Aberdeen Standard Investments (ASI) will acquire 60 per cent of logistics real estate manager Tritax for an undisclosed sum, the two companies announced today, as it seeks to benefit from the boom in online shopping.
Tritax is a fund manager that focuses on investing in logistics real estate such as warehouses in the UK and Europe. It has more than £5bn under management.
ASI will initially gain a 60 per cent ownership interest in Tritax, and said both parties are aligned on the future direction and growth trajectory of the business. The manager said Tritax will keep its existing clients, employees and partners over the long term.
The transaction is expected to close in early 2021, should regulatory approval be granted.
Aberdeen said the investment is a major step into a “key growth area”. It said logistics is a part of the real estate sector that it thinks is set to benefit from long-term structural change.
“Logistics is, and will remain, one of the most attractive income and capital growth sectors within real estate over the long term,” said Neil Slater, head of real estate at ASI.
“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.”
Tritax chief executive Henry Franklin said: “This is a significant milestone for Tritax.
“ASI’s expertise and global reach will complement our leading industrial logistics focus. We are excited about working with ASI to deliver more for our existing clients, occupiers and investors while retaining our unique culture and entrepreneurial edge.”
Tritax’s management will lead ASI real estate’s global logistics team, the two firms said.