Warehouse REIT’s board of directors have recommended shareholders accept Blackstone’s revised bid for the business.
Earlier this week, the US investment giant submitted an improved offer to acquire the entire issued and to be issued ordinary share capital of Warehouse REIT.
Blackstone’s revised terms include an increase in the cash consideration to 113.4p and the inclusion of the right for shareholders to receive and retain Warehouse REIT’s fourth interim dividend of 1.6p per share, which is expected to be paid later this month.
The total transaction value of Blackstone’s increased offer is 115p per share, which represents a premium of 3.5% to the total transaction value of 114.2p per share lodged by Tritax Big Box REIT (BBOX) last month, which was accepted by Warehouse REIT’s board.
Neil Kirton, chair of Warehouse REIT, said: “The Warehouse independent directors note the announcement of the Increased Blackstone offer on terms substantially in line with the possible offer announced by Blackstone on 25 March 2025. The Warehouse independent directors have carefully evaluated both offers, while remaining firmly focused on their fiduciary duties to Warehouse REIT shareholders.
“The Increased Blackstone offer provides Warehouse REIT shareholders with a certain all-cash offer, at a premium to the BBOX Offer, which comprises a mixed consideration of new BBOX shares and cash, and the Warehouse independent directors now switch their recommendation in favour of the Increased Blackstone offer accordingly.”
