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Blackstone has increased its offer for UK-based Warehouse REIT to approximately GBP 489 million (USD 666 million), surpassing a previous deal. The new offer values Warehouse REIT shares at 115 pence apiece, an 8.3% premium to its June 3 closing price. This move reflects a trend of U.S. firms acquiring British assets due to perceived weaker valuations. Warehouse REIT is reviewing the offer. Blackstone intends to integrate the company into its logistics portfolio, as the UK REITs sector sees increased consolidation amidst economic uncertainty.
Blackstone, a U.S. private equity firm, recently increased its bid for a UK warehouse real estate investment trust (REIT). Reports now indicate that Blackstone has increased its original offer to approximately GBP 489 million, equivalent to USD 666 million. This new offer surpasses a previously agreed deal between Warehouse REIT and Tritax Big Box REIT. Advertisement
The revised offer values Warehouse REIT shares at 115 pence a piece, representing an 8.3% premium to their closing price on June 3, the day before Blackstone's initial bid. The offer consists of 113.4 pence per share in cash and a dividend of 1.6 pence per share. Warehouse REIT is currently reviewing this new offer.
This move by Blackstone indicates a broader trend where U.S. companies are acquiring British assets, taking advantage of what they perceive as weaker UK valuations. The UK-listed real estate investment trusts (REITs) sector has also seen a surge in deals. This allows companies to consolidate and strengthen their positions amidst an uncertain economic climate.
Blackstone's stated intention is to integrate Warehouse REIT into its existing logistics portfolio. Tritax Big Box REIT views Warehouse REIT as complementary to its own business. Other British companies, such as scientific instruments maker Spectris and healthcare real estate investor Assura, are currently involved in similar bid battles.
Acquisitions in the REIT sector reflect strategies to gain market share, consolidate portfolios, and leverage market conditions.
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