UK’s Warehouse REIT Agrees to Blackstone’s $635.35 Million Bid

Following an amended offer that adjusted the valuation in response to findings during due diligence, Blackstone Inc. (NYSE:BX) has finalized its acquisition of Britain’s Warehouse REIT for $635.35 million. The approved bid stands at 110.6 pence per share. Inclusive of a 1.6 pence dividend, the bid reflects a 34.2% premium over the company’s share price on the day before the initial offer was made public.

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The private equity giant earlier raised its proposal to 489 million pounds in March. Later, the company revised it downward, citing conflicting views on the valuation of a key asset. Warehouse REIT Chair Neil Kirton has made the following statement.

“The company’s growth has been constrained by the weak macroeconomic backdrop, high interest rates, and an inability to raise new equity.”

Tightening monetary policies continue to dampen the investor appetite and cap growth potential, contributing to a decline in the UK commercial property sector’s performance. The acquisition buzz has been subtle, with Blackstone Inc. (NYSE:BX)’s performance during the week up by 0.25% while the decline in the previous quarter stands at 8.74%.

The New York-based company, Blackstone Inc. (NYSE:BX), is a global alternative asset manager, managing over $1 trillion in assets stretched across private equity, real estate, credit, and hedge fund solutions.

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Disclosure: None.