Aberdeen Standard Investments (ASI) has agreed to purchase a 60% stake in specialist logistics real estate fund manager Tritax.
Tritax manages around £5.1bn in assets across Europe and the UK.
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Financial details of the deal, expected to close early next year, were not shared. The deal awaits regulatory nod.
Tritax manages two industrial logistics funds, namely Tritax Big Box REIT and Tritax EuroBox.
Edinburgh-based ASI said that its investment in Tritax ‘signals a step change for ASI in this key growth area’.
ASI global head of Real Estate and deputy head of Private Markets Neil Slater said: “This 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.”
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By GlobalDataStandard Life Aberdeen CEO Stephen Bird called the transaction a ‘compelling strategic fit’ for the company and said it ‘significantly enhances’ its real estate franchise.
As per the agreement, Tritax’s management will head ASI Real Estate’s Global Logistics Team.
The partnership with ASI will allow Tritax to offer opportunities for its current clients and support its long-term growth objectives in the logistics real estate space.
Tritax Management COO Henry Franklin said: “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.”
In September this year, ASI Secured a Limited Broker, Dealer and Underwriter Licence from Thailand’s Securities and Exchange Commission.
Last year, the asset manager purchased Hong Kong-based real estate investment management firm Orion Partners for an undisclosed sum.
