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Blackstone is poised to win a battle for Warehouse Reit, after the listed UK landlord mentioned it will change its shareholder advice to a proposal from the US funding group over a rival bid from Tritax Huge 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 shall be paid this month.
The newest Blackstone provide quantities to 115p money a share and values Warehouse at about £489mn. Tritax had provided a money and inventory deal price round £485.2mn.
The brand new provide “supplies 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 searching for to reap the benefits of what traders consider will 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 provided £470mn in February.
Listed landlords have been buying and selling at substantial reductions to the worth of their property, with smaller teams beneath rising stress to promote up or consolidate.
Personal capital has been searching logistics targets throughout Europe in recent times, drawn by the continued growth in ecommerce and prospects for progress 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 traders Lone Star and Starwood have additionally acquired massive logistics portfolios.
