Warehouse REIT spurns private equity predator Blackstone in favour of UK-listed rival Tritax Big Box
Warehouse Reit has become the second firm in days to spurn private equity predators as it jilted Blackstone for UK-listed rival Tritax Big Box.
Despite agreeing to sell itself to the world's largest private equity firm earlier this month, it has plumped for a deal that values it at £485million, creating a landlord worth more than £4billion – nudging it close to a possible future entry into the FTSE 100.
And it came after the GP surgery owner Assura snubbed private equity group KKR this week to back a £1.8billion bid from rival Primary Health Properties.
The deals underline fears over an exodus from London's shrinking stock market amid a take-over frenzy.
Warehouse Reit owns dozens of industrial estates, with tenants including Amazon, the NHS, Argos, John Lewis, DHL and Costa Coffee. Blackstone had swooped with a bid at 109p per share, valuing it at £470million.
But Warehouse Reit's board decided to withdraw its support for this to back an offer from Tritax, which values the group at 114p per share.
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