API pushes back Custodian merger meetings

Abrdn Property Income Trust has delayed a court meeting and general meeting over a planned deal with Custodian Property Income REIT, after Urban Logistics REIT emerged as a rival bidder. The meetings had been planned for 28 February, but Urban Logistics said on 20 February that it is weighing up its own all-share offer for API. In a stock exchange update, API said: “The API board is assessing the possible offer in the context of the CREI merger and the other options available to API. To allow time for the API board to make this assessment and for Urban Logistics to complete its due diligence and make a binding proposal, the API board intends to adjourn the API court meeting and the API general meeting.” The meetings are now set for 20 March.