Abrdn European Logistics Income (ASLI) has defied the call from its largest shareholder, DL Invest, to halt its wind-down and sale of assets, saying the process is largely complete and the costs of changing corporate direction are too high.

Responding to the open letter published this week by the Polish logistics group, which owns 19% of the real estate investment trust’s shares, ASLI said it remained committed to delivering the managed dissolution of its portfolio that shareholders voted “overwhelmingly in favour of” in July last year.

Following DL Invest’s intervention on 12 December, the board of ASLI said it had received feedback from shareholders holding around 25% of ASLI shares who confirmed their continued support for the process of disposals and returns of capital the company has made this year.

“At this time, the board is not aware of any shareholders who are supportive of halting the managed wind-down, other than DL Invest Group, which became a shareholder in October 2025,” the company, chaired by Tony Roper, said.

ASLI said the wind-down was nearing completion with 20 of the original 27 assets sold, generating gross proceeds of €400m before debt repayment. Of the seven remaining assets, contracts have been exchanged on three and of the other four, three are the subject of exclusive talks with bidders and one at an advanced stage of due diligence. All remaining disposals are expected to be finalised in the first quarter of next year, with capital returned to shareholders shortly thereafter.

The board “firmly believes” that completing the wind-down was in the best interests of shareholders and convening a general meeting to change the company’s investment policy to a new growth strategy, as proposed by DL Invest, would incur unnecessary costs for all shareholders and divert management attention.

ASLI shares have risen 1.3p, or 5.6%, to 25.4p this morning.