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Blackstone is poised to win a battle for Warehouse Reit, after the listed UK landlord mentioned it will swap its shareholder suggestion to a suggestion from the US funding group over a rival bid from Tritax Massive Field Reit.
Warehouse Reit mentioned on Friday it was altering its endorsement after Blackstone confirmed it will enable shareholders to obtain a dividend from Warehouse, which might be paid this month.
The newest Blackstone provide quantities to 115p money a share and values Warehouse at about £489mn. Tritax had supplied a money and inventory deal price round £485.2mn.
The brand new provide “gives Warehouse Reit shareholders with a sure all-cash provide, at a premium to the [Tritax] provide”, mentioned Neil Kirton, chair of Warehouse Reit.
Blackstone, which has been pursuing the UK group for months, is in search of to benefit from what buyers consider could be the backside of the industrial property market. Actual property values have plunged since 2022, as larger rates of interest hit asset values and held again funding.
Blackstone, the world’s largest industrial property investor, had initially supplied £470mn in February.
Listed landlords have been buying and selling at substantial reductions to the worth of their property, with smaller teams below growing stress to promote up or consolidate.
Non-public capital has been searching logistics targets throughout Europe lately, drawn by the continued growth in ecommerce and prospects for development within the sector.
Blackstone final 12 months struck a €1bn deal to purchase an 80 per cent stake in a European logistics portfolio from Johannesburg-listed landlord Burstone, whereas US buyers Lone Star and Starwood have additionally acquired large logistics portfolios.
