Custodian Property Income REIT reaffirms commitment to abrdn bid following rival offer

Second bid from Urban Logistics

Custodian Property Income REIT (CREI) has reaffirmed its commitment to the proposed merger with abrdn Property Income (API), following this week’s secondary bid made by Urban Logistics REIT (SHED).

In a regulatory filing, while the CREI board acknowledged API's "requirement to assess the potential options", chair David MacLellan argued the "rational conclusion" would be to continue with the all-share merger agreed in January. "This will benefit both sets of shareholders by creating a well-positioned REIT of enhanced scale, with the opportunity to participate in the returns from the two complementary portfolios, with a fully covered and sustainable dividend," he wrote. Urban Logistics REIT makes takeover bid for abrdn Property Income Regarding the CREI/API merger, the board ar...