Custodian Property Income REIT
28 March 2024
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3 min read
The proposed merger between abrdn Property Income (API) and Custodian Property Income REIT (CREI) has been voted down by shareholders, triggering the trust to enter a managed wind-down as a result.
API held two series of meetings where shareholders voted on the motion on Wednesday (27 March), its annual general meeting and API court meeting.
The proposal needed at least 75% by value of API shares voted at both meetings, and a majority in number of API shareholders voting at the court meeting in order to pass the motion.
In the end, 60.8% of votes cast were in favour of the proposal at the AGM, and 61.4% at the court meeting, failing to meet the 75% hurdle required to pass the motion. Overall, 86.15% by number of API shareholders voted at the court meeting.
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