10th Jul 2025 12:14
(Alliance News) - US private equity firm Blackstone Inc on Thursday raised its takeover offer for London-listed Warehouse REIT PLC, topping a rival offer to which the investment trust had agreed from Tritax Big Box REIT PLC.
Like Tritax Big Box, Warehouse is a real estate investment trust that invests in large logistics warehouses.
Blackstone is offering 113.4 pence per share in cash. This is the same as the offer it made in March. However, Blackstone in June lowered its "final" offer to 109.00p in cash, citing asset valuation concerns that arose during its due diligence.
Under all three offers, Warehouse shareholders would also receive the 1.6p interim dividend declared by Warehouse and set to be paid on July 25. This means the total value of Blackstone's new offer is 115.00p per share, or GBP489 million for the entire company.
The offer from Tritax Big Box is a combination of cash and shares that was worth 114.2p per Warehouse share when agreed by the Warehouse board last month.
Tritax Big Box will pay 47.2 pence in cash, plus 0.4236 of a new BBOX share for each share in Warehouse REIT. Warehouse shareholders also will be entitled to their 1.6p quarterly dividends on both July 25 and October 6.
Tritax Big Box shares were trading at 143.71p near midday on Thursday in London. This makes its offer worth 109.68p per Warehouse share, including the July dividend, or 111.28p, including the likely October dividend, which has not yet been declared.
That gives the new Blackstone offer about a 3.5% premium to the Tritax offer.
Warehouse shares were up 2.7% to 115.42p on Thursday following the Blackstone announcement.
Warehouse has not yet issued a reply.
Blackstone also revealed it has a 10.5% stake in Warehouse, having agreed to buy 41.6 million shares at a price equal to its cash offer.
It also said it has received UK Takeover Panel consent to switch to a takeover offer from a scheme of arrangement, saying this increases the certainty of its completion. The takeover offer is conditional on more than 50% acceptance.
By Tom Waite, Alliance News editor
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Related Shares:
Warehouse ReitTritax Big Box