Warehouse REIT Recommends Blackstone's $664 Million Counteroffer to Shareholders

Published: 2025-07-11 03:14:09 ET BX

Published on 07/11/2025 at 03:14, updated on 07/11/2025 at 05:00

By Anthony O. Goriainoff

Warehouse REIT said it recommends shareholders vote in favor of Blackstone's increased $664 million takeover bid, and that it was withdrawing its previous support for Tritax Big Box's offer.

The London-listed real-estate investment trust said Friday that Blackstone had increased its cash offer as it sought to win the takeover battle for the company.

On Thursday, asset manager Blackstone said it would offer 113.4 pence for each Warehouse share in cash. The offer, plus an expected 1.6 pence dividend to be paid in July, will result in a total of 115 pence a share paid to shareholders. The new offer valued Warehouse REIT at 489 million pounds ($664 million), a higher price than the previous bid made by U.K. real-estate investment trust Tritax.

Warehouse REIT has been at the center of a competitive takeover since Blackstone announced plans to acquire it in June for 109.0 pence a share, an offer contested by Tritax on June 25. Tritax offered 485.2 million pounds, which implied a total value of 114.2 pence a share as of June 24 and had the backing of Warehouse REIT's independent directors.

"The increased Blackstone offer provides Warehouse REIT shareholders with a certain all-cash offer... Warehouse independent directors now switch their recommendation in favor of the increased Blackstone offer accordingly," it said.

Write to Anthony O. Goriainoff at [email protected]

(END) Dow Jones Newswires

07-11-25 0313ET