Blackstone has emerged victorious in the competitive takeover battle for Warehouse REIT, securing a controlling stake through a £489 million all-cash offer. The deal represents a significant expansion of Blackstone’s logistics real estate portfolio in the UK and Europe.

Blackstone’s offer of 115 pence per share, inclusive of an interim dividend, achieved acceptance from over 51% of shareholders, rendering the offer unconditional and granting Blackstone control of Warehouse REIT.

The takeover battle began in March 2025, when Tritax Big Box REIT entered the contest with a competing bid. While initially backed by Warehouse REIT’s board, Tritax’s offer was ultimately outpaced by Blackstone’s higher all-cash bid, which provided shareholders with immediate liquidity.

Warehouse REIT owns approximately 6.9 million sq ft of logistics assets, which will be integrated into Blackstone’s growing UK and European logistics platform. The acquisition reflects Blackstone’s confidence in the long-term resilience of logistics real estate, even amid wider challenges in the commercial property sector.

While Blackstone now holds a controlling stake, remaining shareholders will vote on 30 September 2025 to finalize the terms of the acquisition. At least 75% shareholder approval is required for full completion. Upon final approval, Warehouse REIT’s existing board will step down, with Blackstone appointing its representatives to oversee the company’s future strategy.

This deal marks Blackstone’s third major UK logistics REIT privatization since 2021, underlining sustained investor appetite for logistics-driven assets amid the continued rise of e-commerce. The acquisition underscores Blackstone’s strategy of leveraging listed market valuations to capture high-quality logistics portfolios and position for long-term growth in the sector.