Capitalised finance costs	915	110
	Remeasurement of loan liability	1,159	-
	Tax on disposal of investment property	482	440
	Deferred taxation	771	(13,854)
	Effect of fair value adjustments on derivative financial instruments	1,311	1,705
	Effects of foreign exchange differences	427	214
	Profits (A)	14,331	13,246
	Dividend (B)	13,850	23,248
	Dividend cover (A)/(B)	103.5%	57.0%
Discount to Net asset value per share1	The amount by which the market price per share of an investment trust is lower than the net asset value per share. The discount is normally expressed as a percentage of the NAV per share
		As at 31 December 2024	As at 31 December 2023
	Share price (A)	58.8p	61.6p
	NAV per share (B)2	75.3p	81.2p
	Discount (A-B)/B	(21.9%)	(24.1%)
Earnings Per Share	Profit for the year attributable to shareholders divided by the weighted average number of shares in issue during the year
EPRA	European Public Real Estate Association
Europe	The member states of the European Union, the European Economic Area ("EEA") and the members of the European Free Trade Association ("EFTA") (and including always the United Kingdom, whether or not it is a member state of the European Union, the EEA or a member of EFTA)
ERV	The estimated rental value of a property, provided by the property valuers

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1 Defined as an Alternative Performance Measure.

2 EUR/GBP X rate of 1.21 (2024: 1.15).

Gearing1 Calculated as gross external bank borrowings divided by total assets

		As at 31 December 2024 €'000	As at 31 December 2023 €'000
	Bank loans	€235,700	€259,462
	Gross assets2	€636,798	€669,539
	Gearing	37.0%	38.7%
Group	The Company and its subsidiaries
Adjusted gross assets and gross asset value (GAV)	The aggregate value of the total assets of the Company as determined in accordance with the accounting principles adopted by the Company from time to time
		As at 31 December 2024 €'000	As at 31 December 2023 €'000
	Gross asset value per Balance Sheet	661,197	693,892
	Exclude IFRS 16 right of use asset	(24,399)	(24,353)
	Gross assets	636,798	669,539
FRC	Financial Reporting Council
IFRS	International Financial Reporting Standards
Index Linked	The practice of linking the review of a tenant's payments under a lease to a published index, most commonly the Retail Price Index (RPI) but also the Consumer Price Index (CPI), French Tertiary Activities Rent Index (ILAT)
Investment Manager	abrdn Investments Ireland Limited
Key Information Document or KID	The Packaged Retail and Insurance-based Investment Products (PRIIPS) Regulation requires the Investment Manager, as the Company's PRIIP "manufacturer," to prepare a key information document ("KID") in respect of the Company. This KID must be made available by the AIFM to retail investors prior to them making any investment decision and is available via the Company's website. The Company is not responsible for the information contained in the KID and investors should note that the procedures for calculating the risks, costs and potential returns are prescribed by law. The figures in the KID may not reflect the expected returns for the Company and anticipated performance returns cannot be guaranteed
Lease incentive	A payment used to encourage a tenant to take on a new lease, for example by a landlord paying a tenant a sum of money to contribute to the cost of a tenant's fit-out of a property or by allowing a rent free period
Leverage	For the purposes of the Alternative Investment Fund Managers Directive, leverage is any method which increases the Company's exposure, including the borrowing of cash and the use of derivatives. It is expressed as a ratio between the Company's exposure and its net asset value and can be calculated on a gross and a commitment method. Under the gross method, exposure represents the sum of the Company's positions after the deduction of sterling cash balances, without taking into account any hedging and netting arrangements. Under the commitment method, exposure is calculated without the deduction of sterling cash balances and after certain hedging and netting positions are offset against each other. At year end actual level of leverage was 158.8% (2023: 164.7%)

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1 Defined as an Alternative Performance Measure.

2 Excluding IFRS 16 lease liabilities.

Liquidation net asset value1 Following the announcement of the managed wind-down, the Company also prepares a Net asset value a under liquidation basis that incudes deduction of costs associated with liquidation of the properties and companies.

			Year ended 31 December 2024 €'000
	Net asset value		374,108
	Provision for disposal and liquidation costs		(12,382)
	Deferred tax impact		1,662
	Liquidation NAV		363,388
Liquidation net asset value per share1			Year ended 31 December 2024 €'000
	Liquidation NAV (€'000)		363,388
	Number of shares		412,174,356
	Liquidation NAV per share (cents)		88.2
Net asset value total return (EUR)1	The return to shareholders, expressed as a percentage of opening NAV, calculated on a per share basis by adding dividends paid in the year to the increase or decrease in NAV. Dividends are assumed to have been reinvested in the quarter they are paid, excluding transaction costs
		Year ended 31 December 2024	Year ended 31 December 2023
	Opening NAV	93.4¢	118.9¢
	Movement in NAV	(2.6¢)	(25.5¢)
	Closing NAV	90.8¢	93.4¢
	% increase in NAV	(2.8%)	(21.4%)
	Impact of reinvested dividends	3.7%	4.3%
	NAV total return	0.9%	(17.1%)
Net Asset Value or NAV	The value of total assets less liabilities. Liabilities for this purpose include current and long-term liabilities. The net asset value divided by the number of shares in issue

produces the net asset value per share1

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¹ Defined as an Alternative Performance Measure.

