Aberdeen Standard Investments will take a 60% stake in real estate investment manager Tritax Management.
Tritax has £5.1 billion ($6.8 billion) in assets under management and specializes in the logistics sector, including large warehouses. Long-term structural changes, such as the shift to online shopping and the importance of delivery capabilities, continue to strengthen ongoing investment into the sector, a joint news release said.
Terms were not disclosed.
The release said ASI will "initially" acquire the 60% stake. Further details were not available; spokesmen were not available to comment.
The deal will further develop ASI's real estate unit. Tritax's management will lead ASI Real Estate's global logistics team, reporting to Neil Slater, ASI global head of real estate and deputy head of private markets.
The deal is set to complete early next year, subject to regulatory approval.
"Logistics is, and will remain, one of the most attractive income and capital growth sectors within real estate over the long term," Mr. Slater said in the release. "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."
ASI runs £37 billion in real estate assets across the U.K., Europe and Asia. It has £455.6 billion in total AUM.
