Real Estate
Blackstone’s Final Bid Values Warehouse REIT at £489 Million
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Funds managed by Blackstone Inc. made a final bid for Warehouse REIT Plc, upping their offer by 4.1% and valuing the UK industrial landlord at £489 million ($632 million).
The final indicative cash proposal of 115 pence a share, inclusive of the third interim dividend of 1.6 pence declared on Feb. 19, represents a premium of almost 40% to the closing price on Feb. 28 before the initial interest became public, Blackstone said in a statement Tuesday. But it remains at a discount to Warehouse REIT’s reported EPRA net tangible asset value of 127.5 pence.