Ongoing Charges Ratio1 Ratio of expenses as a percentage of average daily shareholders' funds calculated as per the industry standard. A reconciliation of ongoing charges is below:

		Year ended 31 December 2024 €'000	Year ended 31 December 2023 €'000
	Expenditure per Statement of comprehensive income	17,584	19,495
	Less property service charge expense	(8,379)	(8,095)
	Less bad debt provision	(605)	(1,237)
	Less remeasurement of loan liability	(1,159)	-
	Group operating costs including property costs (A)	7,441	10,163
	Less direct property expenses and property management fees excluding bad debt provision	(1,987)	(3,155)
	Group operating costs (excluding property costs) (B)	5,454	7,008
	Average net asset value (C)	373,874	425,210
	Ongoing charges (excluding property costs) (B/C)	1.5%	1.6%
	Ongoing charges (including property costs) (A/C)	2.0%	2.4%
Passing Rent	The rent payable at a particular point in time
PIDD	The pre-investment disclosure document made available by the AIFM in relation to the Company
Premium to Net asset value per share 1	The amount by which the market price per share of an investment trust exceeds the net asset value per share. The premium is normally expressed as a percentage of the net asset value per share
Prior Charges	The name given to all borrowings including long and short-term loans and overdrafts that are to be used for investment purposes, reciprocal foreign currency loans, currency facilities to the extent that they are drawn down, index-linked securities, and all types of preference or preferred capital, irrespective of the time until repayment
Portfolio valuation	The market value of the company's property portfolio, which is based on the external valuations provided by Savills
The Royal Institution of Chartered Surveyors (RICS)	The global professional body promoting and enforcing the highest international standards in the valuation, management and development of land, real estate, construction and infrastructure

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Share price total return (GBP)1 The return to shareholders, expressed as a percentage of opening share price, calculated on a per share basis by adding dividends paid in the year to the increase or decrease in share price. Dividends are assumed to have been reinvested in the quarter they are paid, excluding transaction costs

		Year ended 31 December 2024	Year ended 31 December 2023
	Opening Share Price	61.6p	68.5p
	Movement in share price	(2.8p)	(6.9p)
	Closing share price	58.8p	61.6p
	% (decrease)/increase in share price	(4.5%)	(10.1%)
	Impact of reinvested dividends	4.6%	6.6%
	Share price total return	0.1%	(3.5%)
SPA	Sale and purchase agreement
SPV	Special purpose vehicle
Total Assets	Total assets less current liabilities (before deducting prior charges as defined above)
WAULT	Weighted Average Unexpired Lease Term. The average time remaining until the next lease expiry or break date

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Corporate Information

Disclosure Concerning Sustainable Investment (Article 8) (Unaudited)

Disclosure concerning sustainable investment (Article 8) (unaudited)

Template periodic disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU)2020/852

Sustainable investment

means an investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not significantly harm any environmental or social objective and that the investee companies follow good governance practices.

The EU Taxonomy

is a classification system laid down in Regulation (EU) 2020/852, establishing a list of environmentally sustainable economic activities. That Regulation does not lay down a list of socially sustainable economic activities. Sustainable investments with an environmental objective might be aligned with the Taxonomy or not.

Product Name: abrdn European Logistics Income plc Legal entity identifier: 213800I9IYIKKNRT3G50

Environmental and/or social characteristics

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Did this financial product have a sustainable investment objective?

Yes	No
It made sustainable investments with an environmental objective: ___%	It promoted Environmental/Social (E/S) characteristics and while it did not have as its objective a sustainable investment, it had a proportion of ___% of sustainable investments
in economic activities that qualify as environmentally sustainable under the EU Taxonomy in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy	with an environmental objective in economic activities that qualify as environmentally sustainable under the EU Taxonomy with an environmental objective in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy with a social objective
It made sustainable investments with a social objective: ___%	It promoted E/S characteristics, but will not make any sustainable investments

Sustainability indicators

measure how the environmental or social characteristics promoted by the financial product are attained.

To what extent were the environmental and/or social characteristics promoted by this financial product met?

The fund promotes environmental and social characteristics that are relevant to the real estate assets it invests in with the principal objective of supporting the fund's investment objective. Given the nature of direct investments in the physical built environment this can capture a wide range of topics depending on the characteristics of the asset and its location.

In particular, environmental and social characteristics of assets promoted by the fund include:

• . Environmental greenhouse gas emissions: Reductions in greenhouse gas emissions to support the decarbonization of the built environment.
• . Environmental energy: Improving Energy efficiency and on-site renewable energy generation.
• . Environmental water: Improving Water efficiency .
• . Environmental waste, circular economy and raw materials: Improving resource efficiency and best practice waste management including recycling and recovery.
• . Social other: Social factors such as respect for human rights and anti-corruption and anti-bribery matters are considered in relation to major suppliers and tenants.
• . Environmental other: The mitigation and management of flood risk and future physical climate risk.
• . Environmental other: The mitigation and management of contamination risk.
• . Environmental waste, circular economy and raw materials: When undertaking development and refurbishment works principles of sustainable design and construction are promoted.

Sustainability indicators have been created in line with the characteristics above to track performance and promotion of the E and S characteristics. These are listed in the next section. Environmental and social characteristics such as these are promoted for new investments, relevant development projects and as part of asset management activities for standing assets. No reference benchmark has been designated for the purpose of attaining the environmental or social characteristics promoted by the Fund.

How did the sustainability indicators perform?

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As described above, quantitative and qualitative sustainability indicators have been established and linked to the Environmental and Social characteristics listed above. These are aggregated to fund level from asset level data and are presented in the table below.

		Fund performance
Sustainability indicator description	Sustainability indicator metric	(this reference period)
	#1.1 % fund value where landlord energy data collected where applicable (see limitations section)	100%¹
#1 Environmental – energy:	#1.2 % fund value with partial or full tenant energy data collected where applicable (see limitations section)	77%¹
Operational energy performance	#1.3 % fund value with whole building energy data collected	64%¹
	#1.4 % fund value (where energy performance ratings are applicable) with energy performance ratings of A-B	93%

		Fund performance
Sustainability indicator description	Sustainability indicator metric	(this reference period)
#2 Environmental – greenhouse gas emissions: Operational carbon performance against decarbonisation benchmarks	#2.1 % fund value where whole building carbon data is available which equals or is below the current year Carbon Risk Real Estate Monitor (CRREM) 1.5-degree target	26%¹
	#2.2 % fund value where whole building carbon data is available which equals or is below the 5-year 1.5-degree CRREM target	41%¹
	#3.1 % fund value where landlord water data collected where applicable (see limitations section)	100%¹
#3 Environmental – water:	#3.2 % fund value where partial or full tenant water data collected where applicable (see limitations section)	69%¹
Operational water consumption	#3.3 % fund value with whole building water data	69%¹
	#3.4 % fund value where water consumption has decreased year on year where applicable (see limitations section)	70%¹ (2024 vs 2023)
#4 Environmental – waste, circular economy and raw materials: Waste	#4.1 % fund value where landlord waste data is collected where applicable (see limitations section)	N/A¹
management indicators including generation and treatment method	#4.2 % fund value where recycling rate has increased year on year where applicable (see limitations section)	N/A¹ (2024 vs 2023)
#5 Environmental – Other:	#5.1 % fund value with a current flood risk rating of medium or above	32%
Future physical climate risk exposure including flood risk	#5.2 % fund value with an acute extreme weather event risk rating of medium or above in a Hot House World² scenario out to 2050	1%
#6 Environmental – Other: Contamination risk level	#6.1 % fund value with contamination risk of medium or above	0%
#7 Environmental – Other:	#7.1 % fund value with energy performance ratings of A and B	93%
Building certifications	#7.2 % fund value with green building certification	68%

