US private investment giant Blackstone is hoping to agree a £700 million deal to acquire British commercial property company Industrials Reit after offering to pay shareholders a 42% premium to Friday’s closing price to take the company private, according to a report by the Financial Times.
The board of Industrials Reit, which has a seven million sq ft portfolio of UK industrial and warehouse space, has said it will recommend Blackstone’s offer and is “working closely” with the investment firm “to complete as soon as is practicable”.
The offer price of 168p a share is equivalent to the company’s share price last September before a sell-off in the autumn.
Industrials Reit has said it is hoping to finalise the deal, which includes about £200 million in debt, with Blackstone in the coming weeks. The deal will be subject to shareholder approval.