Tritax Big Box REIT plc has agreed to acquire a portfolio of UK logistics assets valued at £1.04 billion from funds managed by Blackstone. As part of the transaction, Blackstone will receive approximately £632 million in cash and £375 million in new Tritax shares, issued at a 13.5 percent premium to Tritax’s closing share price. This will give Blackstone an 8.7 to 9 percent equity stake in Tritax Big Box, making it the company’s second-largest shareholder after Phoenix Life Limited.

The portfolio comprises 6.5 million square feet across 409 logistics assets located primarily in the South East and Midlands regions of the UK. The portfolio has a 95 percent occupancy rate and generates an annual rent roll of £53 million. Following completion, Tritax Big Box’s gross asset value will increase to over £7.9 billion, strengthening its position as one of the largest logistics landlords in the country.

The acquisition expands Tritax Big Box’s urban and last-mile logistics footprint, broadens its tenant base, and enhances its earnings potential. The transaction is expected to be accretive to earnings per share from the first year. Blackstone has agreed to a lock-up on its new shares until the end of 2026 and a standstill agreement until the end of 2027, subject to standard exceptions.

This transaction deepens Blackstone’s involvement in the UK logistics sector and reflects its confidence in Tritax Big Box’s market position and management strategy. For Tritax, the deal adds scale, diversification, and long-term income growth opportunities.

The acquisition takes place against a backdrop of strong investor demand and consolidation in the UK logistics and warehousing market, supported by continued growth in online retail and e-commerce. The transaction reinforces Tritax Big Box’s status as a leading logistics real estate investment trust and marks the beginning of a significant new equity relationship between Tritax and Blackstone.