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#8 Social – Other:

Implementation of procedures on anti-corruption and human rights

Sustainability indicator description Sustainability indicator metric

Fund performance (this reference period)

Qualitative description as at 31 December 2024 New investments

Aberdeen applies a risk-based approach in order to ensure that we focus on the actual risks of money laundering or terrorist financing within any transaction; the type of entity and country of incorporation and operations are key criteria in assessing the risk profile.

Certain types of counterparts can be classed as lower risk, such as those regulated or listed in equivalent jurisdictions; conversely, other types of entities can be classed as higher risk such as Trusts or unregulated entities. For moderate and higher risk entities the ownership structure of the seller involved must be traced back through different layers to identify the ultimate beneficial owners. In order to aid us in this task, Aberdeen uses a Client Due Diligence (CDD) Matrix which lists the common types of legal structures to which the firm is exposed and shows what information and verification documentations is required, with increasing due diligence requirements for the higher the risk types.

When a Direct Real Estate transaction is agreed with a counterparty following the agreement of Heads of Terms or LOI, the process for the Anti Money Laundering (AML) Screening and Sanction Check on the counterparty and Legal Advisor is triggered. Only once the Credit and Risk Team have confirmed they are satisfied with their checks and returned the signed form to confirm this, can a Transaction be signed.

Existing investments

Checks on suppliers:

We have protective measures to ensure we are not appointing suppliers and service providers that do not clear AML, sanctions and PEPs (Politically Exposed Persons) screening. In order to comply with Aberdeen 's regulatory obligations and meet our own internal minimum standards of compliance, we are obligated to screen all parties we wish to enter a relationship with before the service is taken. It is part of our process to screen all our relationships at the time of onboarding to check for PEP, Relative and Close Associates (RCA), or Sanctions. This is mandated at the time of onboarding, and the establishment of a new business relationship. Doing so is vital in order to both protect our business and evidence that appropriate business controls are in place to identify any PEPs or Sanctions applied to the service provider.

In addition, our property management suppliers contractually confirm that they have protective measures in place and ensure to

• . comply with all applicable statutes, laws, secondary legislation, regulations and codes pertaining to anti-bribery;
• . not offer or accept any bribe, advantage or commit any corrupt act;
• . not engage in any Modern Slavery Practice;
• . ensure that the above are not taking place in their supply chain.

Checks on tenants:

On any new commercial lease, we have screened our tenants to check for PEPs and sanctions. We also undertake AML checks for all new commercial tenants.

¹ Denotes metrics reported for the current reference period but using data from the Dec-23 calendar year. Any metrics without the asterisk are reported using data in line with the current reference period (as at 31st December 2024). See 'limitations' below for an outline of the reasons behind the data-lag.

² Hot House World scenario assumes existing climate policies remain in place and there is heightened climate sensitivity (90th percentile).

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Limitations:

• 1. Due to availability and frequency of certain ESG data sets, it is not always possible to report the ESG data in exact line with the reporting year. Where this is not possible, the latest period of ESG available data is used and referenced in the table above for full transparency. The consistent value used in the sustainability indicator metrics however is the fund value based on underlying asset values excluding cash which is aligned with the reporting year of 31 December 2024 (and for the previous period, the 31 December 2023.)
• 1. Another limitation is the availability of data which is dictated by the party who owns the data. To fully understand the performance of the sustainability indicators listed in the table above #1 (related to energy), #3 (related to water) and #4 (related to waste) with regards to real estate, it is preferable to have data related to the whole building. However, the whole building data can be comprised from two sources depending on the party that procures the energy/water/waste services. These two sources are:
  2. 1. The landlord. This is where the Investment Manager procures the services and directly has access to the data, on behalf of the fund and the tenant which occupies the building.
  3. 1. The tenant. This is where the tenant who occupies the building procures the services and has direct access to the data.

Due to the complexity and availability of data from the tenant, whole building data is not always available. Therefore metrics on data coverage as listed for the sustainability indicators #1, #3 and #4 are an important starting point to understand the % of the portfolio with whole building data. It is this % of the portfolio we can therefore further measure performance of energy consumption, water consumption and waste disposal routes.

• 1. With regard to on-site renewable energy generation within the 'environmental energy' characteristic, note that sufficient data is not yet available to report a sustainability indicator.
• 1. With regard to our sustainability indicators for 'environmental greenhouse gas emissions', although GHG emissions are not explicitly disclosed, they are calculated and are part of the metrics disclosed under Sustainability Indicators #2.1 and #2.2. In addition, while the pre-contractual document makes reference to 'costs to decarbonise the asset over time', note that sufficient data is not yet available yet to report on this.

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…and compared to previous periods?

Please see table above for figures for previous reference period against current reference period. The table below shows % change year on year and a description of actions which have caused those changes.

