Aberdeen Standard to acquire 60% interest in Tritax

Tritax Management LLP (Tritax) said today that Aberdeen Standard Investments (ASI) will acquire a 60% interest in Tritax, a logistics real estate fund manager with assets under management of approximately £5.1bn throughout the UK and Europe.

Tritax has significant expertise within the logistics sector, from large warehouses occupied by major online retailers through to ‘last mile’, delivered by its experienced team.

Among its mandates, Tritax manages two of Europe listed industrial logistics funds, Tritax Big Box REIT plc and Tritax EuroBox plc.

”Tritax’s dedicated teams will continue to service their existing mandates, including listed companies Tritax Big Box REIT and Tritax EuroBox plc, retaining their investment decision making autonomy and control,” said in the statement.

Tritax’s management will lead ASI Real Estate’s Global Logistics Team and will report to the Global Head of Real Estate, Neil Slater.

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Aberdeen Standard Investments will initially acquire a 60% of ownership interest in Tritax, with both parties aligned on the future direction and growth trajectory of the business.

The transaction is expected to close in early 2021, subject to the receipt of regulatory approvals and satisfaction of customary closing conditions, (the terms of the transaction are not disclosed).

“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,” said Neil Slater, Global Head of Real Estate and Deputy Head of Private Markets, Aberdeen Standard Investments.

“Our growth strategy is built around our clients’ needs and there’s no doubt that our strong capability in private markets, particularly real estate, will be a differentiator for our business. 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. It’s a great outcome for us, Tritax and our respective clients.,” commented Stephen Bird, CEO, Standard Life Aberdeen.

“This is a significant milestone for Tritax, a leader in logistics real estate with over £5bn of assets under management. 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,” added Henry Franklin, Chief Operating Officer, Tritax Management LLP.