9th Dec 2020 10:42
(Alliance News) - Tritax Big Box REIT PLC, Tritax EuroBox PLC, and Aberdeen Standard European Logistics Income PLC on Wednesday all commented on Aberdeen Standard Investments' planned acquisition of a 60% stake in Tritax Management LLP.
Tritax Management is a manager of real estate investment trust Tritax Big Box and logistics real estate investor Tritax EuroBox. Aberdeen Standard Investments, meanwhile, is Aberdeen Standard European Logistics Income's investment manager.
FTSE 250-listed Tritax Big Box said it believes Aberdeen Standard Investments' "strategic stake enhances the overall strength and capabilities of the manager without impacting its ability to continue the successful delivery of the company's long-term strategy, via the unaltered investment management agreement between the company and the manager."
Additionally, Tritax Big Box said it was reassured that Tritax Management's staff will remain unchanged.
Richard Jewson, chair of Tritax Big Box, 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 [Aberdeen Standard Investments'] 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. The board looks forward to the continued service and performance that our shareholders have benefitted from since IPO."
Tritax EuroBox said it was satisfied "that the partnership with ASI both strengthens the manager and is aligned with the long-term interests of the company's shareholders" and expressed that it too was reassured that there are to be no changes to the personnel responsible for Tritax EuroBox.
Tritax EuroBox Chair Robert Orr said: "The board believes the transaction complements the manager with a strong, stable and long-term institutional partner that has extensive experience in European real estate investment."
In addition, Aberdeen Standard European Logistics Income commented that the deal is part of Aberdeen Standard Investments' "increased focus on logistics as a critical area of the real estate market and is expected to close in early 2021."
Aberdeen Standard European Logistics Income Chair Tony Roper said: "The board view the investment manager's acquisition of Tritax as a positive development in further enhancing their already deep logistics real estate expertise. Over the coming months, the board will assess the expected impact of this acquisition on the company's investment management arrangements and will provide a further update to shareholders in the first quarter of 2021."
Shares in Tritax Big Box were up 0.1% at 158.58 pence in London on Wednesday morning. Tritax EuroBox shares were up 1.0% at 103.50p, and Aberdeen Standard European Logistics Income shares were down 2.0% at 105.41p.
By Anna Farley; [email protected]
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Related Shares:
Tritax Big BoxAbrdn Euro LogTritax Eurobox