	Fund performance
Sustainability	Sustainability	(previous reference	Comments on year
indicator description	indicator metric	period)	on year % changes
#1 Environmental – energy: Operational energy performance	#1.1 % fund value where full landlord energy data collected where applicable (see limitations section)³	100%¹	No change.
	#1.2 % fund value with partial or full tenant energy data collected where applicable (see limitations section)	89%¹	Reduction to 77% in this reporting year was driven by the unavailability of tenant data from some assets. In 2024 data was not provided for the assets in Leon and Madrid and data was provided for these assets in 2023.
	#1.3 % fund value with whole building energy data collected	82%¹	Reduction to 64% in this reporting year was driven by the unavailability of tenant data from some assets.
	#1.4 % fund value (where energy performance ratings are applicable) with energy performance ratings of A-B³	94%	No change.
#2 Environmental – greenhouse gas emissions: Operational carbon performance³	#2.1 % fund value where whole building carbon data is available which equals or is below the current year Carbon Risk Real Estate Monitor (CRREM) 1.5-degree target	20%¹	Improvement to 26% in this reporting period is driven by a greater value of assets with available whole building data performing better than CRREM targets.
	#2.2 % fund value where whole building carbon data is available which equals or is below the 5-year 1.5-degree CRREM target	12%¹	Improvement to 41% in this reporting period is driven by a greater value of assets with available whole building data performing better than CRREM targets. The reason the 5-year performance is better than the 1-year performance is due to the modelled decarbonisation of the Spanish energy grid which anticipates significant decrease in emissions in the next 5 years.

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Sustainability indicator description	Sustainability indicator metric	Fund performance (previous reference period)	Comments on year on year % changes
#3 Environmental – water: Operational water consumption	#3.1 % fund value where landlord water data collected where applicable (see limitations section)	100%¹	No change
	#3.2 % fund value where partial or full tenant water data collected where applicable (see limitations section)	81%¹	Reduction to 69% in this reporting period driven by the unavailability of tenant data from some assets. In 2024 water data was not provided for the assets in Ede, Florsheim, Erlensee, Lodz and Niort and data was provided for these assets in 2023.
	#3.3 % fund value with whole building water data	81%¹	Reduction to 69% in this reporting period driven by the unavailability of tenant data from some assets.
	#3.4 % fund value where water consumption has decreased year on year where applicable (see limitations section)	40%¹ (2024 vs. 2023)	Increase to 70% in this reporting period driven by decreased water consumption year-on year at several assets.
#4 Environmental – waste, circular economy and raw materials: Waste management indicators including generation and treatment method	#4.1 % fund value where landlord waste data is collected where applicable (see limitations section)	N/A¹	Not applicable as there are no landlord waste services for this fund.
	#4.2 % fund value where recycling rate has increased year on year where applicable (see limitations section)	N/A¹ (2024 vs. 2023)	Not applicable as there are no landlord waste services for this fund.
#5 Environmental – Other: Future physical climate risk exposure including flood risk	#5.1 % fund value with a current flood risk rating of medium or above	29%	No significant change, the increase to 32% is due to change in values rather than flood risk.
	#5.2 % fund value with an acute extreme weather event risk rating of medium or above in an RCP8.5² scenario out to 2050	19%	The reduction of this risk to 1% is due to an error being corrected in this year's analysis that was identified in last year's results, along with the underlying model having been updated by the third-party data provider.
#6 Environmental – Other: Contamination risk level	#6.1 % fund value with contamination risk of medium or above	0%	No change.

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Fund performance
Sustainability	Sustainability	(previous reference	Comments on year
indicator description	indicator metric	period)	on year % changes
#7 Environmental – Other: Building certifications³	#7.1 % fund value with energy performance ratings of A and B	94%	No change.
	#7.2 % fund value with green building certification	68%	No change.
#8 Social – Other: Implementation of procedures on anti-corruption and human rights	Not quantifiable by year-on-year metrics.		Procedures on anti-corruption and human rights have been followed in line with the qualitative description.

¹ Denotes metrics reported for the current reference period but using data from the Dec-23 calendar year. Any metrics without the asterisk are reported using data in line with the current reference period (as at 31 December 2024). See 'limitations' below for an outline of the reasons behind the data-lag.

² Hot House World scenario assumes existing climate policies remain in place and there is heightened climate sensitivity (90th percentile). ³ Denotes where the wording of the sustainability indicator description or the sustainability indicator metric has been adjusted compared to the previous annual report (for the previous reference period). Any changes made to sustainability indicator descriptions/metrics are minor and only intended to simplify and provide additional clarity/transparency of the indicator/metric.

What were the objectives of the sustainable investments that the financial product partially made and how did the sustainable investment contribute to such objectives?

Not applicable no minimum commitment of sustainable investments.

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How did the sustainable investments that the financial product partially made not cause significant harm to any environmental or social sustainable investment objective?

Not applicable in line with precontractual document with no minimum commitment of sustainable investments.

How were the indicators for adverse impacts on sustainability factors taken into account?

Not applicable in line with precontractual document with no minimum commitment of sustainable investments.

Were sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights? Details:

Not applicable in line with precontractual document with no minimum commitment of sustainable investments.

Principal adverse impacts are the most significant negative impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, anti-corruption and anti-bribery matters.

How did this financial product consider principal adverse impacts on sustainability factors?

The fund committed to consider the following indicators: Exposure to fossil fuels through real estate assets and Exposure to energy-inefficient real estate assets in line with the Principal Adverse Impacts (PAI) indicators (the data on the indicators is included in the table below).

The PAI indicators are considered throughout the real estate investment process for the fund in both due diligence and asset management.

During acquisition due diligence, the PAIs (alongside a broader selection of ESG criteria) are considered at both pre-bid stage, and during post-bid detailed due diligence. During such acquisition due diligence, information (where available) relating to the asset and mandatory PAIs (including construction date, EPC rating/NZEB status and site use in the context of fossil fuel extraction, storage, transport and manufacture) is reviewed and included in pre-bid ESG screening checklist and investment committee (IC) paper. Such elements are assessed in more detail where relevant using an external consultant. The PAIs are considered with the aim of minimising the Fund's exposure to energy-inefficient real estate assets and fossil fuels through real estate assets. Data on the PAIs obtained at acquisition due diligence stage is used post-acquisition to support with ongoing reporting against the PAIs, and to support with asset management.

From an asset management perspective, data relating to the PAIs (including construction date, EPC rating/NZEB status and site use in the context of fossil fuel extraction, storage, transport and manufacture) is held in a central database to support with ongoing reporting. The data on PAIs is also used as part of asset management and fund strategic planning decisions; to inform asset-level ESG action plans and investment decisions (e.g. disposal, refurbishment/redevelopment). This process aims to minimise the Fund's exposure to energy-inefficient real estate assets and fossil fuels through real estate assets.

