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(Sharecast News) - Aberdeen Standard Investments will acquire a 60% stake in real estate investment trust Tritax Big Box's manager, Tritax Management.
Tritax believes the purchase, part of ASI's efforts to provide "deep sector specialism" to clients, will strengthen both company's offerings in the "growing logistics real estate market".
The investment was said to signal a "step change" for ASI in the key growth area of logistics, further developing ASI Real Estate as "a leading logistics real estate manager" in the UK and Europe.
Tritax Big Box added that the manager's staff would remain unchanged, including chief executive Colin Godfrey and finance director Frankie Whitehead.
Tritax Big Box chairman Sir Richard Jewson said: "With the existing dedicated Big Box team at Tritax retaining autonomy and control over investment decision making there will be no change to day-to-day operations.
"In the longer term, we believe that ASI's stake strengthens the manager through access to the resources of a large, global financial services institution, while preserving the manager's unique market-leading logistics expertise for our shareholders."
As of 0840 GMT, Tritax Big Box shares were down 0.33% at 157.87p.
10 Nov 2021 15:01