Blackstone to acquire Warehouse REIT for £470 million

LONDON - Investment funds advised by Blackstone (NYSE:BX) Inc. affiliates have reached an agreement to purchase Warehouse REIT plc, a UK Real Estate Investment Trust, for approximately £470 million, the companies announced today. The acquisition, to be executed via a scheme of arrangement under Part 26 of the Companies Act, offers Warehouse REIT shareholders 109.0 pence per share in cash.

The final offer price, together with a previously declared interim dividend, totals 110.6 pence per Warehouse share, representing a significant premium over past share prices. Specifically, the offer is 34.2% above the closing price on February 28, 2025, the last business day before the offer period began.

Warehouse REIT, which focuses on multi-let warehouses and industrial assets, has seen substantial growth since its 2017 IPO, with its portfolio currently valued at £805.4 million. The company’s assets are strategically located across key economic locations in the UK.

Blackstone, a leading global investment firm with $1.1 trillion in assets under management, has a strong presence in the European real estate market. The acquisition of Warehouse REIT is expected to complement Blackstone’s extensive logistics and industrial segment portfolio.

The Warehouse Independent (LON:IOG) Directors, advised by Jefferies International Limited and Peel Hunt LLP, have unanimously recommended that shareholders accept the offer, which they consider fair and reasonable. The directors have also committed to voting in favor of the acquisition.

Subject to shareholder approval and satisfaction of other conditions, the transaction is expected to close in the final quarter of 2025. Shareholders will vote on the acquisition at meetings anticipated to be held in July 2025.

Neil Kirton, Chair of Warehouse, noted the company’s strong performance and the constraints faced due to the macroeconomic climate. He expressed that the offer from Blackstone provides shareholders with an attractive cash premium. James Seppala, Head of Blackstone Real Estate Europe, emphasized Blackstone’s conviction in the UK logistics sector and the firm’s commitment to supporting Warehouse’s future growth.

This announcement is based on a press release statement, and the acquisition is still subject to the approval of Warehouse shareholders and regulatory conditions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.