🧾 What This Document Is

This is a Prospectus Supplement (filed as form 424B2) for the abrdn Global Premier Properties Fund (ticker: AWP). Think of it as an update to the Fund's main rulebook (the Prospectus). Its purpose is to detail a new plan to sell up to $55 million worth of its common shares to the public over time. This is known as an "at-the-market" (ATM) offering, meaning they can sell shares gradually into the market at current prices, rather than all at once.

👉 Why it matters: This filing signals the Fund intends to raise more capital. For existing investors, this can be dilutive (adding more shares) but can also strengthen the Fund's balance sheet and provide capital to invest. The key takeaway is that the Fund is activating a previously approved funding mechanism.

🏢 What The Company Does

In simple terms, the Fund is a global real estate investment fund. It's a "closed-end fund," which means it has a fixed number of shares that trade on the stock exchange (NYSE: AWP) like a regular stock, not like a mutual fund where you buy/sell directly with the company.

👉 Why it matters: The Fund aims to provide high current income and capital appreciation by investing at least 80% of its money in real estate companies worldwide. This includes "Premier Property Owners" (landlords of great buildings), "Premier Property Developers" (builders), and "Premier Property Financiers" (the bankers of real estate). It uses borrowed money (leverage) to try to boost returns.

💸 The Offering & Key Costs

The Fund can sell up to $55 million of new shares. As of this filing, $23.5 million has already been sold, leaving $31.5 million available for future sales. Sales will happen at market prices, but not below a set "Minimum Price."

Costs to the Fund:

• The sales agent (ALPS Distributors, Inc.) gets a 1.00% commission.
• Estimated total net proceeds from the remaining $31.5 million offering are about $31.0 million after commissions and expenses.

Costs to Shareholders in the Dividend Plan: If you reinvest dividends, you'll pay:

• $0.02 per share for open-market purchases.
• $2.50 for automatic bank debits or $5.00 for checks/online debits for optional cash purchases.
• $0.12 per share + a $10 or $25 transaction fee if you sell shares from the plan.

💰 Financial Snapshot & Fees

Here’s what it costs to run the Fund and what it owns.

The Advisory Fee: The manager (abrdn) gets 1.00% annually of the Fund's "Managed Assets." Managed Assets include the value of the portfolio plus borrowed money. This means the manager earns more when the Fund uses more leverage.

Expense Limitation: Good news! The adviser has agreed to cap total operating expenses (excluding interest, taxes, etc.) at 1.40% of net assets until June 30, 2026.

Leverage & Interest: The Fund uses a credit line with BNP Paribas. As of Oct 31, 2025, it had $30.8 million in borrowings at an average interest rate of 5.40%. It may increase this leverage up to 33 1/3% of total assets.

Market Price vs. Net Asset Value (NAV): On March 27, 2026:

• Last Market Price: $10.67
• Net Asset Value (NAV) per share: $10.92
• It was trading at a -2.29% discount (a price below the value of its holdings).

Reverse Stock Split: Note: The Fund recently completed a 1-for-3 reverse stock split on February 9, 2026. This reduces the number of shares and increases the price per share, often done to maintain listing requirements or improve market perception.

⚖️ Big Picture: Strengths & Risks

👍 Strengths:

• Global Focus: Can invest anywhere in the world to find opportunities.
• Structured Strategy: Clear "three pillars" approach to analyzing real estate investments.
• Expense Cap: Investor-friendly fee waiver helps control costs in the short term.
• Leverage Potential: Can use debt to potentially amplify income and gains.

⚠️ Key Risks:

• Discount to NAV: Closed-end funds often trade below their true value. Your shares might be worth less than the assets they represent.
• Market & Real Estate Risk: The Fund's value will swing with global stock and property markets.
• Interest Rate Risk: Higher rates increase the cost of its borrowings and can hurt property valuations.
• Foreign Investment Risk: Investing overseas involves currency fluctuations and political/economic instability.
• Leverage Risk: Borrowing magnifies losses just as it can magnify gains. Using leverage can cause the NAV to fall more sharply in a downturn.
• Dilution: Selling new shares can reduce the ownership percentage and potentially the NAV per share for existing investors.

🔮 What's Next & How It Works

The Fund will use the net proceeds from these sales to invest according to its strategy—buying securities of real estate companies. It plans to invest the money within 30 days of raising it. Until then, it will sit in cash or similar short-term investments, which won't earn much.

The Fund makes monthly cash distributions to shareholders. You can choose to automatically reinvest these dividends to buy more shares. The trading of AWP shares on the NYSE will continue as normal, with the price set by the market.

🧠 The Analogy

Imagine the Fund is a specialized, global shopping mall REIT, but it's a private club with a limited number of memberships (shares). This filing is like the club's management deciding to issue a few more memberships to raise cash to buy more stores (investments). They'll sell these new memberships slowly at whatever the current market price is. As a current member, you see the club getting bigger, but your slice of ownership gets slightly smaller. You also have to pay some small fees if you use the club's dividend reinvestment plan. The big question is whether the new stores they buy with the cash will make the whole mall more valuable.

📇 Key Contacts & People

• The Fund: abrdn Global Premier Properties Fund
• Distributor: ALPS Distributors, Inc. (1290 Broadway, Suite 1000, Denver, Colorado 80203)
• Sub-Placement Agent: UBS Securities LLC (11 Madison Avenue, New York, New York 10010)
• Investor Relations: 1-800-522-5465
• Legal Counsel: Dechert LLP
• Website for Fund Info: www.aberdeenawp.com
• SEC Website: www.sec.gov

🧩 Final Takeaway

The abrdn Global Premier Properties Fund (AWP) is activating a plan to raise up to $55 million in new capital by selling shares into the market. While this provides the Fund with money to invest in global real estate companies, existing investors should be aware of the potential for dilution, the costs involved, and the fact that the fund's shares currently trade at a discount to their underlying value. The use of leverage and exposure to global markets makes this a higher-risk way to invest in real estate.