			Share in % of fund value
PAI	Sub-group	Indicator	(exc. cash)
#17: Climate and other environment-related indicators	Fossil fuels	Exposure to fossil fuels through real estate assets (extraction, storage, transport or manufacture of fossil fuels)	21%
		Exposure to energy inefficient real estate assets
#18: Climate and other environment-related indicators	Energy efficiency	Energy-inefficient means: built before 31/12/2020: EPC is C or below	6%
		built after 31/12/2020: PED is below NZEB in Directive 2010/31/EU

PAIs are reported as at 31 December 2024.

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The list includes the investments constituting the greatest proportion of investments of the financial product during the reference period which is:

What were the top investments of this financial product?

Date as at 31 December 2024

Largest investments	Sector	% Assets (exc. Cash)	Country
Spain, Madrid - Gavilanes 4	Industrial: Distribution Warehouse	10%	Spain
Avignon, Noves	Industrial: Distribution Warehouse	8%	France
Den Hoorn	Industrial: Distribution Warehouse	8%	Netherlands
Waddinxveen	Industrial: Distribution Warehouse	6%	Netherlands
Erlensee	Industrial: Distribution Warehouse	6%	Germany
Spain, Madrid - Gavilanes 1 & 2	Industrial: Distribution Warehouse	6%	Spain
Krakow	Industrial: Distribution Warehouse	5%	Poland
Lodz	Industrial: Distribution Warehouse	5%	Poland
Spain, Madrid - Gavilanes 3	Industrial: Distribution Warehouse	5%	Spain
Warsaw	Industrial: Distribution Warehouse	5%	Poland
Zeewolde	Industrial: Distribution Warehouse	5%	Netherlands
s Heerenberg	Industrial: Distribution Warehouse	5%	Netherlands
Ede	Industrial: Distribution Warehouse	4%	Netherlands
Flörsheim	Industrial: Distribution Warehouse	4%	Germany
Barcelona	Industrial: Distribution Warehouse	3%	Spain

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Date as at 30 September 2024

Largest investments	Sector	% Assets (exc. Cash)	Country
Spain, Madrid - Gavilanes 4	Industrial: Distribution Warehouse	9%	Spain
Avignon, Noves	Industrial: Distribution Warehouse	8%	France
Den Hoorn	Industrial: Distribution Warehouse	8%	Netherlands
Waddinxveen	Industrial: Distribution Warehouse	7%	Netherlands
Erlensee	Industrial: Distribution Warehouse	6%	Germany
Spain, Madrid - Gavilanes 1 & 2	Industrial: Distribution Warehouse	5%	Spain
Krakow	Industrial: Distribution Warehouse	5%	Poland
Lodz	Industrial: Distribution Warehouse	5%	Poland
Spain, Madrid - Gavilanes 3	Industrial: Distribution Warehouse	5%	Netherlands
Warsaw	Industrial: Distribution Warehouse	5%	Poland
Zeewolde	Industrial: Distribution Warehouse	5%	Spain
s Heerenberg	Industrial: Distribution Warehouse	4%	Netherlands
Ede	Industrial: Distribution Warehouse	4%	Netherlands
Flörsheim	Industrial: Distribution Warehouse	4%	Germany
Barcelona	Industrial: Distribution Warehouse	3%	Spain

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Date as at 30 June 2024

Largest investments	Sector	% Assets (exc. Cash)	Country
Spain, Madrid - Gavilanes 4	Industrial: Distribution Warehouse	9%	Spain
Avignon, Noves	Industrial: Distribution Warehouse	8%	France
Den Hoorn	Industrial: Distribution Warehouse	8%	Netherlands
Waddinxveen	Industrial: Distribution Warehouse	7%	Netherlands
Erlensee	Industrial: Distribution Warehouse	6%	Germany
Spain, Madrid - Gavilanes 1 & 2	Industrial: Distribution Warehouse	5%	Spain
Krakow	Industrial: Distribution Warehouse	5%	Poland
Lodz	Industrial: Distribution Warehouse	5%	Poland
Spain, Madrid - Gavilanes 3	Industrial: Distribution Warehouse	5%	Netherlands
Warsaw	Industrial: Distribution Warehouse	5%	Poland
Zeewolde	Industrial: Distribution Warehouse	5%	Spain
s Heerenberg	Industrial: Distribution Warehouse	4%	Netherlands
Ede	Industrial: Distribution Warehouse	4%	Netherlands
Flörsheim	Industrial: Distribution Warehouse	4%	Germany
Barcelona	Industrial: Distribution Warehouse	3%	Spain

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Date as at 31 March 2024

Largest investments	Sector	% Assets (exc. Cash)	Country
Spain, Madrid - Gavilanes 4	Industrial: Distribution Warehouse	9%	Spain
Avignon, Noves	Industrial: Distribution Warehouse	8%	France
Den Hoorn	Industrial: Distribution Warehouse	7%	Netherlands
Waddinxveen	Industrial: Distribution Warehouse	6%	Netherlands
Erlensee	Industrial: Distribution Warehouse	6%	Germany
Spain, Madrid - Gavilanes 1 & 2	Industrial: Distribution Warehouse	5%	Spain
Krakow	Industrial: Distribution Warehouse	5%	Poland
Lodz	Industrial: Distribution Warehouse	5%	Poland
Spain, Madrid - Gavilanes 3	Industrial: Distribution Warehouse	5%	Poland
Warsaw	Industrial: Distribution Warehouse	5%	Netherlands
Zeewolde	Industrial: Distribution Warehouse	5%	Spain
s Heerenberg	Industrial: Distribution Warehouse	4%	Netherlands
Ede	Industrial: Distribution Warehouse	4%	Netherlands
Flörsheim	Industrial: Distribution Warehouse	3%	Germany
Barcelona	Industrial: Distribution Warehouse	3%	Spain

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What was the proportion of sustainability-related investments?

The investment strategy of the fund applies to and captures all assets it holds. Applicable environmental and social characteristics are considered and promoted for all assets and the intention is that all assets contribute to the attainment of characteristics promoted by the fund (i.e. 1B in the below chart).

