On 16 February 2024, Urban Logistics REIT plc tabled an indicative proposal to API and its advisers comprising an Indicative Offer exchange ratio of 0.469 Urban Logistics shares for each API share (the Indicative Offer). The Indicative Offer exchange ratio was predicated on, prior to completion of any transaction: Urban Logistics REIT plc is paying a dividend to its existing shareholders of 2.45 pence per share in respect of the period up to 31 December 2023 (the special dividend).