UPDATE: Warehouse REIT mulls higher takeover bid from Blackstone

(Alliance News) - Warehouse REIT PLC on Thursday said it was reviewing a revised takeover bid ...

Alliance News 10 July, 2025 | 1:44PM
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(Alliance News) - Warehouse REIT PLC on Thursday said it was reviewing a revised takeover bid from Blackstone Inc, which tops a previously agreed offer from Tritax Big Box REIT PLC.

Both Warehouse and Tritax are London-based real estate firms which invest in large logistics warehouses. Back in June, Warehouse agreed to a cash and share acquisition by Tritax.

This came after New York-based private equity firm Blackstone lowered its "final" cash bid to 109.00p due to asset valuation concerns.

However, Blackstone on Thursday announced a higher offer for 113.4p per share in cash, which matches the offer it made back in March. Under all three bids, Warehouse shareholders would also receive a 1.6p interim dividend, which puts the total value of Blackstone's new offer at 115.00p per share, or GBP489 million for the entire company.

This is roughly 3.5% higher than Tritax's bid. Back in June, when Warehouse accepted the offer, it was worth 114.2p per Warehouse share.

However, it is a combined cash and share deal, and Tritax shares have fallen 3.5% in the last month. As such, the offer's value has dropped to either 109.68p per Warehouse share, including the July dividend, or 111.28p, including the likely, but as yet undeclared, October dividend.

Warehouse advised that shareholders take no action whilst it reconsiders Blackstone's advance. The deal requires an approval rate of more than 50% to proceed.

Also on Thursday, Warehouse noted that Blackstone subsidiary Wapping Holdings Ltd had purchased 44.6 million Warehouse shares, equivalent to a 10.49% stake in the company, at the same price as the revised offer.

Blackstone said it had regulatory approval to switch to a takeover offer from a scheme of arrangement, and that this made the deal more likely to close.

Warehouse shares rose 2.5% to 115.2p on Thursday afternoon in London, while Tritax shares were down 3.6% at 143.40p. Blackstone shares were marginally higher at USD158.97 during pre-market trading in New York.

By Holly Munks, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2025 Alliance News Ltd. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Tritax Big Box Ord 151.70 GBX -0.91 -
Warehouse REIT Ord
Blackstone Inc 151.37

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