Blackstone is poised to buy Industrials REIT after agreeing a cash offer for the multi-let industrial estates specialist.
Industrials REIT said following a period of “extensive negotiations” it had reached an agreement on the financial terms of a final proposal for a possible cash offer.
Under the terms of the take private deal shareholders in Industrials REIT would receive 168p per ordinary share in cash, with the price representing a premium of 42.4% to Industrials REIT’s closing price of 118.0p per share on 31 March 2023; and 40.6% to Industrials REIT’’s one-month volume weighted average share price of 119.5p on 31 March 2023.
The board of Industrials REIT has indicated to Blackstone that it intends to recommend the financial terms of the offer to shareholders.
Industrials REIT’s share price rose 44% in morning trading following the announcement.
