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Blackstone Europe LLP, subsidiary of US private equity firm Blackstone Inc, on Friday urged shareholders of Warehouse REIT PLC to accept Blackstone’s higher takeover bid. Earlier on Friday, Warehouse issued a statement to shareholders in which it switched its recommendation to favour Blackstone’s offer, rather than the rival bid from Tritax Big Box REIT PLC. Tritax maintained that it was a ‘more compelling’ suitor. Both Warehouse and Tritax are London-based real estate investment trust that invest in large logistics warehouses. Blackstone made an approach to Warehouse back in March, but lowered its offer to 109.00p after due diligence. Warehouse responded by backing a cash and shares proposal from Tritax. Since then, the value of Tritax’s offer has declined to 111.1p per Warehouse share from the initial 114.2p, as both firm’s shares have fluctuated. Blackstone on Thursday raised its bid to the original 113.4p offered in March, plus dividends, for a total value of 115p per share. Wapping Holdings Ltd, which was set up by Blackstone to carry out the proposal, bought 10.49% interest in Warehouse on Thursday. On Friday, Blackstone followed up to say that Wapping will acquire an additional 3.02% of Warehouse shares, bringing its total stake to 13.79%. The takeover requires more than 50.0% approval to proceed. Shareholders have until September 8 to accept the offer, which Blackstone encouraged they do ‘as soon as possible.’ Warehouse and Tritax Big Box shares declined marginally to 115.20p and 141.90p respectively on Friday afternoon in London. Blackstone shares traded up 1.2% at $162.14 on Friday morning in New York. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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