21st Jun 2023 11:25
Industrials REIT Ltd - London-based real estate investment trust - Blackstone Inc formally takes over Industrials on Wednesday. This comes a day after the Guernsey court sanctioned the acquisition on Tuesday. Industrials says the scheme court order was delivered to the Guernsey Registry on Wednesday, meaning the deal has now become effective.
Industrials will delist from the London Stock Exchange on Thursday. The delisting from the Johannesburg Stock Exchange is expected to take effect on Tuesday next week. The stock is suspended on both exchanges. Back in April, Sussex Bidco LP offered to buy Industrials for 168 pence per share. The Jersey-based Sussex Bidco is owned indirectly by investment funds advised by the New York-based investment management company Blackstone. Industrials has said this offer valued the group at around GBP511.2 million on a fully diluted basis. Blackstone has told the total enterprise valuation, including debt and other liabilities, is GBP700 million.
By Artwell Dlamini, Alliance News reporter
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