Urban Logistics REIT makes takeover bid for abrdn Property Income

Bidding war with CREI

Urban Logistics REIT (SHED) has made a takeover approach for abrdn Property Income (API), a month after the latter agreed to merge with Custodian Property Income REIT (CREI).

In a stock exchange notice on Tuesday (20 February), the £1.1bn UK-focused logistics landlord said it had tabled an indicative offer for API's entire share capital, proposing to pay 0.469 of its own shares for each API share. The bid represents an offer value of approximately 59.2p per API share based on its closing share price on Monday (19 February), representing a 13% premium to the Custodian offer, the trust said. abrdn Property Income agrees to merge with Custodian Property Income REIT According to SHED, this compares to the current value of CREI's offer, which stands at appro...