Aberdeen Group plc said it has agreed to increase its stake in Tritax Management LLP, one of the UK’s largest logistics managers.

Following the initial acquisition of a 60% interest in Tritax in 2022, Aberdeen will increase its stake to 80% in April 2026 and to 100% in 2029.

“This phased approach ensures continuity and alignment between Aberdeen and Tritax, supporting ongoing delivery of the long-term strategy for Tritax, and its listed and private products,” said Aberdeen.

“A number of new partners of Tritax Management are also being appointed to prepare for a smooth succession.”

Since the original investment by Aberdeen, Tritax has grown its assets under management (AUM) from £5.1 billion to £9 billion, with revenue increasing at 13% per annum over the last four years.

Tritax’s listed FTSE-250 fund Tritax Big Box REIT plc — and growing suite of private market products — own and manage modern, flexible and well-located real assets across the UK.

Aberdeen Group manages and administers £542 billion of client and customer assets across its three core businesses — interactive investor, Adviser and Investments.

“The logistics real estate market continues to demonstrate structural resilience, and logistics assets now account for 22% of total capital deployed into European real estate, up from 13% in 2018, according to recent research,” said Aberdeen.

“Occupier demand remains robust, and 47% of logistics tenants expect their warehouse footprint to grow over the next three years.

“Extending ownership will position both Aberdeen and Tritax to benefit from the evolving strategy, which now incorporates high-profile data centre developments.

“These include the 107MW Manor Farm project and a second similar sized project in the broader London availability zone, as well as the proposed gigawatt scale data centre project at Cottam that would be delivered with EDF.

“These initiatives align with the UK Government’s commitment to expanding critical national infrastructure and the digital economy. Research shows data centre capacity in Europe is projected to grow at over 24.7% CAGR through 2030, driven by demand for high-density, GPU-powered compute environments.”

Aberdeen Group CEO Jason Windsor said: “Aberdeen’s increased investment in Tritax extends our relationship at a time when Tritax continues to grow its AUM, with the team who have done such an impressive job managing Tritax Big Box REIT and the growing portfolio of private market mandates, remaining on board until at least 2029.

“The long-term potential of the logistics and digital infrastructure sector is clear and this deal secures operational continuity that positions us to capitalise on the transformative impact of AI on real estate.”

The Tritax move reinforces Aberdeen’s position as a top five European logistics real estate manager and a top five global closed end fund manager by AUM.

Tritax Big Box REIT plc said in a stock exchange statement: “The dedicated Big Box team continues to be led by Colin Godfrey (CEO) and Frankie Whitehead (CFO), who remain fully committed until at least 2029 to delivering for our investors, clients and partners.

“The board is pleased to note Tritax’s ongoing investment in expanding and developing its leadership, with seven new partners bringing additional strength and depth to the leadership team.”

Tritax Big Box REIT plc chairman Aubrey Adams said: “This morning’s announcement confirms continuity of the key existing Big Box leadership team until at least 2029.

“Working collaboratively with the board, the Big Box team remains completely committed to delivering value for our shareholders, retaining full autonomy and control over investment decisions and delivery of the strategy as before.

“Aberdeen’s increased stake in Tritax Management over the coming four years ensures the manager continues to benefit from the expertise of a global investment manager, while Big Box can also access new opportunities.”

Tritax Big Box REIT CEO Colin Godfrey said: “Having launched Tritax Big Box in 2013 with a passion and strong conviction in UK logistics real estate, I am proud of what we have achieved over the last twelve years to become the established FTSE 250 company we are today. 

“I am really excited to be continuing at the helm and remain focused on delivering on our strategic growth drivers: capturing record rental reversion, advancing our highly attractive logistics development pipeline, and leveraging opportunities to develop data centres with the potential for exceptional returns.”