Blackstone has made a £500m (€569m) offer for Industrials REIT, a listed specialist UK multi-let industrial business.
The asset manager has made a final possible cash offer of 168p per ordinary share to Industrials REIT shareholders, representing a 42.4% premium to Industrials REIT’s last closing price on the London Stock Exchange. Blackstone is expected to announce a firm intention to make an offer by 14 April 2023.
In mid-morning trading in London, Industrials shares were up 37.3% higher at 162p, valuing the company at £477m.
Industrials REIT, which is also listed on the Johannesburg Stock Exchange, said it intends to recommend the offer to its shareholders, should Blackstone make the firm offer on the same terms.
Industrials REIT, which owns and operates a portfolio of UK urban multi-let industrial estates, has a 7.12m sqft portfolio of 104 assets.
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