Abrdn European Logistics changes lead fund manager

Abrdn European Logistics Income plc, a fund that invests in modern continental European warehouses, said on Tuesday that Evert Castelein has resigned from Abrdn and will therefore be stepping down as lead fund manager of the fund.

Troels Andersen, who joined Abrdn in April 2011 and is based in Copenhagen, will assume the role of lead fund manager with immediate effect.

Castelein will remain at Abrdn until the end of the year.

In April, Abrdn European Logistics Income said 2021 was a stand-out year for the investment trust, with its portfolio valued at €661 million on December 31, up from €425 million.

However, the trust’s share price is down about 37% in 2022.

The fund said on Tuesday: “Since 2019 Troels has been fund manager of Abrdn’s multi-sector European Long Income Real Estate Fund, having successfully overseen its launch and which has a gross asset value of c. €150 million.

“Prior to this he was fund manager of Abrdn’s €500 million gross asset value Aberdeen Property Nordic I Fund, together with a further segregated value-add mandate.

“He was previously a member of Abrdn´s Nordic and European Investment Committees, which approve all major decisions for investments in the region.

“Troels brings 25 years of real estate investment experience, including logistics asset transactions, together with knowledge of debt facility management, having spent the first part of his career working for German banks in both Germany and the UK.

“Troels will be supported by existing team members Geoff Hepburn, Attila Molnar and Ross Hutchison, providing continuity in the management of the portfolio.

“The company continues to benefit from Abrdn’s c. 100 strong specialist pan-European investment and asset management team, which plays an important role in the successful delivery of the Company’s investment strategy.”

Abrdn European Logistics Income plc chairman Tony Roper said: “Evert has been with us since our IPO in December 2017 and has been a valued member of the wider Abrdn European Real Estate team.

“The board thanks him for his determined contribution and we wish him the very best in his future career.

“The board looks forward to working with Troels and we remain confident in the outlook for the company which is focused on the long-term European logistics growth story.”