Blackstone has increased its offer for London-listed Warehouse REIT to approximately £489m ($666m), surpassing a previously agreed proposal from Tritax Big Box REIT, as competition for UK real estate assets continues to intensify, according to a report by Reuters.
The revised proposal from the US-based private equity giant values Warehouse REIT at 115 pence per share – representing an 8.3% premium to the stock’s closing price on 3 June, the day before Blackstone’s original approach was made public. The new offer comprises 113.4 pence in cash, supplemented by a 1.6 pence dividend per share.
Shares in Warehouse REIT ended Thursday’s session up 2.7% at 115.4 pence, marginally above the bid price, reflecting investor speculation that a further bidding escalation could be on the horizon.
Blackstone’s move comes just weeks after Warehouse REIT agreed to a cash-and-share offer from Tritax Big Box REIT, valuing the company at 114.2 pence per share, or approximately £485.2 m. Tritax has reiterated that it continues to view its proposal as “a compelling proposition” for shareholders, highlighting the strategic fit with its existing logistics-focused platform.
Warehouse REIT confirmed it is reviewing Blackstone’s revised bid. The company has emerged as a sought-after asset, underpinned by its UK logistics portfolio—an area that has drawn sustained interest from global capital amid resilient demand fundamentals.
Blackstone said the acquisition would strengthen its logistics footprint in the UK, while Tritax has similarly positioned the deal as additive to its scale and capabilities.
The battle for Warehouse REIT adds to a growing list of contested UK takeovers, with companies such as Spectris and Assura also attracting competing interest, as international buyers continue to capitalise on attractive UK valuations against a backdrop of macroeconomic uncertainty.
