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AIPUT secures additional £55 million credit facility to pursue airport real estate acquisitions in London

26 Apr 2019

Aberdeen Standard Investment’s AIPUT fund (Airport Industrial Property Unit Trust) has secured a £55million revolving credit facility with its long-term financial partner, RBS International. The facility will provide flexible access to capital available to finance AIPUT’s high quality industrial acquisitions and development projects at the London airports. Strategic opportunities are expected to surface in the months ahead as a result of the uncertainty engendered by Brexit and the perceived political risk of continuing friction in global trade policy.

AIPUT, a specialist airport real estate fund managed by Aberdeen Standard Investments, holds a diverse portfolio of air cargo and other airport-related property assets serving the London airports of Heathrow, Gatwick and Stansted. The overall fund value currently stands at around £670 million.

The three principal London airports dominate UK air-traffic activity, processing over 154m passengers and 2 million tonnes of air freight in 2018.

The new £55 million revolving credit facility supplements an existing £145 million debt facility made available in 2015. AIPUT has a successful ongoing relationship with RBSI stretching back to 2010.

Commenting on the deal, AIPUT Fund Manager, Nick Smithsaid: “The new credit facility adds to AIPUT’s considerable capital resources, enabling us to respond quickly to targeted investment opportunities that meet our growth and diversification objectives.”

“As a market leader, we are driven to deliver greater choice, flexibility and value to our customers, positioning ourselves to capture an expected new wave of airport-related industrial demand. With a portfolio close to full occupancy, we are keen to secure the sites and develop the floorspace necessary to help London’s airports enhance their global competitive positions.”

Alison Freshwater, of Global Private Markets & Real Estate Structuring at Aberdeen Standard Investmentscommented: “We are very fortunate to have a long standing and strong relationship with RBSI, who work collaboratively with us to offer pragmatic and tailored lending solutions which deliver the best value for our investors.”

Jamie Bennie-Coulson, Director of Real Estate at RBS International, added:

“This is a an award winning fund with high quality assets that is managed by a top tier investment manager so we’re delighted that we’ve been able to support AIPUT by increasing their debt facilities. This increase will help support the fund and its aspirations whilst demonstrating our continuing commitment to the UK real estate market.”

The fund had acted in recent months to further reinforce its financial war chest through the disposal of real estate holdings at Glasgow and East Midlands airports, further increasing the resources available for further investment relating to London’s airports.

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For further images or information, or to speak to AIPUT, please contact: Melissa Carver/John Mills: 020 7630 1411 AIPUT@thecommunicationgroup.co.uk The Communication Group plc

The image at the head of the release shows a 25,000 sq m air cargo facility that AIPUT is currently building for its client, dnata, close to the Heathrow Airport Perimeter Road. The new facility, due to open in Summer 2019 will handle all Virgin Atlantic and Delta Airways air cargo operations out of Heathrow.

Notes to Editors:

About AIPUT

  • Aberdeen Standard Investment’s Airport Industrial Property Unit Trust (AIPUT) is an award-winningspecialist owner and manager of industrial property on and near major UK airports. AIPUT is the only specialist airport-focused industrial fund in the UK for institutional investors. AIPUT aims to deliver a strong ESG (environmental, social corporate governance) performance throughout its portfolio, successfully achieving GRESB Green Star status in each of the last four years.
  • The fund manages a prime portfolio of properties providing high-quality and customised warehouse and logistics space:
    • £675m assets under management (@ March 2019)
    • 20 assets, amounting to 2.4m sq ft
    • 2.1m sq ft of assets at Heathrow, making AIPUT one of the largest landlords around the airport, serving the evolving needs of the airport and the air-freight related industry.
    • Assets at three of London’s major international airports, namely Heathrow, Gatwick and Stansted
    • Target clients and investors – pension funds & expert institutional investors

About Aberdeen Standard Investments

  • Aberdeen Standard Investments is Europe’s second largest real estate investment manager, managing £43.4 billion of real estate assets across UK, Europe and Asia. Its dedicated team of more than 280 real estate investment professionals manages more than 1,600 real estate assets worldwide, and are based in 18 global offices (including London, Edinburgh, Frankfurt, Paris, Stockholm, Copenhagen, Amsterdam, Hong Kong, Singapore and Boston) (at 31/12/17)
  • Aberdeen Standard Investments is a high-conviction, long-term investor who believes teamwork and collaboration are the keys to delivering repeatable, superior investment performance. It is resolute in its commitment to active asset management
  • Aberdeen Standard Investments is the asset management business of Standard Life Aberdeen plc, one of the world’s largest investment companies. With over 1,000 investment professionals we manage £557.1 billion of assets worldwide. The company has clients in 80 countries supported by 50 relationship offices, ensuring it is close to its clients and the markets in which they invest (at 30 June 2018)
  • Standard Life Aberdeen plc is headquartered in Scotland. It has around 1.2 million shareholders and is listed on the London Stock Exchange. The Standard Life Aberdeen group was formed by the merger of Standard Life plc and Aberdeen Asset Management PLC on 14 August 2017
  • You can access the Aberdeen Standard Investments media centre here: https://www.aberdeenstandard.com/news-and-media

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