Blackstone Increases Bid for Warehouse REIT

US private equity firm Blackstone has raised its takeover bid for UK-listed Warehouse REIT to £489 million, valuing each share at 115 pence—surpassing the previous offer from Tritax Big Box REIT. The new proposal consists of 113.4 pence per share in cash plus a 1.6 pence dividend, representing a 3.6% premium over Tritax’s prior cash-and-stock offer, which valued Warehouse at £485.2 million. Warehouse REIT’s board, which had initially recommended the Tritax offer, is now assessing Blackstone’s improved bid. The bidding war highlights increased interest from US investors in undervalued UK logistics real estate amid sector recovery and industry consolidation. Both Blackstone and Tritax view Warehouse REIT as a strategic asset for their logistics portfolios. Warehouse REIT shares have risen above the offer price, reflecting investor expectations of potential further bids.