Aberdeen Standard Investments is set to acquire a 60% stake in logistics real estate manager Tritax.
Tritax, which has around £5.1bn of assets under management in the UK and Europe, manages listed industrial and logistics funds Tritax Big Box REIT and Tritax EuroBox.
ASI described the deal as an initial acquisition and said the investment signalled a “step change” for the business. No further financial details were disclosed.
The deal is expected to complete in early 2021, subject to regulatory approval.
Tritax’s management will lead ASI Real Estate’s global logistics team, and report to ASI’s global head of real estate and deputy head of private markets Neil Slater. Its teams will continue to service their existing mandates and will retain investment decision-making autonomy and control.
Slater said: “Logistics is, and will remain, one of the most attractive income and capital growth sectors within real estate over the long term.
“The ongoing impact of technological developments, the effect on supply chain management and, ultimately, the increasing customer demand for control over the delivery of goods and services makes this transaction a scalable and exciting opportunity.
“Importantly, it provides the potential to grow and further diversify future earnings through greater investment capability and expertise, scale and credibility in this sector.
“This transaction reiterates our commitment to evolve our real estate offering to ensure it develops with changing industry dynamics and client needs.”
Stephen Bird, chief executive of Standard Life Aberdeen, said: “The transaction with Tritax is a compelling strategic fit for our business – it significantly enhances our already strong real estate franchise, in an area of the market which benefits from accelerating trends.”
Henry Franklin, chief operating officer of Tritax Management, said: “ASI’s expertise and global reach will complement our leading industrial logistics focus.”
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