Blackstone poised to win battle for UK landlord Warehouse Reit

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favorite tales on this weekly publication.Blackstone is poised to win a battle for Warehouse Reit, after the listed UK landlord mentioned it could change its shareholder suggestion to a proposal from the US funding group over a rival bid from Tritax Massive Field Reit.Warehouse Reit mentioned on Friday it was altering its endorsement after Blackstone confirmed it could enable shareholders to obtain a dividend from Warehouse, which will probably be paid this month. The newest Blackstone provide quantities to 115p money a share and values Warehouse at about £489mn. Tritax had supplied a money and inventory deal value round £485.2mn.The brand new provide “offers Warehouse Reit shareholders with a sure all-cash provide, at a premium to the [Tritax] provide”, mentioned Neil Kirton, chair of Warehouse Reit. Blackstone, which has been pursuing the UK group for months, is in search of to reap the benefits of what traders imagine often is the backside of the industrial property market. Actual property values have plunged since 2022, as increased rates of interest hit asset values and held again funding. Blackstone, the world’s largest industrial property investor, had initially supplied £470mn in February. Listed landlords have been buying and selling at substantial reductions to the worth of their property, with smaller teams underneath rising stress to promote up or consolidate.Non-public capital has been searching logistics targets throughout Europe in recent times, drawn by the continued increase in ecommerce and prospects for progress within the sector. Blackstone final yr struck a €1bn deal to purchase an 80 per cent stake in a European logistics portfolio from Johannesburg-listed landlord Burstone, whereas US traders Lone Star and Starwood have additionally acquired massive logistics portfolios.