Published by Global Banking & Finance Review®
Posted on June 25, 2025
2 min readLast updated: January 23, 2026
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Tritax Big Box REIT outbids Blackstone with a $661 million offer for Warehouse REIT, including dividends, marking a major UK acquisition.
(Reuters) -UK's Warehouse REIT accepted a 485.2 million pound ($661 million) takeover offer from Tritax Big Box REIT on Wednesday, walking away from a previous deal with Blackstone agreed in early June.
Tritax's cash-and-stock offer values Warehouse at about 114.2 pence per share as of June 24, the day before the agreement was disclosed. It also includes quarterly dividends of up to 1.6 pence per Warehouse share.
Meanwhile, Blackstone's cash offer was at 110.6 pence per Warehouse share, or about 470 million pounds, which also included a dividend of 1.6 pence per share.
"The Tritax deal is not only at a higher level to the previous offer for the Company, but provides Warehouse shareholders with the opportunity to retain both the fourth and first quarter dividends," Warehouse Chair Neil Kirton said in a statement.
Shares of Warehouse climbed 5.2% to 112.4 pence in early trade and were among the top gainers on the FTSE small-cap index, while Tritax's stock traded marginally lower.
Private equity major Blackstone did not immediately respond to a Reuters request for a comment.
U.S.-based firms have been snapping up British assets recently, taking advantage of a market that is plagued with comparatively weaker valuations and stunted growth.
Warehouse and Tritax said that Warehouse's directors had also withdrawn their recommendation for Blackstone's offer in favour of the latest proposal, adding that Tritax had received undertakings from investors holding about 8.36% of Warehouse.
($1 = 0.7341 pounds)
(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Sumana Nandy and Rashmi Aich)
Tritax made a cash-and-stock offer valuing Warehouse REIT at approximately 485.2 million pounds, or $661 million, which translates to about 114.2 pence per share.
Blackstone's cash offer was lower, at 110.6 pence per share, valuing Warehouse at around 470 million pounds, which included a similar dividend of 1.6 pence per share.
Following the announcement of Tritax's offer, shares of Warehouse climbed 5.2% to 112.4 pence, making it one of the top gainers on the FTSE small-cap index.
Warehouse's directors withdrew their recommendation for Blackstone's offer in favor of the Tritax proposal, indicating a shift in their preference.
U.S.-based firms have been acquiring British assets due to comparatively weaker valuations and stunted growth in the UK market.
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