Blackstone has been granted additional time to evaluate a potential takeover bid for UK-listed self-storage operator Big Yellow Group plc, amid growing uncertainty around tax policy changes expected in the upcoming UK autumn budget, according to a report by Bloomberg.
The alternative asset manager now has until 8 December to submit a formal offer or withdraw, extending the previous 10 November deadline, according to a statement issued on Monday. The revised timeline will allow Blackstone to assess the potential impact of Chancellor Rachel Reeves’ forthcoming fiscal statement, which could reshape the outlook for UK commercial real estate.
With the government expected to introduce significant tax adjustments to address fiscal shortfalls, investors remain cautious. The real estate sector could be particularly affected by changes to business rates or property taxation, while measures that help stabilise bond markets and reduce long-term borrowing costs may provide relief.
Blackstone first confirmed in October that it was exploring a cash bid for Big Yellow, which currently has a market capitalisation of about £2.2bn ($2.9bn). Shares in Big Yellow rose following the disclosure. The company has reportedly been in discussions with several interested parties but has not yet received a formal proposal.
