IN BRIEF: Tritax Big Box gets upgrade; Aberdeen ups manager interest

Tritax Big Box REIT PLC - real estate investment trust focused on ’big box’ logistics properties - The company notes that Moody’s Ratings has upgraded its credit rating to A3 with a stable outlook from Baa1 with a positive outlook. The upgrade follows Tritax Big Box’s £1.04 billion acquisition of a UK logistics property portfolio from Blackstone Europe LLP, part of Blackstone Inc. As part of the cash and shares deal, the New York-based private equity investment manager took an 8.6% stake in BBOX. ‘The upgrade reflects the company’s growing scale, increased portfolio diversification and continued focus on resilient, high-quality logistics assets,’ BBOX says about the Moody’s upgrade.

Tritax Big Box also notes the announcement by its investment manager, Tritax Management LLP, that Aberdeen Investments will increase its ownership of Tritax Management progressively to 100%. Aberdeen, part of Aberdeen Group PLC, bought a 60% stake in Tritax Management in 2020. It will increase this to 80% in April next year and then to 100% in 2029. Tritax Big Box says the agreement between BBOX and Tritax Management is unchanged, and its own leadership team is unaffected.

Current stock price: 154.15 pence, up 0.6% on Wednesday morning in London

12-month change: up 3.9%

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