API board urges shareholders to vote for Custodian merger

Abrdn Property Income Trust’s board has urged shareholders to vote for its proposed merger with Custodian Property Income REIT, or face a managed wind-down of the business. CREI’s shareholders have approved the merger with a majority of around 98% of shares voted. Urban Logistics REIT is not planning to make a firm offer or alternative proposal for API. Shareholders have until 25 March to vote on the merger by proxy, or 27 March in person at shareholder meetings. James Clifton-Brown, chair of API, said: “With the CREI merger, the API board has put forward its recommended solution that delivers a premium to the undisturbed share price, an immediate uplift in income and future growth potential with enhanced scale and liquidity for API shareholders. “The API board believes that the CREI merger represents the best outcome for API shareholders and unanimously recommends that API shareholders vote in favour of the CREI merger.”