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Blackstone Europe LLP on Monday confirmed it is considering a cash takeover offer for Big Yellow Group PLC, as Tritax Big Box REIT PLC said it has agreed to buy a large UK logistics warehouse portfolio from Blackstone. Big Yellow is a Bagshot, Surrey-based self-storage site operator. Tritax Big Box is a real estate investment trust focused on ’big box’ logistics properties. Both are FTSE 250 constituents in London. Blackstone Europe is part of New York-based private equity investment manager Blackstone Inc. Early Monday, it confirmed is ‘considering its position’ in relation to Big Yellow. Any offer would be via one or more investment funds that it advises. ‘Blackstone funds’ evaluation of Big Yellow is at a preliminary stage and Blackstone is considering, amongst other factors, the macro-economic environment including the potential impact of the upcoming UK budget as it relates to the self-storage sector,’ the company said. Big Yellow shares were up 20% to 1,160.00 pence in London following the announcement. Separately, Tritax Big Box said it has agreed to buy a UK logistics portfolio from Blackstone Europe for £1.04 billion. Tritax Big Box will pay £632 million in cash, funded via a new £650 million debt facility. It also will issue Blackstone with up 233.1 million new BBOX shares - an 8.6% stake in the expanded share capital - at 161p each, worth £375 million. Tritax Big Box shares were up 3.5% to 146.90p early Monday in London, giving the share issue a 9.6% premium. The purchase will give Tritax Big Box a gross asset value of £7.86 billion. The portfolio consists of 6.5 million square feet of logistics space across 409 units. Tritax Big Box said the purchase will increase its urban footprint in the South East and Midlands of England. The portfolio has £53 million per annum in aggregate passing rent and is 95% occupied. Tritax Big Box said the acquisition will be earnings per share enhancing by a mid-single-digit percentage in the first full year and ‘meaningfully accretive thereafter’. ‘Aligned with our strategic objectives, this exceptional portfolio offers strong rental reversion and numerous asset management opportunities,’ commented Chief Executive Officer Colin Godfrey. ‘It also significantly broadens our client proposition across key urban logistics markets and reinforces our leading position in mission critical big boxes.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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