Aberdeen Group (ABDN) is to acquire full ownership of logistics specialist Tritax Management over the next four years, lifting its current 60% stake to 80% next April and then 100% in 2029.
The fund management group bought its initial majority holding in Tritax in 2020 with an option to increase the position in future. It said its increased investment would advance both businesses’ ambitions with Aberdeen securing access to the dynamic supply chain sector and Tritax, with £9bn under management, benefiting from Aberdeen’s global investment expertise, while retaining autonomy and control over its investment decisions.
The management agreement between Tritax Big Box REIT (BBOX) and Tritax Management is not affected but the move will bring the £3.8bn listed flagship closer within the Aberdeen group just as its vehicle, Abrdn European Logistics Income (ASLI), is wound down.
Anne Breen, global head of real estate at Aberdeen Investments, said: “Tritax has been an excellent addition to Aberdeen’s extensive real estate capabilities, so I am delighted this agreement will see us continuing to work closely with the team. Our additional investment enhances Aberdeen’s scale as a specialist real estate manager, offering the potential to diversify and grow future earnings through direct access to the dynamic, fast growing supply chain sector.”
Henry Franklin, chief operating officer at Tritax Management, said: “Resilient supply chain infrastructure is critical to keeping the UK economy moving. Aberdeen’s latest commitment marks an exciting next step for our business, enabling us to continue to capitalise on the compelling structural drivers in our sector with the long-term support of a leading global asset manager, whilst maintaining Tritax’s agile, entrepreneurial approach.”
