Aberdeen Standard Investments (ASI) is acquiring a 60% interest in Tritax Management, which manages 拢5.1bn (鈧�5.57bn) of European logistics assets and runs listed funds Tritax Big Box REIT and Tritax EuroBox.
ASI said it would 鈥渋nitially acquire a 60%鈥� interest, 鈥渨ith both parties aligned on the future direction and growth trajectory of the business鈥�.
The transaction, which is expected to close early next year, is structured to ensure 鈥渢he long-term retention of existing Tritax clients, employees and partners along with the attraction of new ones鈥�, it said.
ASI said the deal 鈥渟ignals a step change鈥� for the company as it looks to provide 鈥渄eep sector specialism for its clients鈥� and to become 鈥渁 leading logistics real estate manager in the UK and Europe, ensuring it is 鈥榝uture fit鈥� and focused on parts of the real estate market that are set to benefit from long-term structural change鈥�.
The management of Tritax will lead ASI Real Estate鈥檚 Global Logistics Team, reporting to the global head of real estate, Neil Slater.
Tritax has experience in investing across the logistics sector, from large warehouses occupied by major online retailers to 鈥榣ast mile鈥� urban logistics.
As well as the London-listed Tritax Big Box REIT and Tritax EuroBox, it manages Tritax Property Income Fund, an open-ended Jersey Unit Trust launched in 2016.
Tritax said it would continue to service existing mandates and the tie-up with ASI would 鈥減rovide opportunities for existing clients and support its long-term growth objectives鈥�.
鈥淟ogistics is, and will remain, one of the most attractive income and capital growth sectors within real estate over the long term,鈥� said Slater.
鈥淭he 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.
鈥淚mportantly, it provides the potential to grow and further diversify future earnings through greater investment capability and expertise, scale and credibility in this sector.
鈥淭his transaction reiterates our commitment to evolve our real estate offering to ensure it develops with changing industry dynamics and client needs. I have a great deal of respect for Tritax and its achievements. We look forward to working with our new colleagues.鈥�
Henry Franklin, chief operating officer of Tritax Management, said it was a 鈥渟ignificant milestone for Tritax鈥�, adding: 鈥淎SI鈥檚 expertise and global reach will complement our leading industrial logistics focus.鈥�
