Blackstone has returned with an increased offer for United Kingdom multilet industrial real estate investment trust Warehouse REIT, a week after a rival bid from Tritax Big Box REIT was recommended.
In a stock market filing a newly formed bid company, Wapping Bidco, indirectly owned by investment funds advised by affiliates of United States private equity giant Blackstone confirmed an increased cash offer for Warehouse REIT comprising 113.4 pence per share in cash together with the Warehouse REIT fourth interim dividend of 1.6 pence per share, valuing the REIT's share capital at approximately £489 million.
The Blackstone vehicle said this represented a premium of 3.6% to the see through value of Tritax Big Box REIT's bid at 109.4 pence per share, which was recommended by the Warehouse REIT Board on 25 June.
The Blackstone vehicle has also agreed to buy a total of 44,581,867 Warehouse shares, representing approximately 10.49% of the issued share capital of the business.
The cash consideration will be funded from equity to be invested by Blackstone funds. The offer will be open for acceptance until 1 pm on 8 September.
On 25 June, Tritax Big Box REIT said it had reached agreement with the board of directors at Warehouse REIT on a recommended takeover that trumped a rival recommended offer from Blackstone.
That agreement implied a total value of 114.2 pence for each Warehouse share and values Warehouse’s entire issued, and to be issued, ordinary share capital at approximately £485.2 million.
The bid represented a premium to the £470 million value of the rival Blackstone offer, recommended in early June, of 109 pence of approximately 5.2 pence or 4.8%.
Tritax Big Box REIT issues a stock market response. It said: "The board of BBOX is considering its options and continues to believe that a combination of BBOX and Warehouse, as set out in its recommended cash and share acquisition announcement dated 25 June 2025, represents a more compelling proposition for Warehouse shareholders, providing them with the opportunity to participate in the future upside of both the Warehouse portfolio and the BBOX portfolio within the combined business, alongside the cash component.
"The board of BBOX urges Warehouse shareholders to take no action in response to the Blackstone offer."
Warehouse REIT is focused on the multilet sector across the United Kingdom and advised by Tilstone Partners. Its portfolio is valued at £810.2 million across 69 estates with a rent roll of £44.6 million. For a recent interview with the group about its strategy click here.
A sticking point had been the value Blackstone attaches to Warehouse REIT's giant Radway Green development, which Tritax had said it would develop out.
The potential bidding war would pit private equity against a listed bidder in the real estate sector again, after PHP's recent battle to see off a rival KKR-Stonepeak takeover bid for the Assura care homes business.
(This story has been updated to include Tritax Big Box REIT's response.)