No sustainable investments, including EU Taxonomy aligned investments, were made during the reporting period.

The percentage figure in the "#1aligned with E/S characteristics" box below only includes the underlying investments and excludes cash within the fund. The figure in the "#2 Other" box represents the cash held within the Fund.

What was the asset allocation?

The ambition of the fund is the pre-contractual document outlined 100% of assets to promote environmental and social characteristics. However, this did not take into account the small % of cash, which fluctuates year on year. Therefore 96.2% has been calculated to cover all real estate assets but excludes cash/other non-real estate assets, which is the remaining 3.8% as at 31 December 2024.

#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics promoted by the financial product.

#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are qualified as sustainable investments.

The category #1 Aligned with E/S characteristics covers:

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. The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as sustainable investments.

Asset allocation

describes the share of investments in specific assets.

Taxonomy-aligned activities are expressed as a share of:

• . turnover reflecting the share of revenue from green activities of investee companies.
• . capital expenditure (CapEx) showing the green investments made by investee companies, e.g. for a transition to a green economy.
• . operational expenditure (OpEx) reflecting green operational activities of investee companies.

In which economic sectors were the investments made?

Economic sector: Real estate.

Sub economic sectors: Property Type (aligned with GRESB) with % weighting by value (excluding cash).

Sub-Sector	% of Total Fund Asset Value (Exc. Cash)
Industrial: Distribution Warehouse	100%

To what extent were the sustainable investments with an environmental objective aligned with the EU Taxonomy?

The Fund does not currently commit to making a minimum proportion of sustainable investments. However, the fund has outlined the ambition to voluntarily assess the alignment of assets with the EU Taxonomy criteria for climate mitigation related to the acquisition and ownership of buildings. Whilst it was expected that the Fund would have a proportion of investments that meet these criteria and the extent of alignment would be reported in the periodic reports, due to certain data availability issues and complexity of EU Taxonomy criteria, the sustainable investments aligned with EU Taxonomy has been calculated at 0%.

Did the financial product invest in fossil gas and/or nuclear related activity complying with the EU Taxonomy?

Yes
	In fossil gas	In nuclear energy
No

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The graphs below show the percentage of investments that were aligned with the EU Taxonomy. As there is no appropriate methodology to determine the taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy alignment in relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy alignment only in relation to the investments of the financial product other than sovereign bonds.

Taxonomy-alignment of investments including sovereign bonds1

1 For the purpose of these graphs, 'sovereign bonds' consist of all sovereign exposures.

Taxonomy-alignment of investments excluding sovereign bonds1

This graph represents 100% of the total investments.

1 For the purpose of these graphs, 'sovereign bonds' consist of all sovereign exposures

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In which economic sectors were the investments made?

Sub economic sectors: Property Type (aligned with GRESB) with % weighting by value

Sub-Sector % of Total Fund Asset Value (Exc. Cash) Industrial: Distribution Warehouse 100%

To what extent were the sustainable investments with an environmental objective aligned with the EU Taxonomy? The Fund does not currently commit to making a minimum proportion of sustainable investments. However, the fund has outlined the ambition to voluntarily assess the alignment of assets with the EU Taxonomy criteria for climate mitigation related to the acquisition and ownership of buildings. Whilst it was expected that the Fund would have a proportion of investments that meet these criteria and the extent of alignment would be reported in the periodic reports, due to certain data availability issues and complexity of EU Taxonomy criteria, the sustainable investments aligned with EU Taxonomy has been

Did the financial product invest in fossil gas and/or nuclear related activity

In fossil gas In nuclear energy

Economic sector: Real estate.

calculated at 0%.

Yes

No

complying with the EU Taxonomy?

(excluding cash).

Enabling activities

directly enable other activities to make a substantial contribution to an environmental objective.

Transitional activities

are activities for which low-carbon alternatives are not yet available and among others have greenhouse gas emission levels corresponding to the best performance.

What was the share of investments made in transitional and enabling activities? 0%.

How did the percentage of investments that were aligned with the EU Taxonomy compare with previous reference periods?

The percentage of EU Taxonomy aligned investments remained at 0% during the reference period (no change from previous reference period).

0%

0%

What was the share of sustainable investments with an environmental objective not aligned with the EU Taxonomy?

What was the share of socially sustainable investments?

What investments were included under "other", what was their purpose and were there any minimum environmental or social safeguards?

The investments included under "other" are cash only. All cash held in the fund is subject Anti-Money Laundering and Sanction checks. Applicable environmental and social characteristics are considered and promoted for all assets and the intention is that all assets contribute to the attainment of characteristics promoted by the fund.

are sustainable investments with an environmental objective that

does not take into account the criteria for environmentally sustainable economic activities under the EU Taxonomy.

What actions have been taken to meet the environmental and/or social characteristics during the reference period?

ESG action examples

ESG data collection supporting all E/S characteristics: In order to improve our ESG data collection and understand performance, property and asset managers have continued efforts to engage with tenants on data collection.

Energy efficiency and greenhouse gas Emissions reductions:

• . Using green energy for landlord-controlled electricity supply in Germany and Poland
• . New Green leases when tenant engagement supports discussion Avignon, Ede
• . Exploring PV potential at Erlensee, Florsheim, Zeewolde, Oss, s'Heerenberg

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. Agreed and implemented NZC strategy at Fund level

All E/S characteristics: Three asset in the Netherlands have been re-certified BREEAM In-Use, with each asset under review on the potential for implementing improvements.

All E/S characteristics with a focus on energy efficiency, greenhouse gas emissions reductions, sustainable design in construction: Ongoing annual Net Zero Carbon Pathway analysis for the existing portfolio to benchmark its emissions and develop a strategy to reduce emissions in the individual properties to meet global climate targets.

benchmark? How does the reference benchmark differ from a broad market index?

Not applicable to this fund.

How did this financial product perform with regard to the sustainability indicators to determine the alignment of the reference benchmark with the environmental or social characteristics promoted?

How did this financial product perform compared to the reference

Not applicable to this fund.

