Christian Mayes, Portfolio Adviser, 25 June 2025:
Tritax Big Box REIT has usurped Blackstone’s offer for Warehouse REIT by making its own bid for the investment trust.
In a stock exchange announcement this morning, Tritax Big Box announced a 111p per share bid for Warehouse REIT, higher than the 109p offer Blackstone made, which it had described at the time as “best and final”.
The Warehouse REIT board has pivoted away from the Blackstone offer, instead recommending shareholders back the Tritax deal.
If approved, Warehouse REIT shareholders will receive a mixture of 0.4236 new Tritax Big Box shares and 47.2p in cash.
The offer represents a 38.6% to Warehouse REIT’s closing price of 82.4p before bidding took place..
QuotedData property analyst Richard Williams said the deal is “pleasing to see”.
“As we have said on a number of occasions, the Blackstone deal was substantially undervaluing the company in our view.
“It is the second time in a week that a listed peer has come in and (seemingly) beaten off competition from private equity bids following PHP’s recommended offer for Assura – long may it continue. We have seen too many REITs taken out by private equity on the cheap.”
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