Blackstone has made a fifth and final all-cash offer of £489m to acquire Warehouse REIT.
The offer of 115p per share, which is inclusive of the third interim dividend of 1.6p per Warehouse REIT share declared on 19 February 2025, represents a premium of 39.6% to the REIT’s closing price of 82.4p on 28 February 2025
The improved offer, which is 4.1% higher than the 110.5p per share bid tabled by Blackstone earlier this month, represents a premium of 40.2% to the one-month volume weighted average share price of 82p on 28 February 2025, a premium of 42.5% to the three-month volume weighted average share price of 80.7p and a premium of 4.9% to the two-year high closing share price of 109.6p on 17 April 2023.
Blackstone said the “final indicative proposal provides a highly deliverable and compelling alternative to shareholders, attributing a full valuation for the company and its future prospects”.
It added the financial terms of the proposal “are final and will not be increased, save that Blackstone reserves the right to revise and increase the financial terms of the final indicative proposal where: (i) there is an announcement of a possible offer or a firm intention to make an offer for Warehouse REIT by any third party; or (ii) the panel otherwise provides its consent (which will only be provided in wholly exceptional circumstances)”.
Earlier today, Blackstone’s former consortium partner Sixth Street confirmed it had no intention to make an offer for Warehouse REIT “whether in a consortium with Blackstone or otherwise”.