How does this financial product perform compared with the reference benchmark? Not applicable to this fund.

How did this financial product perform compared with the broad market index? Not applicable to this fund.

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Reference benchmarks are indexes to measure whether the financial product attains the environmental or social characteristics that they promote.

Corporate Information Notice of Annual General Meeting

Notice is hereby given that the sixth annual general meeting (the "Annual General Meeting") of abrdn European Logistics Income plc (the "Company") will be held at 18 Bishops Square, London E1 6EG on 25 June 2025 at 9:30 a.m. for the following purposes:

To consider and if thought fit, pass the following resolutions of which Resolutions 1 to 9 will be proposed as ordinary resolutions and Resolutions 10 and 11 as special resolutions:

Ordinary Business

• 1. To receive and adopt the Company's financial statements for the year ended 31 December 2024, together with the Directors' Report and the auditor's report thereon.
• 1. To receive and approve the Directors' Remuneration Report as set out in the Company's Annual Report and financial statements for the year ended 31 December 2024 (other than the Directors' Remuneration Policy as set out on pages 58 and 59 of the Directors' Remuneration Report).
• 1. To approve the Directors' Remuneration Policy for the three year period ending 31 December 2027.
• 1. To authorise the Directors of the Company to declare and pay all dividends of the Company as interim dividends and for the last dividend referable to a financial year not to be categorised as a final dividend that is subject to shareholder approval.
• 1. To re-elect Ms C. Gulliver as a Director.
• 1. To re-elect Mr J. Heawood as a Director.
• 1. To re-elect Mr T. Roper as a Director.
• 1. To re-appoint KPMG LLP as the Company's auditor to hold office from the conclusion of this Annual General Meeting until the conclusion of the next annual general meeting at which accounts are laid before the Company.
• 1. To authorise the Directors to determine the auditor's remuneration.

Special Business

• 1. THAT, the Company be generally and unconditionally authorised in accordance with section 701 of the Act to make market purchases (within the meaning of section 693(4) of the Act) of Ordinary Shares and to cancel or hold in treasury such shares provided that:
  2. a. the maximum aggregate number of Ordinary Shares hereby authorised to be purchased is 14.99% of the Ordinary Shares in issue as at the date of the passing of this Resolution;
  3. b. the minimum price which may be paid for an Ordinary Share is £0.01;
  4. c. the maximum price (exclusive of expenses) which may be paid for an Ordinary Share shall not be more than the higher of (i) an amount equal to 5% above the average of the middle market quotations for an Ordinary Share taken from the London Stock Exchange Daily Official List for the five business days immediately preceding the date on which the Ordinary Share is contracted to be purchased; and (ii) the higher of the price of the last independent trade and the current highest independent bid on the trading venue where the purchase is carried out;
  5. d. the authority hereby conferred shall expire on 30 June 2026, or, if earlier, at the conclusion of the annual general meeting of the Company to be held in 2026 unless such authority is renewed, revoked or varied prior to such time by the Company in general meeting; and
  6. e. the Company may make a contract to purchase Ordinary Shares under the authority hereby conferred prior to the expiry of such authority which will or may be executed wholly or partly after the expiration of such authority and may make a purchase of Ordinary Shares pursuant to any such contract.
• 1. THAT a general meeting of the Company other than an annual general meeting may be called on not less than 14 clear days' notice.

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By order of the Board abrdn Holdings Limited Secretaries

280 Bishopsgate London EC2M 4AG

10 April 2025

Notes:

• 1. In accordance with section 311A of the Companies Act 2006, the contents of this Notice of Meeting, details of the total number of shares in respect of which members are entitled to exercise voting rights at the Annual General Meeting and, if applicable, any members' statements, members' resolutions or members' matters of business received by the Company after the date of this notice will be available on the Company's website eurologisticsincome.co.uk.
• 1. As a member, you are entitled to appoint a proxy or proxies to exercise all or any of your rights to attend, speak and vote at the Annual General Meeting. A proxy need not be a member of the Company. You may appoint more than one proxy provided each proxy is appointed to exercise rights attached to different shares. You may not appoint more than one proxy to exercise the rights attached to any one share. A form of proxy is enclosed.
• 1. To be valid, any form of proxy or other instrument of proxy and any power of attorney or other authority, if any, under which they are signed or a notarially certified copy of that power of attorney or authority should be sent to the Company's registrars so as to arrive not less than 48 hours before the time fixed for the meeting (excluding non working days). The return of a completed form of proxy or other instrument of proxy will not prevent you attending the Annual General Meeting and voting in person if you wish to do so.
• 1. The right to vote at the meeting is determined by reference to the Company's register of members as at 6.30 p.m. on 23 June 2025 or, if this meeting is adjourned, at 6.30 p.m. on the day two business days prior to the adjourned meeting. Changes to the entries on that register of members after that time shall be disregarded in determining the rights of any member to attend and vote at the meeting.
• 1. As a member you have the right to put questions at the meeting relating to the business being dealt with at the meeting.
• 1. CREST members who wish to appoint a proxy or proxies by utilising the CREST electronic proxy appointment service may do so for the Annual General Meeting and any adjournment(s) thereof by utilising the procedures described in the CREST Manual. CREST Personal Members or other CREST sponsored members, and those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf.
• 1. In order for a proxy appointment made by means of CREST to be valid, the appropriate CREST message

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(a "CREST Proxy Instruction") must be properly authenticated in accordance with Euroclear UK & Ireland Limited's ("EUI") specifications and must contain the information required for such instructions, as described in the CREST Manual which can be viewed at www.euroclear.com. The message must be transmitted so as to be received by the issuer's agent (ID RA19) by the latest time(s) for receipt of proxy appointments specified in the notice of Annual General Meeting. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST Applications Host) from which the issuer's agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST.

