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Blackstone Inc said Tuesday it is ‘considering its options’ after being snubbed by Warehouse REIT PLC, as the industrial property investor’s board shifted its support to an offer from fellow London listing Tritax Big Box REIT PLC. In early June, Warehouse REIT had agreed to a takeover from asset manager Blackstone, which valued it business at £470 million. However, the Warehouse REIT board last week withdrew that recommendation in favour of a bid from Tritax Big Box. The cash and shares deal valued Warehouse REIT at £485.2 million, 114.2p per share, according to a statement last week. ‘Bidco is considering its options and urges Warehouse shareholders to take no action in response to the Tritax Big Box REIT offer,’ Blackstone said on Tuesday. Warehouse REIT shareholders stand to receive 47.2 pence in cash, plus 0.4236 of a new Tritax Big Box share for each share in Warehouse REIT. Warehouse shareholders also will be entitled to their quarterly dividends on both July 25 and October 6. Warehouse REIT declared a fourth quarter interim dividend for financial 2025 of 1.60p on Wednesday, flat with a year earlier. In March, Blackstone made a proposal of 113.40p per Warehouse share, representing a total offer value of 115.00p per share when factoring in a dividend, £489 million in total. Warehouse said it would be minded to accept the offer from the suitor. Blackstone reserved the right to make an offer on less favourable terms. In May, Blackstone wrote to Warehouse raising matters arising from its due diligence, most significantly relating to contrasting views on the valuation of Warehouse’s development asset at Radway Green. As a result, Blackstone lowered its final indicative proposal to 109.00p, 110.6p when including the dividend. Warehouse REIT shares were up 0.9% to 114.00p in London on Tuesday morning. It has a market capitalisation of £485.6 million. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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