UK real estate company Centurion Properties has agreed a four-year mandate with Aberdeen Asset Management to manage 10 of its multi-let industrial estates.

UK real estate company Centurion Properties has agreed a four-year mandate with Aberdeen Asset Management to manage 10 of its multi-let industrial estates.

The transaction follows the partnership formed in 2009 between Centurion and Scottish Widows Investment Partnership (acquired by Aberdeen Asset Management in March 2014), which resulted in Centurion sourcing, buying and managing £300 mln (€423 mln) of multi-let industrial properties for SWIP Property Trust (now Aberdeen Property Trust).

The £200 mln Aberdeen Property Trust portfolio, which will be managed by Centurion, is management intensive and stretches from Deeside in Flintshire to Stockport in Manchester, the Midlands, Heathrow and Basingstoke in Hampshire.

Centurion will aim to increase the income profile of the portfolio, as well as source additional, larger multi-let industrial assets and portfolios.

While cementing its relationship with Aberdeen, Centurion has also launched its own direct investment platform, Centurion Capital Partners, which is funded by ICG-Longbow, a specialist UK property investment manager.

Centurion Capital Partners has an initial £100 mln to invest in the office and industrial sectors, having purchased its first asset, Lawnswood Business Park, a modern, high-quality office park in Leeds, for £17.25 mln.

'The new mandate with Aberdeen Asset Management extends our six-year partnership and reflects our expertise at acquiring and intensively managing in the multi-let industrial property sector to deliver performance-beating returns for the Aberdeen Property Trust,' said Julian Rooth, founder and CEO of Centurion.

London-based Centurion was founded in 2000 by Julian Rooth as a co-investing asset and development manager of UK real estate.