The board of Warehouse REIT has announced that it would be minded to recommend Blackstone’s cash offer for the company.
Blackstone made a final offer earlier this week at 115.0p per share, valuing the company at £489m.
It said that it would engage in discussions with Blackstone in relation to terms and to allow Blackstone to complete a limited period of confirmatory due diligence.
The offer price will be adjusted for the interim dividend of 1.6p, which was declared on 19 February 2025 in respect of the third quarter of the financial year ending 31 March 2025. The offer price will therefore be reduced to 113.4p following the dividend payment date on 11 April 2025.
Based on an offer price of 115p, this represents:
- a premium of 39.6% to the closing price of 82.4p on 28 February 2025;
- a discount of 9.8% to the company’s EPRA NTA of 127.5p per share as at 30 September 2024; and
- an increase of 4.1% to the possible offer of 110.5p per share announced on 3 March 2025.
