Key facts
- Sumitomo Mitsui Trust Bank is acquiring a 15% voting stake in Morrison, an infrastructure investment manager.
- The partnership will focus on assets such as data centers, renewable energy, and logistics facilities.
- Sumitomo Mitsui Trust Bank will invest $500 million into an infrastructure investment fund managed by Morrison.
- The companies aim to co-manage $1.5 billion in assets by combining their domestic and global expertise.
- The deal is expected to close between October and December 2026, subject to regulatory approvals.
Japan's Sumitomo Mitsui Trust Bank is set to acquire a 15% voting stake in New Zealand-based infrastructure investor Morrison, establishing a strategic partnership aimed at capitalizing on the growing global demand for infrastructure assets, particularly data centers and energy facilities, driven by the artificial intelligence boom. The deal, valued at tens of billions of yen, is anticipated to conclude between October and December 2026, pending regulatory approvals.
As part of the agreement, Sumitomo Mitsui Trust Bank will also invest $500 million into an infrastructure investment fund managed by Morrison. The collaboration seeks to leverage Morrison's specialized investment expertise and global network to offer infrastructure investment products to both domestic Japanese and international investors. The companies have set a target of achieving $1.5 billion in co-managed assets by combining Sumitomo Mitsui Trust Bank's established domestic investor base with Morrison's global infrastructure investment capabilities.
Morrison, founded in 1988, focuses on sectors including data centers, airports, power transmission and distribution, water infrastructure, and renewable energy, with existing offices in New York and London. This partnership marks Morrison's entry into the Japanese market, where it anticipates a structural shift towards increased infrastructure allocation in investment portfolios. Sumitomo Mitsui Trust Group views the asset management business as a key growth area and aims to enhance its private asset offerings through this strategic alliance.