4th Mar 2025 20:14
Warehouse REIT PLC - London-based investor in real estate, with a focus on UK industrial warehouses - Rejects cash bid from a consortium comprising Sixth Street Luxembourg Sarl and Blackstone Europe LLP. The proposal, pitched at 110.5 pence per share, includes the interim dividend of 1.6p, declared on February 19, so the offer price would be reduced to 108.9p. A bid at that level would value Warehouse Reit at around GBP463 million. But company notes the offer represents a discount of just under 15% to the company's EPRA net tangible asset value of 127.5 pence per share as at September 30 2024. Warehouse Reit explains the consortium made an initial proposal on January 13, followed by three further plans. But, after considering the latest proposal with its advisers, and its largest shareholder, decided "unanimously to reject it" last Friday on the basis that it "materially undervalues" Warehouse REIT and its assets.
Current stock price: 100.40 pence, up 18% in London on Tuesday
12-month change: up 33%
By Jeremy Cutler, Alliance News reporter
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