• 1. CREST members and, where applicable, their CREST sponsors or voting service providers should note that EUI does not make available special procedures in CREST for any particular messages. Normal system timings and limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored member or has appointed a voting service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting service providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings.
• 1. It is possible for you to submit your proxy votes online by going to Equiniti's Shareview website, www.shareview.co.uk, and logging in to your Shareview Portfolio. Once you have logged in, simply click 'View' on the 'My Investments' page and then click on the link to vote and follow the on-screen instructions. If you have not yet registered for a Shareview Portfolio, go to www.shareview.co.uk and enter the requested information. It is important that you register for a Shareview Portfolio with enough time to complete the registration and authentication processes.
• 1. The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001.
• 1. Institutional investors may be able to appoint a proxy electronically via the Proxymity platform, a process which has been agreed by the Company and approved by the Registrar. For further information regarding Proxymity, please go to www.proxymity.io. Your proxy must be lodged by no later than 9.30 am on 23 June 2025 in order to be considered valid.

Before you can appoint a proxy via this process you will need to have agreed to Proxymity's associated terms and conditions. It is important that you read these carefully as you will be bound by them and they will govern the electronic appointment of your proxy.

• 1. In the case of joint holders, where more than one of the joint holders completes a proxy appointment, only the appointment submitted by the most senior holder will be accepted. Seniority is determined by the order in which the names of the joint holders appear in the Company's register of members in respect of the joint holding (the first-named being the most senior).
• 1. A corporation which is a shareholder can appoint one or more corporate representatives who may exercise, on its behalf, all its powers as a shareholder provided that no more than one corporate representative exercises powers over the same share. A Director, the company secretary, or some person authorised for the purpose by the company secretary, may require any representative to produce a certified copy of the resolution so authorising him or such other evidence of his authority reasonably satisfactory to such Director, company secretary or other person before permitting him to exercise his powers.
• 1. Any person to whom this notice is sent who is a person nominated under section 146 of the Companies Act 2006 to enjoy information rights (a "Nominated Person") may, under an agreement between them and the member by whom they were nominated, have a right to be appointed (or to have someone else appointed) as a proxy for the Annual General Meeting. If a Nominated Person has no such proxy appointment right or does not wish to exercise it, they may, under any such agreement, have a right to give instructions to the member as to the exercise of voting rights. Any person holding 3% of the total voting rights in the Company who appoints a person other than the Chairman as his or her proxy(ies) will need to ensure that both he or she and such proxy(ies) comply with their respective disclosure obligations under the UK Disclosure Guidance and Transparency Rules.
• 1. The statement of the rights of members in relation to the appointment of proxies in paragraphs 2 and 3 above does not apply to Nominated Persons. The rights described in these paragraphs can only be exercised by members of the Company.
• 1. As at close of business on 10 April 2025 (being the latest practicable date prior to publication of this document), the Company's issued share capital comprised 412,174,356 Ordinary Shares and there were no shares held in treasury. Each Ordinary Share carries the right to one vote at a general meeting of the Company and therefore the total number of voting rights in the Company as at close of business on 10 April 2025 is 412,174,356.
• 1. No Director has a service contract with the Company, however, copies of Directors' letters of appointment will be available for inspection for at least 15 minutes prior to the meeting and during the meeting.
• 1. Under section 338 of the Companies Act 2006, members may require the Company to give, to members of the Company entitled to receive this Notice of Meeting, notice of a resolution which may properly be moved and is intended to be moved at the Annual General Meeting. Under section 338A of that Act, members may request the Company to include in the business to be dealt with at the Annual General Meeting any matter (other than a proposed resolution) which may be properly included in the business.
• 1. Members should note that it is possible that, pursuant to requests made by the members of the Company under section 527 of the Companies Act 2006, the Company may be required to publish on a website a statement setting out any matter relating to: (i) the audit of the Company's accounts (including the auditor's report and the conduct of the audit) that are to be laid out before the Annual General Meeting; or (ii) any circumstances connected with an auditor of the Company ceasing to hold office since the previous meeting at which annual accounts and reports were laid in accordance with section 437 of the Companies Act 2006. The Company may not require the members requesting any such website publication to pay its expenses in complying with sections 527 or 528 of the Companies Act 2006. Where the Company is required to place a statement on a website under section 527 of the Companies Act 2006, it must forward the statement to the Company's auditor not later than the time when it makes the statement available on the website. The business which may be dealt with at the Annual General Meeting includes any statement that the Company has been required under section 527 of the Companies Act 2006 to publish on the website.
• 1. Pursuant to section 319A of the Companies Act 2006, the Company must cause to be answered at the Annual General Meeting any question relating to the business being dealt with at the Annual General Meeting which is put by a member attending the meeting, except in certain circumstances, including if it is undesirable in the interests of the Company or the good order of the meeting that the question be answered or if to do so would involve the disclosure of confidential information.
• 1. You may not use any electronic address provided either in this Notice of Meeting or any related documents (including the Form of Proxy) to communicate with the Company for any purposes other than those expressly stated.

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Contact Addresses

Directors

Anthony Roper (Chairman) Caroline Gulliver John Heawood

Secretaries and Registered Office

abrdn Holdings Limited 280 Bishopsgate London EC2M 4AG

Alternative Investment Fund Manager

abrdn Fund Managers Limited 280 Bishopsgate London EC2M 4AG

Investment Manager

abrdn Investments Ireland Limited 2nd Floor 2-4 Merrion Row Dublin 2 D02 YN56

Stockbroker

Investec PLC 30 Gresham Street London EC2V 7QP

Solicitor

Gowling WLG (UK) LLP 4 More London Riverside London SE1 2AU

Registrar

Equiniti Limited Aspect House Spencer Road Lancing BN99 6DA

Tel: UK and Overseas +44 (0) 371 384 2030 Lines open 8:30am to 5:30pm (UK time), Monday to Friday, (excluding public holidays in England and Wales) shareview.co.uk

Depositary

Citibank UK Limited Citigroup Centre Canada Square Canary Wharf London E14 5LB

Independent Auditor

KPMG LLP 15 Canada Square Canary Wharf London E14 5GL

Website

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eurologisticsincome.co.uk

Foreign Account Tax Compliance Act ("FATCA")IRS Registration Number (''GIIN'') DF2TVL.99999.SL.826

Legal Entity Identifier (LEI) 213800I9IYIKKNRT3G50

Registered Number

Incorporated in England & Wales with number 11032222

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For more information visit eurologisticsincome.co.uk

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aberdeeninvestments.com