Aberdeen To Take Full Control Of Tritax By 2029 As Logistics Returns Rebound

Aberdeen has agreed to buy the entirety of Tritax Management, one of the UK’s largest logistics real estate managers, by 2029.

Having initially acquired 60% of Tritax in 2022, Aberdeen will increase its holding to approximately 80% in April 2026 and intends to reach full ownership by 2029. Tritax will continue to operate under its current brand and maintain a specialist offering.

Since Aberdeen’s first investment, Tritax has grown assets under management from £5.1B to about £9B, with revenue rising at roughly 13% a year over the last four years.

The move extends Aberdeen’s footprint in logistics while Tritax is also pivoting into digital infrastructure, including major data centre developments such as the 107-megawatt Manor Farm project and a proposed gigawatt‐scale scheme at Cottam.

“Aberdeen’s increased investment in Tritax extends our relationship at a time when Tritax continues to grow its AUM,” Aberdeen CEO Jason Windsor said in a statement.

“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 agreement also sets out a formal succession plan at Tritax and reaffirms Aberdeen’s position among Europe’s top five logistics real estate managers, the company said.

Earlier in October, Tritax’s listed vehicle, Tritax Big Box REIT, struck a deal to acquire a £1B portfolio of logistics assets from Blackstone Europe, with the U.S. investor taking a circa 9% equity stake in Tritax.

The 6.5M SF portfolio across 409 units “enhances the company's urban/small box offering via a broader range of property sizes and complementary tenant base,” Tritax said in announcing the deal.

Logistics-focused UK REITs have benefited from strong underlying demand from e-commerce, last-mile distribution and development opportunities, but they have also faced challenges from the higher cost of capital, yield expansion and valuation pressure, which have hampered some share price and net asset value progress. 

As a result, over the past two years, UK-listed logistics specialist REITs have delivered a somewhat uneven, though increasingly resilient, performance.

Tritax Big Box REIT's share price is up around 17% in the year to date.