Tritax Bids £485 Million for Warehouse, Unseating Blackstone

Tritax Big Box REIT Plc has agreed a deal for Warehouse REIT Plc, valuing its UK rival at about £485.2 million ($661 million) and unseating an earlier recommended bid from Blackstone Inc.

Under the terms of the deal, each Warehouse REIT shareholder will receive 0.4236 new Tritax shares and 47.2 pence in cash, according to a statement on Wednesday. Warehouse REIT’s board has recommended the proposal to shareholders and dropped its earlier recommendation for an offer made by Blackstone that valued the company at about £470 million.