Asset manager Aberdeen Standard Investments, part of Standard Life Aberdeen (SLA), is bolstering its position in the buoyant logistics real estate space through the acquisition of 60% of sector specialist Tritax for an undisclosed sum.

Tritax has assets under management of £5.1 billion and runs Tritax Big Box (BBOX) and its Europe-focused counterpart Tritax EuroBox (EBOX). The Tritax management team will now head up the ASI Real Estate global logistics team.

The transaction demonstrates the growing prominence of warehouses and other industrial assets as the Covid-19 pandemic has created increasing need for this type of asset to help fulfil a fast-accelerating level of online orders from consumers.

Broker Numis says: ‘For shareholders in Tritax Big Box and Tritax Eurobox, it does not appear that there will be any significant changes, with the management teams remaining the same. In contrast, we believe there is more scope for change at Aberdeen Standard European Logistics Income (ASLI) given that ASI’s logistics real estate team is now headed by Tritax’s management.’

The broker also noted that Tritax Big Box, and the other Tritax portfolios, will have first refusal on assets which fit its investment mandate, with only rejected assets being passed on for consideration by other ASI funds.

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